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UUP Halted - Issuing 100,000,000 New Shares To Meet Onslaught Of 100 Quintillion New Dollars (Give Or Take)
From Business Wire
DB Commodity Services LLC today announced it has filed a registration
statement with the US Securities and Exchange Commission (SEC) to register
100,000,000 additional shares of PowerShares DB US Dollar Index Bullish Fund
(NYSE Arca: UUP) in order to meet investor demand. Creations of new shares in
the fund are temporarily suspended pending clearance of the registration
statement by the SEC, the Financial Industry Regulatory Authority and the
National Futures Association and declaration of the effectiveness of the
registration statement.
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Someone is looking to spike the dollar.
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You really think they can pull this off don't you? lol...
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Well, they are cracking down on Ponzi schemes lately.
Either that, or a Chinese buyout.
That sucks, I was just going to go buy lunch.
I always keep a can of honey roasted peanuts and a big bottle of Sriracha hot chili sauce for such occasions.
Put the peanuts in a paper cup and liberally apply the hot sauce. Shake the cup to mix in the hot sauce. Eat the peanuts with a drinking motion.
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http://colinresponse.files.wordpress.com/2008/06/sriracha_hot_chili_sauc...
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Good stuff. I roast them fresh sometimes. Here's what you do:
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Very nice tallystick. A Sunday afternoon recipe. Thx!
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the past few days have been a HFT paradise...perhaps the computers are becoming self aware?
Terminator style. They need to feed like every "one" else, right?
anybody down to DOS Skynet??
Anybody game to DOS Skynet??
NICE..."Like most of life's problems, this one can be solved with bending"
In the words of that 80's guy..."Awesome...Awesome to the max!!"
very WTF>!@
I got screwed a few months ago when I was holder DXO. DB redeamed that ETN which forced me to sell it at around $4. Now I'm heavily hedged with UUP and currently losing a little. WTF indeed.
On 11-03, the DXZ09 contract (December) spiked to a print high of 81.345 on 5,000+ contracts) between 4:57AM and 5:03AM/US/EST. Some of those trades were pulled we were told. However, we've seen this before, and have also seen markets then RE-trade those levels in following days, weeks, or months. The S&P's and NDX was notorious for gapping and trading like this during 2000 & 2001. This is thus interesting to us. We'll watch it closely.
thank you AR....please keep us informed. I remember the spike yet saw little discussion about it. thanks again.
Oops, I will restart the server.....
"UUP – PowerShares DB U.S. Dollar Index Fund – There was huge volume today in this exchange traded fund that tracks the American dollar’s index value ahead of this afternoon’s FOMC statement, which is likely to leave monetary policy unchanged and point to an ongoing situation in which interest rates remain accommodative for as long as the eye can see. Such an outlook for the dollar at a time of modest recovery has created a weak fundamental backdrop for the greenback. So today’s 155,000 call options bought for tiny premiums ranging between 10-15 cents per contract smacks of a large institution placing a sizeable gamble that change might be in the air either in what the Fed says this afternoon or for a more general change of heart towards the dollar before expiration on November 20. The dollar index on which this ETF is based is lower today and close to its weakest point in the current environment. With the price of the fund trading at $22.54, the investor needs to see a dollar rally lift the index and boost the price of the ETF beyond $23.15 by expiration in order to not lose money. A sharp turnaround in the fortune of the dollar today would automatically boost the index and therefore the value of this sizeable set of trades."
So, let's say a person can buy enough call options if a market maker is willing to sell... without said MM having an arrangement made to get long those shares from the fund.... how might this be resolved...
And it's time to look at who is closing said options today.
