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Something Breaks: ES, Carry Crosses Tumble
Out of the blue, ES just dropped a good 5 points. Yes, in the good old PCP (Pre-Central Planning) days, this was perfectly normal, but since now we have a whole army of millisecond, algorithmic robots and a whole floor at 33 Liberty dedicated exclusively to making sure things like this never happen, it is rather disturbing. And in tried and true (anti) correlation fashion, the USD/JPY are jumping against all carry crosses. As far as we know this was not predicated by any news: granted, export news out of Japan were horrendous (12.5% Y/Y drop), but those should have been mostly priced in. Having observed the overnight futures every day for the past two years, this kind of thing "just doesn't happen" any more, which is why we are eagerly searching for what may have been the catalyst. If we find one, we will promptly update. In the meantime remember: he who defects first, defects best.
ES upward channel now solidly broken:
One potential explanation is in the form of the following report from the WSJ that banks face potential liabilities of over $17 billion on fraudclosure, but we doubt it.
State attorneys general told the nation's five largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people familiar with the matter. The figure doesn't cover additional billions of dollars in potential claims from federal agencies such as the Department of Housing and Urban Development and the Justice Department. State and federal officials haven't proposed a specific comprehensive settlement figure, but Tuesday's discussions represented the first effort to formally quantify potential liability.
This is precisely as we predicted when we reported on the $5 billion counteroffer from the banks to the first suggested $20 billion AG settlement: "this is merely a counteroffer to the $20 billion
preliminary bid. Which means that the final number to put the entire
robosigning affair behind us will be about $10 billion give or take. And
banks can go back to doing what they do best: post 0 trading losses per
quarter, and other such infinite sigma events. " in other words, following the initial $20 billion bid, and the banks' $5 billion counteroffer, a settlement will be found in the middle. $17 billion sounds like a nice, solid 2nd round bid.
Another possible explanation is that the market is reacting to the tumble of Glencore shares in their HK debut:
Glencore shares were trading at HK$64.65 compared with the offer price of HK$66.53 each. Last week, Glencore raised $10 billion through a London and Hong Kong initial public offering, giving the Swiss commodities trader the firepower for acquisitions.
Glencore's London-listed shares were stuck under water on their first day on Tuesday, dashing hopes of a strong start after it set a mid-range flotation price for London's largest-ever offering.
We doubt this too: GETCO deals with such a puny distrubance in the farce with a few million channel stuffing ES bids (and offers) each and every morning.
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by baby_BLYTHEon Wed, 05/25/2011 - 01:53
#1308028
ur ISP called. they know what your up to.
You governmant types like to get personal. I thought you were all about the constitution and civil liberties like privacy. I guess only when is suits your message.
hey "sock puppet" pls go die in a fire, thx
Now, who the fuck are you? Another alter ego? For shit sakes you I know you fuckers can run at least 10 fake handles each.
By the way Not For Reuse cocksucker I am the Antithesis to a true Sock Puppet.
Baby Blythe here is a real American Patriot and see what he has to say.
By the way, very interesting that you, bob and trav all posted in the same tread.
http://www.washingtonpost.com/world/national-security/gates-warns-that-freezing-defense-spending-could-harm-military-for-decades/2011/05/24/AFUVinAH_story.html
Gates warns that freezing defense spending could harm military for decadesschizo-lo-lo-lo-lo-lo alert.
What did BB get on the horn and call for the calvary. Not one of you worthless fuckers will address the fact that BB is calling for violence here in the US.
Yeah, and? So what? It's America, isn't it? Or, at least, it was. She's entitled to her opinion. And who's not pissed at what we've become? Even the defenders of the status quo are quietly concerned.
And it may, someday come to physically throwing out the trash. And the trend seems to indicate the herd is moving in that direction. I don't see the herd moving to live closer to the leaking dam, do you?
Enough said.
Crap print out of Australia q/q construction...
The reason: the end of QE2 and the ramifications are starting to sink in? I'm still waiting for the upcoming budget fiasco at the US state level to be priced in.
Maybe people really do believe that it's really going to be ok...until it's not.
O/T
Weather Hedge Funds
http://www.youtube.com/watch?v=Qmf6IBatjgQ
Mr. Warren Edward Pollock is on fire:
http://www.youtube.com/watch?v=pBM8WGI1Z90
Someone get this guy on CNBC, pronto!
Also a job teaching economics...
