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Sigma X Trading Suggests European Contagion May Be Shifting From Italy To The UK
Over 3 weeks ago, before Italian treasury spreads blew out by several hundred basis points, and before Italian bank stock trading halts became a daily occurrence, we suggested that the European contagion was shifting to Italy based on Goldman dark pool Sigma X trading. To wit: "Today's most active names are Banca Monte dei Paschi di Siena, Unicredit and Intesa Sanpaolo. Translation: someone is actively positioning for serious action in Italy shortly." That someone sure was right, and it is precisely this trifecta of stocks that at last check was halted on the Borsa. Well, based on today's action at Sigma X, the next, and probably biggest domino may be about to fall: the UK itself, because coming in at position #2, just behind UniCredit, we see Lloyds Banking. And if Lloyds goes, the ones that will follow are Barclays and RBS. At that point, the financial crisis goes global.
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Let's like a long hot summer.
Let's blame Murdoch.
I thought RBS left quite some time ago. What remains is only a government zombie, left to collect mortgage payments.
Jesus, is it Christmas? I can't wipe the smile off my face. Oh well, have to cover the longs now.
Fuck me sideways. I was expecting France before us. Bring it on, let's get on with this shit and have the forest fire we so richly deserve.
Strange, I too thought we were in on the game to bring down the continent first. This is an unexpected development. Time for a strategy change methinks.
It's no surprise, really. The UK is far more prepared for a police state lock-down than the continent...and they're not part of the Euro. (The collectivists are only trying to defend the Euro so that, after TSHTF, they can merge others into it before transitioning to their global currency). Still, the Euro doesn't look like it's going to go the distance either...and if it fails first, then their grand plan is fucked [again].
Maybe, maybe not. It's not just governments, the Rotschilds and the New World Order that the EU is about. It's also about common market and the ability to work and travel without borders in Europe. If the euro collapses many people who actually work for their money will lose a lot more than bankers. They have money to buy all the land and gold to prepare much better than any salaried worker.
So, if you want the euro to collapse for your own mind games satisfaction, you're going to see a lot more than this, I assure you. It's going to be the average workers who will get mostly hit, not the rich.
I hope UK house prices get smashed. Kids are unable to buy, people cannot sell, buyers are waiting for drops because they cannot get funding.... yet the VI's continue to ramp or deny any problems...
Benny Hill, I mean Mervyn King (see photos of both) is raping savers with low IR's, everything is always "unexpected" when he speaks or even transitory LOL.
Bring forth the guilotine.
You should take a look at singapore then.
Fucking 99yr leasehold govt subsidized housing going for almost $700/psf.
Gonna be a major fuck show here.
In 2008, the govt had to raid the reserves to pay companies not to layoff people.
The credit bubble has only gotten bigger since.
Yee ha.
Vancouver and the restvof Canada will be a blood bath beyond recognition
True, but especially Vancouver. Very worried about an earthquake/Tsunami there in the relatively near future. Don't live there!
Talking with an investor just back from Singapore on the weekend and he is of the opinion that Singapore could melt down pretty fast, in particular when old Kwan Lee Yew dies, maybe in a 3-5 year time frame.
+1 x the oncoming hyperinflation UK House prices for 50% drop (Required).
Turning credit deposits into Goverment debt can achieve that objective - it can peserve some value to the currency while eliminating the rentier class from transactions that should be cash rather then credit based.
My grandparents have 2 london homes worth about £600,000 apice, my parents have two homes worth about £450,000 apice. My grandmother told me she isn't leaving me anything - but will leave it all to my father who "knows about money" who can in turn leave it to me. I have £20,000 of physical silver, £10,000 physical gold, £4,000 dry powder for the summer, earned mainly through working a job that I hate.
Whatever, I gain in precious metals my family will lose when house prices tumble; however, I hope they won't need healthcare, support, care during their old age, because if they're prepared to throw away all that money they deserve everything coming to them - I won't give them a penny!
Sounds pretty harsh. They are your family. Blood is thicker than money mate.
In any case, I interpret he/she intends not to shoulder the full weight of liability for the origination of their understanding and the decisions they make based on it.
Entitlement is a bitch
That's hilarious man. In not short time your wealth will be transposed with theirs. Sweet justice. You don't owe them a penny either.
Trust me, blood ain't thicker than money, when you're related to (only by marriage I hasten to add) bigoted, small-minded, selfish, evil fucks. I could go on, but can't be bothered.
You have my sympathies. My mother did something similar - she lived in Sloane Street - and gave it all to my brothers.
I moved to Melbourne to get away from that crap. Can't wait to see their inheritance vapourize as they are true believers in the status quo continuing.
