Archive - Nov 28, 2010 - Story

The Europen Union Economic and Financial Affairs Council has prepared yet another webcast of the decision over Ireland which was supposed to start about 30 minutes ago. If prior delays are any indication we expect this session to start with an about 3-4 hour delay. Elsewhere, we are receiving rumors that Germany and France have suggested that bondholders suffer a haircut on their senior holdings, and "do not expect bondholders to accept the two countries' haircut proposal." What that means translated in any language we have no idea. Additional as per French finmin Lagarde, the only open item on the agenda is the interest rate to be paid out. As we speculated earlier, 6.7% if out of the question as it would mean revolution.

Zero Hedge readers already know that in the latest week the insider selling to buying ratio hit unprecedented levels. Obviously, corporate officers and insiders have decided to take advantage of the artificial wealth effect and bail, especially since it is still unclear whether capital gains taxes will be the same in the following year. However, it is not only insiders who see between the lines. As the following charts demonstrate, the smart money is now either bailing from the stock market in droves or hedging for a market crash like never before...