It appears that the USDJPY pair should re-enter a down channel tonight, with a bounce off the trendline @~79.2 over the next several days or weeks. The AUDJPY pair is also quite bearish on the weekly charts and may even double-bottom @~ 71.78 over the next couple of months or so. GBPJPY looks to retrace recent gains and will probably bounce off of ~ 129.2 before moving higher.
The USDCAD pair is trying to move higher over the next several weeks, perhaps violently so, which means that oil (and prolly precious metals, too...sorry...) are also going to take another tumble, again perhaps violently. Whipsaws are going to be the order of the day here, so tread carefully.
:D
Everyone with ears should listen to these tapes. This may start to bring down the entire house of cards!
Very much worth the time.
http://obamareleaseyourrecords.blogspot.com/2011/05/plot-thickens-debt-collector-obamas.html
Interesting link. I wonder if anything will come of it.
I think it will. Between the obvious forged birth certificate and Corsi all over this and now, people are coming out of the woodwork with all kinds of stuff.
Obama using an SSN of a person (Harrison J Bounel...) who lived in Michelle Robinson Obama's grandmother's house and was born in 1860? The 042-prefix was from Connecticut, not Hawaii.
Changed the Property ID Number 6 times in five years on a mansion in Chicago? Joint-owned by a Circuit court judge and Obama's tax accountant? The property dealer (Rezko...) already in jail.
Fifty-eight other properties across the country with his name on it?
And now Obama's mother is getting closer scrutiny, too. CIA links abound with these people. It is just amazing.
http://www.newsfollowup.com/
Again, it's always the same names that keep coming up. Bush, Kissinger, Bzrzenski...
I sure hope they nail these sumbitches on this one.
SSNumbers get recycled after someone dies (why? Who knows!) As for the rest, I'm of the opinion that the rabbit hole is very deep and very twisted: http://en.wikipedia.org/wiki/Wild_Palms
You are wrong. Your projections are wrong. And your analysis is faulty.
Period.
Care to explain why?
Really. I would be interested to know.
:D
Orly, Orly.... you're always so polite & respectful, esp. to the douches. you'll never hear back. just a hit & run, 'cause he doesn't have an answer
I thought maybe I had offended his position on precious metals. It can't go up forever, you know.
:D
Orly . I am in PMs but have recently limited exposure. I also feel we are in for a severe pullback. In the past I have been the bull with the biggest balls ever on pms. Now I feel like a whimpish bear over the short term and have cashed out. Gold could fall to 1415/oz and if silver falls back to $28 I could see the bankers taking advantage and throwing a load of paper at the market and forcing the price as low as $23. All combined with margin hikes on commodities which are getting once again out of control. Manufacturers margins are been squeezed and sales are down as the consumer refuses to pay higher prices. Ulimately something will have to give otherwise an already fragile recovery will tumble over the cliff. The powers to be will do everything they can to avoid that happening. Meanwhile Gold and silver climbs.
Maybe I 'm wrong. Either way i'm betting on a severe pullback and then a really great buying opportunity.
Any big buying in August and Sepetember on soliver and gold is a win-win situation. The debt ceiling will be resolved. If it goes up so do gold and silver. If default occurs then be sure to hold PMs by then :-)
I can see that the Australian dollar is running out of gas. That means metals and mines are not going to be as hot as they once were.
The Canadian dollar is also in for a major pull-back, meaning that oil and gas are not as hot as they were before.
Best of luck trading!
:D
I'll go downstairs and see what the Banzai7 servers are doing.
The mutual funds are bearish..
http://www.readtheticker.com/Pages/Blog1.aspx?65tf=228_those-that-must-be-long-the-stock-market-are-bearish-2011-05
ES will be green ny tomorrow, move along, nothing to see here
Gold and Swiss Francs seem unaffected, are they the new safe haven asset?
The Swiss Franc has been the storehouse of wealth for quite some time now, even doing well measured by what a respectable alpha chaser desires, and the Swiss Government is none too happy about this situation.
The people living in Switzerland are none to happy with this situation either. Switzerland is a country just slightly larger than the state Maryland, with a population smaller than New York City.
There simply isn't the domestic capacity, or even the insanity, to try and absorb all the global bankster's worthless fiat.
