Archive - May 14, 2010 - Story

If you want to avoid all the red ink in the futures this morning, and dig your head deep in the sand of denial, here is Goldman Sachs to the rescue. As we pointed out a few days ago, Jim O'Neill, who is likely more devastated by Man U's loss of this year's Premiership title than the daily accumulating of new and improved criminal charges against his firm (his response to that, and to anything else: "BRIC"), earlier led a call titled 'Why the World is better than you think.' We have decided to pass, but to avoid being branded non-objective pessimists, we provide our readers with the means to listen to the replay - this way you can get all your 100% RDA Vitamin H1 and Joseph Cohen hot flash..backs all at once.

As of early this morning, all of Europe is plunging, not just the euro but all non EMU currencies as well: the EURUSD was in the mid 1.24 range, the GBPUSD is about to breach 1.45, while the Polish Zloty and Hungarian Forint are tumbling. Guess who is up: Gold, surging by over 1.2%, and at $1,245 at last check. The LBMA attempt to contain gold has failed and the market is preparing for a second assault on the $1,250 big resistance, whose take out will next take gold to $1,500. And while Greece is striking again, now the European core is accelerating the squeeze of the periphery: Romania is slashing its government budgets by 25%, and its pensions by 15%, which has resulted in immediate protests. We expect to see many more signs that the Greek contagion is only now spilling over into the social sphere.

On the 5th of March in 1946, in Fulton Missouri, at Westminster College, Winston Churchill delivered an address (since christened the "Sinews of Peace") lamenting the burgeoning power and influence being slowly but surely gathered up by the Soviet Union.  Perhaps the address will be familiar to some of you owing to its most famous passage....

RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 14/05/10

I am Ex CEO of mid sized Wall Street Firm. Known for equity research; reasonably good trading; acceptable Investment Banking. Now retired
Equity Block Trader early in career. May have traded more 1,000,000 share blocks than anyone over 10 year period.

Executed 1st program trade that I am aware of. Manually handled blocks of stock vs options on the XMI for expiration October of 1983.
Oversaw global equity trading, for top 5 firm. Was senior trader and oversaw hedge book during 87 crash. Still have time and sales from that day for all trades on NYSE.

Can read the tape as well as most.

I cannot come up with any explanation for market activity for last 15 months other than treasury intervention. Probability of other explanation is nonexistent.

But if that is the case…and I was Tim, how would I work it…starting in March 09.