Lemme guess, Psycho: based on what you've written, the handle "Psycho" isn't random at all, is it. I'll also hazard a guess that you're 30 or younger, and everything you know about Honor, Duty, Family, and Ethics has come from your exhaustive study of porn, "Grand Theft Auto", and "The Wire". You sure *sound like* a warm, caring, wonderful chappie, old sport. One simply can't *IMAGINE* as to why Grannie would choose to leave you not so much as one lousy quid.....
Work for your money you leech dont expect to be given it
Commerzbank ? They just passed the stress-test ...
I'm in fetus position...
Far more comfortable and better prepared than the head up ass position.
G'luk.
And how do we make money on the Italy bonds that are about to skyrocket? Any Italian bond ETF?
And maybe even a US bond ETF?
ITLY is the italian bonds etf, but I'd rather short EU and US banks stocks as a hedge
Race to the bottom for the paper fiats...
GOLD is the Go-To guy, for the next 10 years...
wow .... it was only 3 weeks ago talking about Italian contagion ... it sounds like a century ago .... so much going on.
as the chinese curse goes: "may you live in interesting times" ... those goddamn chinese ... it was easier before just iron curtain and it was over ... so simple - everyone happy ...ohh the good old days ...
Perhaps the UK can cash in some of it's bloated UST holdings in exchange for Gold from Fork Knox at $47 an ounce?
That would settle things in a hurry, no?
I mean, yes?
ORI
http://aadivaahan.wordpress.com/2011/07/16/66th-anniversary-of-trinity-and-thoughts/
You mean, "what"? The Ft Knox GoldVault is a vacuum chamber.
+1
Wow, I saw it coming.
Moved all my cash deposits from Bank of Scotland back to the fatherland a week ago.
Might as well have a global banking crisis, but I might still be better off with a German bank account.
Too bad you can't run to D-Marks. Oh well, there's still the Swissie.
It's still just digits in a computer. Scotland to Germany = Pound Sterling to Euro, correct?
Meh, I'm not sure which bank matters at this point.
Not Blighty - we gave the world cricket.
can we give the world Prince Charles as well
Might have to break out the popcorn and lawn chair a bit earlier than expected...
Must ask: These big traders with their e-nor-r-mous profits are still going to be holding assets based in increasingly worthless fiat, or fiat itself.
Are they so blind?
It just strikes me as utterly debauched. With JIT delivery hitting the on-coming credit wall - where are they going to get the goods they need to survive? And, how will they convert their (ultimately) trillions of worthless fiat into a stable store of value. Then, they will be the greater fool?
Is it that "None are so blind as he who will not see"?
Soesn't Paulson have a fund denominated in gold? Me, I just went directly to phyz gold.
Fear not for the banksters. they will leverage their fiat accounts.
When the manipulated stock markets collapse,
and the captive governments privatize with fire sales,
the financial vultures will swoop in to feast.
It looks like the elite are seeking long-term domination, not short-term profit-taking...
That's perspicacious. I think it is also described as picking up pennies in front of steamrollers.
The stable store of value is all the physical collateral, it might be overvalued ... but it's certainly not worthless ... the thing about wealth concentration is that even though the economy is swimming in leverage, wealth concentration guarantuees that there are people at the top who are purely creditors. The buck stops somewhere, some people will take control of all the collateral when everything comes tumbling.
I don't get it. How can UK afford to borrow money to US when they have such a huge debt load themselves?
They are all buying each others BAD PAPER...
Unfortunately all the fiats are now interlinked.
And unfortunately when one blows it can take the whole big ponzi with it.
We are in uncharted waters.
True enough. Uncharted waters, no compass, storm clouds moving in fast, wind picking up speed, waves building, and the officers of the ship are down below, drinking, watching porn, and jerking each other off.
In the deep seas of the Bohemian Grove
Its basically cheque kiting. One big circle jerk between governments and central banks.
GOLD in uk GBP Just went over 1000., welcome GBP to the "Club"...
And hiding in plain sight, the new currency backing, at $1607 per oz.
Nifty UPDATE ....
http://markettechnicals-jonak.blogspot.com/
The stress test revealed large exposure to Ireland and commercial RE for Lloyds, RBS, and Barclay's, according to Bloomberg. JPM Cazenove analyst figures 80bln euros needed to plug capital holes of European banks. That's a far cry from the official 3bln figure.
Hey but the default of Greece is supposed to be so small that it is immaterial to the European economy, right? That's what I thought when tiny Thailand triggered the Asian crisis.
US Treasury Secretary Geithner says the US financial system is in much stronger shape, and that the US financial system has more capital against risk
Such epic lies...
Translation: "Run for the hills bitchez!"
Kind of meaningless when all of their capital is nothing but risk.
"Such epic lies" ...from an epic liar... never seen someone rattle out so much snake oil at machine gun speed like Timmay ...he thinks if he lies fast enough nobody will catch him!