The situation is getting so absurd that Hank Johnson's concerns about Guam tipping over and capsizing due to overcrowding actually could come to pass in Switzerland. However, since Switzerland isn't an island- it would suck even more for the countries around Switzerland that get sucked into the vortex and crushed, since they don't have the reserves and tradition of preparation that the Swiss do.
The only reason the stock market did not plunge today by another 100+ Dow points was oil stocks rally (Goldman's oil rally).
Now that oil rolled over in AH, there is nothing to support the market tomorrow (hence ES plunge).
"Oil dropped from the highest in almost a week in New York after an
industry-funded report showed U.S. supplies of gasoline surged in the
world’s biggest crude- consuming nation, signaling fuel demand is
faltering."
"Retail demand for the fuel was down 2 percent last week from a year
earlier, MasterCard Advisors said yesterday."
"Japan, the world’s third-largest crude consumer, reported a slowdown
in oil purchases last month after the March 11 earthquake shut
refineries and disrupted factories. The country’s imports fell 14
percent from a year earlier to 16.97 million kiloliters in April, the
finance ministry said in a preliminary trade report in Tokyo today."
http://www.bloomberg.com/news/2011-05-24/oil-declines-in-new-york-u-s-cr...
BTW, faltering gasoline demand is yet another sign that US economy is rolling over.
Don't worry. An Investment Banker just threatened to tell the truth, the whole truth and nothing but the truth.... So help me, unless you have a better idea for more money.
burn it down, bitchez!!!
glad i sold all my posi today....after a little foray into YNDX.
PS; captcha: -23 times X = -483
sheesh TD, thats kinda hard after a few glasses of cab! :)
Thats why we have fingers and toes.
You must have more fingers and toes than I do. ;^)
TD said, "...he who defects first..." indicating maybe a PIIG breakdown?
all except for the fact that in the smallest states it is in the billions, and in the larger, hundreds of billions in fraud?
a simple question; where does any state AG get off making a deal that affects every person in the state before an investigation and trial?
http://trololololololololololo.com/
Just buy the fucking dip you stoopid fucking idiot. If you have any more questions, please see
http://lmgtfy.com/?q=btfd
and also
http://www.zerohedge.com/article/xtranormal-cartoon-explains-pomo
Hope this helps,
JDH
and how are we supposed to know when is is a dip and not a droop, or a dunk? what about a dink or a dork ? The retail world wants to know.
Of course it's down - I sold TZA today.
Never fails.
Can you sell some more tomorrow, I'm still short the Russell ;)
SPRF's pg 6
OECD
Planned economies are always subject to failure.
http://www.oecd.org/home/0,2987,en_2649_201185_1_1_1_1_1,00.html
What the fuck do you guys need me to explain fucking everything to you.
The advance copy of the durable goods report just went out.
OT:
I've been watching Syfy movies all day.
How can such dumb fuck, propagandized, clueless morons get a job writing a God damned thing?
The stupid is epic. It is like watching some bullshit an eternal student might dream the world is, based on watching movies by even more clueless dipshits.
The world is fucked if this shit gets taken seriously.
Heinz Ward just won in Dancing With the Stars. What ever shall we do with our lives now!!!
Oh yeah, we'll BTFD
Should have been Chelsea Straub (Kane...). Kirstie Alley had zero reason to be there except for probable threats in ABC from Scientologists. She was bad. Sorry, but she was.
Here's Kirstie back when she was hot. Note the date.
http://www.youtube.com/watch?v=b7xXBoXTa0w
sold my puts today - figures. shoulda stuck to my target.
I sold my putz!
Hah!
I believe even Jesse Livermore, had he been alive today, when observing this full retard, Bernank-warped market, would have officially and succinctly opined:
Jesse knew it was rigged and covered at 103.
Looks like TPTB stepped up for the usual and normal "stick save" on ES, AUD, EUR after the retard robots were tripping over themselves to "autosell"
I heard a rumor that you named your tits.
One was Pump, the othe was Dump. Is this true?
Coming late, I know, but I think I can explain the dip:
It hit right after the start of the Hong Kong pre-market (21:30 EDT). Today was the Hong Kong IPO of Glencore. It tanked 2.6% out of the gate, revealing concerns that commodities may have peaked. And that's being interpreted as a tell on the state of the global economy.
Not only was it not a splashy debut, it bombed. Such a high profile IPO in good times would have gone bonkers. Some big traders may be thinking (as I am) that if Glencore can't cut it, what the hell can?
Tyler?
I can't agree there, as the issue has never been the state of the economy. The issue has always been CB intervention.