On November 3, 2009, PowerShares DB US Dollar Index Bullish Fund, a series of PowerShares DB US Dollar Index Trust, announced in a Current Report on Form 8-K that 6,600,000 of its Shares registered with the Securities and Exchange Commission were available for purchase by the Fund's Authorized Participants. As stated in its current prospectus, the Fund creates and redeems Shares in blocks of 200,000 Shares called "Creation Baskets" and "Redemption Baskets," respectively. Only Authorized Participants may purchase or redeem Creation Baskets or Redemption Baskets. As of November 5, 2009, the Fund issued all of the remaining Shares to its Authorized Participants. As a result of these issuances, the Fund will temporarily suspend the issuance of additional Creation Baskets until the registration statement on Form S-3 which was initially filed on November 2, 2009 and registers an additional 100,000,000 Shares of the Fund has been cleared by the SEC, the Financial Industry Regulatory Authority and the National Futures Association. The Fund will issue a subsequent Current Report on Form 8-K to announce the effectiveness of the Registration Statement and its ability to resume offering Creation Baskets to its Authorized Participants. The suspension of the issuance of Creation Baskets has no effect on the ability of Authorized Participants to redeem Redemption Baskets. (Stock is halted)
basically - fund has halted creations.. applied to SEC on Nov 2nd to issue more shares... waiting for SEC repsonse.. should trade like a closed end fund (likely at a premium to NAV) until SEC allows them to create more shares.
seems to imply too much demand, but maybe I am mis-understanding this.
Apparently an assload of calls were purchased yesterday and they're not issuing new shares...least thats what bloomie tells me
(upon seeing the update) wow, no new shares today, but a bajillion soon...gotcha
was watching this activity (The call buying) yesterday and seeing massive volume. Tens of thousands of calls in huge waves changing hands at 10 or 15 cents. Now, they're going for 30 cents. Is this the easiest insider trading case in the history of the world? One has to wonder.
300,000 open interest in the Nov 23 calls... someone is going to get burned if it does start trading at a premium
Yes. The trade that will hurt the most particpants, the quickest, is if the dollar begins a rally (in the shorter term) thus forcing the dollar carry-trade to reverse and unwind. It could be a violent trade similar to last November/December's bond trade.
It just did (1:50 PM)
awesome chart, somebody post one please
300,000 calls at Nov 23 if exercised would be 30MM shares with only 36.6MM outstanding... a huge potential squeeze
I smell something rotten for miles on this one. A Titanic of calls purchased the day before a major announcement which is likely to cause the fund to trade like a close end fund (premium to NAV). Brilliant!
UUP to open up at 23 in HUGE demand!!!!!!!!!!!!!!!!
Interesting that today the dollar and markets are both up. The usual inverse correlation between the two is either breaking down or the market is being juiced one more time before they let go.
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CD / We do think the correlation you reference is indeed beginning to break down. I mention above reference to the dollar carry-trade unwind and relate to last year's treasury trade. This is a time to be vigilant about risk management.
very interesting, indeed. correlation break downs, especially as strong as we have had in the last six months, are causes for concern. coupled with short dollar being the single most crowded trade on earth, and now (fwiw)apparently overwhelming demand for a double-long product, no extension to dollar QE (and even a reduction), and already rising reference rates....
frankly, i dont want to be short dollar, or long dollar-denom assets. too frothy, too crowded, too top-tick-y.
With a symbol like U UP sounds like a pump and dump from da hood.
or Hans & Franz...PUMP U UP GIRLIE MAN!
big demand but no market impact...yet..
JohnnyC
UUP and UDN both up. Awesome.
Did I get lucky? I bought UUP calls this morning.
sigh. never mind my bid didn't get hit before the spike up.
Boy that sucks, doesn't it? You think you're good as gold only to find you're a spectator.
Of course, if the dollar doesn't spike but actually dives deep, you'll feel like God has personally blessed you.
At that moment, the trade he thought was cancelled will execute.
Wondering when the same happens to Silver shorts?
http://news.silverseek.com/SilverSeek/1257430207.php
call action gone ballistic
Someone has found a way to trump the FED
Something very odd is going on the last two days. Dow was up +165-180 yesterday before giving way to +30. Today it's rather flat at (again!) 175. All this while the $ is gaining strength. What we do know is one of these trades has to give. If it falls back down again for a sub 50+ gain, then you know something st!nks to high heaven.