Epic toe-rag
first UK, then finally, to the US. Game Over.
Im not defending UK banks, as RBS truly are a POS place... but the 3rd in the list is Nestle. So, hey, maybe the crisis is coming to chocolate companies too!
The Squids a re whistling while they work.
Start looking for the new and improved Abacus trade.
And don't listen to any of the bullshit they spew now.
http://www.presstv.ir/detail/189559.html
Israeli navy attacks intl. monitoring vessel in Gaza
Sun Jul 17, 2011 11:56PM
http://www.youtube.com/watch?v=fRZSzdQuOqM
http://www.ussliberty.org/
The USS Liberty incident was an attack on a U.S. Navy intelligence ship, USS Liberty, in international waters about 12.5 nautical miles (23 km) from the coast of the Sinai Peninsula, north of El Arish, by Israeli fighter planes and torpedo boats on June 8, 1967.
So! Let me Guess! Because Israel Behaves this way! I am a Nazi and its all my fault, right?
FUCK! YOU!!
YOUR ACTIONS SCUMBAG!
NOT MINE!!
So after th SHTF which western nation will embrace benevolent dictatorship first?
This is not any longer like dominos falling, more like whole table with the dominoes is sinking into the ground.
Runaway move in gold priced in foreign currencies:
http://stockcharts.com/freecharts/candleglance.html?GLD:FXE,GLD:FXY,GLD:...|D
statement of the bleedin obvious!
wasn't Silver supposed to be at $20 instead of $40 by now Robot ?
Tell me you are buying these bank stocks here.
...volume is misleading...you should use something like volume*price/floating to get a fair picture...
hat tip to those who continue to hold hope through equity ownership for the likes of these financial institutions. seems futile to me. but then again i guess it depends on your world view.
Damn you evil evil speculators!
07-18 11:52: According to judicial sources, Rome prosecutors open investigation into anomalous movements on stock market on June 24, July 6, and July 11Yep Clowns always blame the market for reflecting a new reality
double post
I would say that Canadian banks like TD or RY are the *pop* that will be heard around the world:
stockcharts.com TD.TO
http://ow.ly/5H9Kr
Any FAZ-like for canadian banks?
You have the TSX-traded Horizons Betapro Capped Financials Bull/Bear ETFs:
http://www.hbpetfs.com/pub/en/etfs/?etf=HFU&r=o
But accumulating share in producing gold miner(which has not become overvalued vis a vis the gold price) will probably be a better bet.
The bank of Canada will be the loudest pop as taxpayers will get raped by an avalanche of CMHC "subprimesque" defaults.
Junked by a realtor......*sigh*
is there a chance to get said sigx statistics somewhere without a bloomberg? thanks for the hint
PS: Whats Brabeck doing there?
Can we wait until I get paid at the end of the week!
And this is why we love ZH. It's a magic crystal ball into the future. Thanks TD.
the UK is doooooooooooomed ...65 years of suicide Socialism and the ever expanding greed, glutony and obesity of that human shithole, Westminster, has seen to that!
Jim Rogers last year called the UK "totally insolvent" ....Moodys, S&P and Fitch still have AAA ratings of UK Govt debt... well experience tells us who to trust and whose opinions to throw straight in the dustbin
Guy Fawkes had the best idea ever on what to do with Parliament but let's leave it to the politicians who can be trusted to steer into the iceberg and sink in an unholy shambles
If? Barclays, Lloyds and RBS were all down 6-7% today.
Sure felt pretty damn global today from my perch.
i like my liquidity like i take my coffee, dark and funded by taxpayers
Great catch, TD. I remember you being pooh-poohed by the trolls when you put this up 3 weeks ago. Nice to be vindicated, eh?!
UK army is also to be cut to its smallest size in a century. How the mighty have fallen.
The British Navy was the backbone of Britain when Britain was a somewhat-empire, but that was back when naval force projection was genuinely relevant.
The British Infantry? Not so much. Even the RAF was given credit for saving the day, if barely, when it was incredibly idiotic German uber-overengineering (quality over quantity) and military plan blundering that allowed the RAF heroic credit.
Missiles (including some very advanced, very fast, wave hugging Soviet designed, anti-ship ones), drones, lasers and satellites have made naval force nearly moot.
As a UK citizen, I'd have to say, for the majority of people, this is going to be a BIG shock....
There has been a lot of can kicking. Who knows how much further it can be kicked? Maybe years?
Will it be a slow decline, or boom! Argentina?
Sorry, should have read:
As a UK consumer...
Guys, just came back from London. It was packed. Besides thousands of Americans and other Europeans, the place was packed with rich arabs. Never seen that many burkas at Harrod's. We are talking 75% and the place was full. Also, the cabbies were all extremely busy. So, the banks are screwed but the people in general seem to be OK. I would not make too much off this. In the end, this is nothing more than Japan 2.0. It is all going down slowly. I am a lot more worried about deflation.