The economy has been papered over with faux wealth via excessive borrowing, and money creation ex nihilo
Do you know everything that Hong Kong traders know?
Bob works for or is Trav7777, he is an expert on every subject known to man. Or he is also a Troll. It is possible he is a Cliff Claven but I doubt it.
http://trololololololololololo.com/
I know the /es has been selling off since May 1.
I know QE2 is set to end in June.
euro is fucked.
Maybe they know something I don't.
Maybe you should call your boss Trav7777 and ask him. Oh wait, he will pissed for waking him, better just detail it in your report and leave it on his desk for tomorrow morning. Don't forget to set the cofee maker or he will be pissed.
Maybe you can leave your book report on your step dads desk and catch some shuteye for the bus ride to school tomorrow, the short bus comes early to make sure you make it on time.
you may never see this, but thanks, Bob: first belly-laugh I've got off this miserable site in quite a while
Another alter ego of Bob's I presume. You Fuckers are amazing. If you think his burn was even slighty better than mine you must work together.
http://trololololololololololo.com/
Somehow funny when Akak posts it..
I agree, much funnier when Akak posts it.
Talking about Glencore now on CNBC world.
Spot on analysis Cav.
Thanks. They had a news blackout in the mainstream US news sites until now.....wonder why.....
Der Spigiel article talking about damaged ECB balancesheet is taking risk lower
It was the WSJ report also hedge funds will start to 'hedge' on short-selling (finally) and it's all Asia baby. cept for the commies in China and their locked out market. So it's just sell ala Shanghai B.
Big nasty correction coming even if EZ doesn't implode.
risk trade is the aud see that go through the 100ma. we know it's all on
Plus, it is bouncing round a major Fibonacci level @ 1.04765. A confirmed break through that level leaves a looooooooong way down.
eveytrader in the world playing the AUD is waiting for that. Its all hedge funds now (possibly) shorting Aust markets. GE pulled out, so the meltdown could be on for Australia. Either way, you are right, juicy take profit on a 1.044 downward
OT:
I found out who RoboTrader really is -
BUD LIGHT BEER | MR HOT STOCK TIP GIVER OUTERGlencore is an active topic on twitter att.
HONG KONG (Reuters) - Shares in Glencore International Plc fell as much as 3 percent on their Hong Kong trading debut on Wednesday morning, tracking a lower start in London the previous day and as retail investors found the offer price expensive.
By 9:54 p.m. ET, Glencore shares were trading at HK$64.75 compared with the offer price of HK$66.53 each. Last week, Glencore raised $10 billion through a London and Hong Kong initial public offering, giving the Swiss commodities trader firepower for acquisitions.
Glencore's London-listed shares were stuck under water on their Tuesday debut, dashing hopes of a strong start after it set a mid-range flotation price for London's largest-ever offering.
Glencore Chief Executive Ivan Glasenberg, who flew from London to attend the Hong Kong listing ceremony, said he hoped to give Hong Kong investors the return they expected on Glencore's stock.
However, retail investors in Hong Kong were not overly excited about the offering, saying they found the price expensive.
"Retail investors are not too enthusiastic about Glencore as they have been more focused on penny stocks with small market capitalizations recently," said Joseph Fong, an associate with Ping An China Securities.
"Glencore is too big for retail investors to have big profit on day one," added Fong, who owns less than 1,000 shares in Glencore.
After months of anticipation, Glencore went public last week with London's largest-ever listing. Analysts and investors had expected a muted debut for the company in Hong Kong after lukewarm response in London.
Founded in 1974 by Marc Rich, a trading sensation who fell afoul of U.S. authorities, Glencore has grown into the world's largest diversified commodities trade, with subsidiaries employing tens of thousands and an oil division with more ships than Britain's Royal Navy.
Commodities price volatility in past weeks prompted market worries over the IPO, but Glasenberg said two weeks ago that the decline in commodities was "due to some froth," downplaying the impact on the transaction.
http://news.insing.com/news/glencore-s-hong-kong-shares-down-2-8-percent...
Not good in the middle of supposed froth when the #1 trading firm in the world 'that can do no wrong' is tanking. How can you not buy a "sure thing"?
Glencore CEO blames the Greeks.