Interesting story in Bloomberg.com this morning how clients may have to recognize income for '09 due to the enormous rise in taxes in '10 and beyond. Tax experts are advising their clients to sell. Hmmm....
ung DID THE SAME THING. SQUEEZED THEN DROPPED 30%
This is a short squeeze for no reason, which makes it even more logical. This is a perfect time for the SEC to see who bought calls in size this week and nail them and DB.
Without enforcement this crap will never end.
There will be no enforcement. Good God, man, are you not paying attention?
I dipped my toe into these waters last week and bought 5 Mar 23 calls. Earlier this week I was beginning to think I made an error, till I read this story. I kinda agree with Karl Denninger that we are likely to see a dollar spike soon. In my opinion only, I think the dollar has only 1 spike potential left....then......well....hell breaks loose.
I'm a newb here but I just don't see it without a major selloff. Based on the action so far this week I don't see it happening near term. I'm thinking of covering shorts today while I'm still ahead...
Also, my UDN is up currently which makes me even more suspicious of these ETFs
Nothing really makes sense in the markets since the crash of last year. One just has to look at the value of AIG stock to substantiate that. No-one can predict markets, but I am not the only one that suspects that a major unwind in markets is very, very, very overdue.
I don't have too many dollars left after shorting this rally.
I love it. UUP trades like a penny stock, with 1% swings every 30 minutes.
A traders paradise.
inst this what happened to UNG a while back? they issued new shares and the thing tanked and totally derailed from the underlying commodity for a good few weeks. it's still fucked in my opinion.
9,708,666 hlated volume, crazy 6's
These calls were more likely somebody being short $ hedging before FED press release, market makers that sold these calls hedged going long UUP. I don't see anybody betting here on $ rally before Nov expiration.
These calls were more likely somebody being short $ hedging before FED press release, market makers that sold these calls hedged going long UUP. I don't see anybody betting here on $ rally before Nov expiration.
aren't there position limits? How can you own 300,000 calls?
Position limits were created for exactly this reason! Imagin you could buy a zillion upside calls for small premium then exercise them to take over the company!
interestingly-- UDN (dollar down, inverse of UUP) is also up small today!! makes no sense!!
I would think people would trade UDN options as a hedge against the crazy UUP move but its been really quiet in UDN..
UNG had new shares halted because the SEC and CEB want to "regulate" the power these ETNs and ETFs have over real goods like crude,gold, silver etc. The forced rolling contracts were always nuking the oil market EOM.
UUP is just a tracking fund, and doesn't affect the underlying asset(hahahahahaha-what a joke.)
As usual, justfollow the insider money here:
-Halting issuance will close the fund and the managers get a premium
-halting issuance with forward knowledge allows insiders to go long and make profits
-halting issuance generates a market for something that has no market
-There are too many shorts on the dollar and there needs to be a vehicle to short the USD
-Is halting issuance just a headfake on interest in the USD? Or does somebody know something is coming down the pike and need to position massively in UUP?
I smell a huge rat here.
The IMF just sold a gazillion tonnes of gold to India at an extremely high price. Why would the IMF sell now if they thought it was going up?
So sell high and buy Dollars low. If the dollar carry is getting hosed, gold will be wiped out for a month. Then swoop in to buy gold. If dollar short squeeze comes online. Think of the worst shit you could do to a 3rd world country. It's the same with the Currency Swaps. The US lent dollars high and all these countries had to sell dollars high to get their swapped currencies back. So, it can also work with gold. Its a scam and everyone on the know wants to pile into ETFS without going to dollar CASH. Holy shit!
It's simple. The IMF bases it's power on brutality. Not value or gold. It thinks it's got the only working currency. Brutality. Which is why it's going to die screaming.
Well the strangest thing is that UUP is up 1.5%, while its inverse twin, UDN, is completely flat (as in the DX). Why would you pay a 1.5% premium on UUP when you can accomplish the exact same thing by shorting UDN or the EUR/USD or USD/JPY?
Only thing that makes sense is either:
1) algos run amok
2) somebody with lots of money, some inside info, but little trading experience
Haha
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