Burkaville Harrods is owned by a big shot Arab. What about Marks and Spencers, which is more typical?
People do complain about the number of foreigners in UK but when the axe falls, they're gonna be the ones getting us through. Rich Russians, Arabs, and East Asians do love living in London and will help keep the place afloat. There could well be a series of huge shocks tho, yes.
The oncoming storm will hit the UK like a tonne of tungsten. Most have no idea what is going on, that's why London seems immune. Most people in the UK think house prices only go up.
Yes, Britain is booming, and your trip to Harrod's is a data-rich, non-anectodal, best case study in economics, upon which economic policy and projections ought be made.
We will see a slow decline in living standards at best. The Eurozone, the US, the UK and Japan will all slowly decline until they get their finances and debt levels in order, at which point, robust growth will resume.
Not only will holders of sovereign debt get paid, they'll get paid in profitable fiat and they'll see the low-yielding bonds they hold grow even further in value as interest rates drop even more for decades to come.
We are going to see the perfect balance of fiscal and monetary policy by the world's central banks spur high levels of growth, increase savings' rates, dramatically cut debt levels, generate incredible job creation, whip inflation, and, generally speaking, pull out the win.
And the BRICs will save the world economy, too.
Oh, and China has no legitimately systemic economic crises brewing.
Geopolitical tensions, jobs, inflation, debt, sovereign bond crises, systemic financial risk, the health of banks and central banks, housing issues - much improved outlook for all.
I am no longer concerned of massive supply-demand, price, general market distortions, nor new bubbles that have formed, due to insane monetary and fiscal policy, and I believe Ben Bernanke is has done a great job and put the U.S. and global economy on very solid ground for the next generation. Bernanke's lack of incredible, unprecedented interventionism, and economic discipline will reward us all in spades.
Your recent short trip to London and to Harrod's has given me the confidence I need to become bullish. RoboTrader's eyewitness reports of lines at the Rodeo Drive Apple Store (months ago) also boost my confidence.
/sarc
Your comment was funny! I see your point. I know the Japanese experience quite well though and I know that US, UK and European governments will be doing the same thing that the Japanese did. They will prolong and prolong the slow drip of bad news for years because they are all afraid of the consequences. That might be a bad idea but the "shock therapy" experiment in Eastern Europe was not that great either. NO matter what, we are all going to suffer a decrease in living standards. It is just not going to be a big bang.
I think you forgot Oil:
An oil volcano will erupt 5 billion bbl per day for a year into a convenient geological bowl formation where it will remain contained with no ecological side effects. The worlds leaders will sportingly agree to divide this gift from god up fairly and without conflict before the end of Q3, meaning $2 oil for the next 20 generations
/sarc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Heck yeh! Bollocks to having those scroungers who think hard money grows on trees on my back the rest of their sorry lives! I'd rather visit a high class brothel than pay for their health care...I rather look forward to saying, "you could have listened to me, you could have listened...you could have sold the home, rented a few years, bought the home back and had enough for several more...but because of your largess you find yourself in poverty..." etc etc
Quit hitting the save button!!!!!!!!!!!!!!!!! Nobody is going to ask for help from an idiot anyway
Is that a record?
the MAXI...10+1
CONfidence.
Governments and their media proxies will never tell the populace how bad things are.
Should we blame them?
If people knew how bad things really were, even more of the people who ARE able to spend now would cut back, which would reduce demand, which would reduce production, which would increase unemployment, decreasing revenue to companies and governments.
Money and consumption is the oil of the engine of the economy (in addition to literal oil). When money stops circulating and consumption plunges (which it has been and will continue to do, despite Bernankincide's efforts [government is literally propping up consumption single-handedly but that has limits eventually]) the global economic engine seizes up and tosses parts all over.
And all of this is without even considering the absolute septic toxicity that is the global financial structure, derivatives/MBS/spoilation-in-loan barnacles attached.
There will be blood. Make sure you position yourself to be one of those as far outside the path of the cutting blades as possible, because efficient harvesters/combines are rolling in.
Someone tell me how to play this UK meltdown,
LLoyds and RBS are already down big today, are these gonna bounce ?
You wanna trade this ? or just head for the hills...
If the UK goes .. and by that I mean the UK banks... then we have a new dark age.
=Double post=
A long summer in deed, but also a very very cold winter.
Welcome PIIGUS, about time :)
"And if Lloyds goes, the ones that will follow are Barclays and RBS. At that point, the financial crisis goes global."
I thought it's been global, just shifting from region to region. They just can't gussie up the pig anymore as extend/pretend has run out of lipstick.