“All the markets are off around the world on the back of the Greece crisis,” Ivan Glasenberg, chief executive officer of Glencore, told reporters in Hong Kong today. “We are still bullish on commodities. Of course, China may contract or slow down, but the demand for commodities still continues.”
http://www.bloomberg.com/news/2011-05-24/glencore-s-h-k-ipo-may-tempt-no...
Hehe....right, because the Greeks are such a significant portion of the demand for commodities. Oil, I guess. Olive, that is. :-)
This reminds me (and I'm sure others) of the infamous Blackstone IPO of June, 2007. Like now, a firm "that could do no wrong". It was the perfect company. By March, 2008 it traded at -56% from the close on the first day of trading. It only recovered that March 2008 price 3 months ago, and is down this month.
From a trading or cyclical perspective they are similar IPOs. However, from a business perspective they are quite different. Blackstone was already completely plugged into the US paper pimping business when it IPOd in the US. Glencore is still plugging into the Chinese paper and physical pimping businesses in China when it IPOd in China.
I'm going to take a SWAG and just predict that the beginning of the end for the Eurozone begins, in earnest, tonight (although Australia's much anticipated housing crisis is beginning and China could be one sickly patient, indeed, with the PBOC covering up the festering wounds caused by toxic loans of some staggering proportions for some time, now).
And now, a Jim Morrisson & The Doors dedication to the Eurozone. I raise my glass to thee, wretched Eurozone, as Germany, France & the other relatively solvent (relatively) members realize that if a mere Greece is going to sink their governments, they do not want to test the waters when Spain, Portugal, Italy, Ireland and possibly, all the U.K. comes knocking on heaven's door:
The End by The Doors
Milon Friedman:
The euro is going to be a big source of problems, not a source of help. The euro has no precedent. To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states. There have been unions based on gold or silver, but not on fiat money—money tempted to inflate—put out by politically independent entities.
- Interview with New Perspectives Quarterly Magazine, 2005
I would tend to agree, but I might need a second opinion from Trav7777 or his apprentice Bob Dabolina or maybe even Baby Blythe, I think the ministry of truth will have a different opinion.
LMAO, their still sleeping...
The Killer awoke before Dawn.
He put his Boots on.
Machines about to go rogue... Start selling the rips!!!
Agreed, market looks normal, which is ironically abnormal those days.
TD please keep us updated )
Thanks !
p.s. is an expected - unexpected funny in the making, a deault ? what, what what ?!?
In order for banks/brokerages to achieve the 100% trading record they have achieved, there is only one explanation that I can conceive and that is,....drum roll please:
Front Running The 401K and Other Retirement Accounts, in complete contravention of ERISA.
Bet On It. It's a Sure Thing!
In order for banks/brokerages to achieve the 100% trading record they have achieved, there is only one explanation that I can conceive and that is,....drum roll please:
Front Running The 401K and Other Retirement Accounts, in complete contravention of ERISA.
Bet On It. It's a Sure Thing!
It's getting darker in FX and stocks
The market is going to selloff huge at some point over the next 25 trading days, count on it.
- European sovereign debt crisis has resurfaced with a vengeance. This time it's worse than last time.
- US Debt ceiling issue has highlighted our dire "rock and a hard place" + "chickens coming home to roost" situation
- US economic manipulated data is beginning to worsen to the point that they cannot justify a recovery spin and will quickly have to revisit the "double dip"
- A shitload of other structural changes are occurring that reinforce the real beginning of the end of Western hegemony, like Iran assuming OPEC Presidency, the launching of Eastern commodity exchanges, major political figures speaking out about the end of the dollar, and plain old population-wide incredulity brought about by the sheer ridiculousness of the wool being pulled over our collective eyes by these naked emperors (bankers, politicians, media).
- Most importantly, The American Recovery and Reinvestment Act, a $480 billion program that subsidizes state budgets by up to 25 - 30%, is ending in June. So is QE2. That's about $1.1 trillion in stimulus being removed from the equity and debt markets. This is significant, as the majority effect of this capital has been at the margin and buoying.
The market really is forward-looking. It's going to be bombs away. Look at the past 2 months of price action in GOOG, look at GS. They lead the indices. The market is fucking done. Real fireworks dead ahead.
I am long VXX calls (VIX). No idea how hard silver may get hit, so i am hedging appropriately. Hatches battened down.
http://slv.collective2.com
I got it... Waddell & Reed came in with size... 3 e minis.
the second laugh I've got tonight... good one, Ricky
GE just pulled out of Aust mortgage market.
Just STFD.
Same thing as last year... Fed turns off the after-hour ES spigots at the end of QE so the market will tank and clear the path for QE3. Margin raises on commodities, Nobama's war on oil speculators... It's all part of the same thng: create an un-problematic environment for QE3.
It's all about the banks.
Don't know if it's been posted yet, but Seeking Alpha sites rumors of a snap election in Greece as the culprit:
12:03 AM Stock index futures are steady at lower levels after a rapid 0.75% drop on rumors a snap election is to be called in Greece.
It's Greece, I'll bet (literally) a default is one the cards. Snap election rumors hitting wires.
Japan will go into depression. China meltdown etc etc
Yep Yep Yep.
I win the door prize. It's the statue that was thrown at Silvio Berlusconi.
Greek Snap Election rumors.
Whether true or not, the official denial tonight lends me to believe odds on that the official demise of the Eurozone, in one form of fail or another, however measured by history, and at what precise speed, began tonight (technically, one could pick their spot among events of the last year or so, but this one's as good as any).
Just look at what Greece, small by the looming fail standards of Spain and Italy, especially (not to mention the growing possibility of a depressionary Great Britain at some point in the next year or so), has alone done to German and French incumbent politicians.
Chanos is out there talking very aggressively about how bad the impending Chinese Economic crisis is going to be - normally, something I'd take under review, but this is Chanos, and I've not known him to talk his book only to be embarrassed too often (actually, never).
And then, there's that little Fuk-U-up-Shima crisis, and the growing devastation it's having on both the people and economy of Japan.
It's on like Donkey Kong. Bitchez.
Opa! Yamas!
Risk On. STFD.
Whatever will the Bernkankle do? Where will Timmay Jeetner draw inspiration from in the coming days? How will President NerObama save the day?
Inquiring minds want to know.
Nothing less than QE 3.0 on a scale of 25 trillion USD, mainlined directly into the veins of NFLX, AIG, GM and LNKD will save the day.
Oh, and there's this (17 bln now, and maybe 170 billion w/in 6 months):
05-25 02:43: WSJ writes 'Banks Face USD 17bln in Suits Over Foreclosures'+100 No-Reprofiling-Parthenon-for-Sale Pips
Lock in a default time line: Greece and Spain. From Wires:
"Once again the market spotlight will almost certainly be focused on the continuing Greek tragedy. Yesterday saw a major dislocation in the relationship between cash and CDS, with 5yr cash trading 40bps tighter on the day, while 5yr CDS traded nearly 100bps wider to top 1500bps for the first time. This disparity has been much in evidence over the past couple of weeks, and will no doubt continue to be so, making the basis almost impossible to trade.
Overnight there have been rumours that the Greek Prime Minister might be meeting the President this morning to discuss the prospect of a snap election. This has subsequently been denied. This rumour does go to highlight, however, the tenuous state of the political situation in the troubled peripherals. We have already seen a major rebellion against austerity measures in Spain. One finds it hard to imagine that the Greek populace would vote in a party in favour of implementing the kind of austerity measures requested in the country by the various regulators"
Did you see gold today?
Gold up, QE2 plug going to be pulled, troubles with the Euro, trend in dollar strength, but Gold still strong (and some strength in copper too and a little in silver).
The big boys have already taken some profits selling equities and will take more. They will rotate out then watch it drop 5-10% over the Summer, and buy in right before the FED whispers to them that QE3 is on the way somewhere around Oct.-Nov.
Okay, we're going to see an epic crash.
It's one thing for the Eurozone to implode, another for the Chinese crash to begin, one more crisis with Japan & Fukushima, plus yet another massive problem for rumors of major litigation with banks over MERS/Mortgage Servicing-Foreclosure issues, but...but...
Costco, the retailer that has spanked all others and is always cranked at the seams busy, managed to miss earnings in a big mofo'ing way - STFD!
05-25 03:03: Costco (COST) Q3 EPS USD 0.73 vs. Exp. USD 0.77Agreed on STFD, but gotta be cautious of the CBs. A Battle of the Bulge Intervention in the Euro by a cohort of these CBs can't be ruled out as they have too much to lose. That'd certainly send the robos into Star Wars mode and delay the inevitable a few handles and Acropolis-for-Sale longer
It´s the ash cloud spreading it´s grey tentacles of economic doom and raining more and more silica straws onto the EU camel. ;)
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