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EUR Soars On No News, As Santander UK Says 30% Of Visiting Customers Pulled Their Deposits Today

Tyler Durden's picture




 

Nothing could be more appropriate than topping a week of surreal newsflow than what just happened with the EURUSD, which soared by 80 pips on absolutely non news, in what can be attributed to either some algo going apeshit and lifting every offer, a fat finger, or just the tried and true Bank of International Settlement stop hunt seeking to send correlated risk assets higher courtesy of a spark in upward momentum. Sadly today not even this glaring attempt to jump broad risk into the stratosphere is working. And ahead of a weekend where it is rumored Europe may reopen on Monday, we can't wait for the inevitable snapback.

What we do know for certain is that what is not driving the EUR higher, is news of another semi-bank run in post bank-downgrade Spain, only this time not at nationalized Bankia, but at Banco Santander. From the WSJ:

Banco Santander SA's SAN.MC +2.97% U.K. unit lost about £200 million of deposits on Friday as jittery customers worried about the lender's financial health, according to a senior executive.

 

The deposit outflows on Friday, amounting to about $316 million, represented roughly 0.2% of Santander UK PLC's total customer deposits, said Steve Pateman, Santander's head of U.K. banking. Those deposits stood at £120.1 billion at the end of last year.

 

"We had a modestly negative day," Mr. Pateman said.

 

Santander UK has spent the day scrambling to soothe anxious depositors. Customers apparently are nervous about the British bank's vulnerability to Spain and its fragile banking system, and were further rattled by news coverage of a downgrade of the bank's credit rating late Thursday by Moody's Investors Service.

 

Customers have been visiting Santander branches and calling customer-service agents to discuss the bank's financial situation, Mr. Pateman said. Branch managers are explaining to them that Santander UK is fully independent of its Spanish parent and that the U.K. bank benefits from strong supervision by the U.K.'s Financial Services Authority, he said.

 

Mr. Pateman said about 70% of customers who visited Santander UK branches on Friday to discuss their concerns left without withdrawing their funds. The other 30% couldn't be convinced, he said.

 

"They say, 'I got caught by Northern Rock and I don't want to get caught again'," Mr. Pateman said. Northern Rock is a British bank that collapsed in 2007.

 

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Fri, 05/18/2012 - 15:13 | 2441340 malikai
malikai's picture

QE3. We just haven't heard it yet.

Fri, 05/18/2012 - 15:14 | 2441352 jcia
jcia's picture

Los bancos son unas putas.

Fri, 05/18/2012 - 15:17 | 2441373 SHEEPFUKKER
SHEEPFUKKER's picture

Americans are fat, and so are their fingers.  Probably meant to hit sell EUR button instead. 

Fri, 05/18/2012 - 15:21 | 2441391 idea_hamster
idea_hamster's picture

d

Fri, 05/18/2012 - 15:22 | 2441400 jcia
jcia's picture

FULL RETARD

Fitch ratings agency downgrades 5 Greek banks to CCC

http://finance.yahoo.com/news/fitch-ratings-agency-downgrades-5-16223699...

Fri, 05/18/2012 - 15:27 | 2441436 Al Huxley
Al Huxley's picture

Fuck, that just kills me - CCC.  I'd get the local crack dealer to hold my money for me before I'd put it in a Greek bank.

Fri, 05/18/2012 - 15:29 | 2441444 redpill
redpill's picture

There's news, it's just not out yet.  Front-running by corrupt international banksters ftw.

Fri, 05/18/2012 - 15:33 | 2441473 Beastmanager
Beastmanager's picture

Is buying gold and/or silver a no brainer? The answr is YES!

Fri, 05/18/2012 - 16:00 | 2441607 Ahmeexnal
Ahmeexnal's picture

NATO congregation in Chicago this weekend....just in time for the mega quake and nuclear assault on iRan/chiNa/russiA.

Fri, 05/18/2012 - 16:43 | 2441827 The Swedish Chef
The Swedish Chef's picture

Funny, as only people who make use of their brain actually buys them. The rest of humanity buy Facebbok, I suppose...

Fri, 05/18/2012 - 17:18 | 2441947 toothpicker
toothpicker's picture

but but you can't eat it

Fri, 05/18/2012 - 16:44 | 2441830 _underscore
_underscore's picture

Funny thing is, crack dealers can usually be trusted with money & collateral assets, they have a very diligent regulatory body - not the sought to offer, erm.. bail-outs as such.

Fri, 05/18/2012 - 15:25 | 2441422 French Frog
French Frog's picture

C'mon with G8 meeting this weekend we're bound to get at least some soundbites that everything is fixed in Europe, and if it's not fixed then it will be fixed soon or at least they know a man who can or any other bullshit along those lines...again

 

Fri, 05/18/2012 - 15:29 | 2441440 malikai
malikai's picture

Sounds like the local drug dealers in town when I was a kid.

Oh wait, they are the local drug dealers from when I was a kid.

Sun, 05/20/2012 - 16:05 | 2445648 jonytk
jonytk's picture

i call bullshit, it was the Chinese buying non-overprinted currency!

Fri, 05/18/2012 - 15:17 | 2441374 falak pema
falak pema's picture

même pas belle et sexy! 

Fri, 05/18/2012 - 15:38 | 2441489 Negro Primero
Negro Primero's picture

@jcia

Incorrecto y ofensivo: las 'mujeres de la buena vida' por lo menos trabajan...

Fri, 05/18/2012 - 16:42 | 2441819 The Swedish Chef
The Swedish Chef's picture

No insultes a las putas.

Fri, 05/18/2012 - 17:25 | 2441971 financial apoca...
financial apocalyptic contagion's picture

seriously?

man no comprendo mexicano

stick to english man nobody knows/likes/cares abt spanish/mexican

Fri, 05/18/2012 - 15:16 | 2441363 nope-1004
nope-1004's picture

Centrally planned market, run by computers and HFT geeks.  The new normal, so get used to stupidity.

 

Fri, 05/18/2012 - 15:30 | 2441447 cowdiddly
cowdiddly's picture

I thought it was just me thinking that everything looks broken or something.

Fri, 05/18/2012 - 15:18 | 2441378 boogerbently
boogerbently's picture

Greek bank run.

Spanish bank run.

Invest in Simmons-Sealy.....everyones gonna need bigger mattresses !

Sat, 05/19/2012 - 04:01 | 2442904 NoClueSneaker
NoClueSneaker's picture

How about french fries ? Parisbus, SocGen & Credite Agricole ?

Lot of ketchup soon ....

Fri, 05/18/2012 - 15:21 | 2441393 Shocker
Shocker's picture

Soon

Fri, 05/18/2012 - 20:18 | 2442425 rotagen
rotagen's picture

Ever noticed how many stocks spike just before they crash HARD?  Certainly not the case here.  Just a coincidence.

Fri, 05/18/2012 - 15:14 | 2441344 bdc63
bdc63's picture

bullish! ... for somebody ...

Fri, 05/18/2012 - 15:14 | 2441346 slaughterer
slaughterer's picture

Somebody is front-running a Euro-rumor (TM).  

Fri, 05/18/2012 - 15:15 | 2441356 bdc63
bdc63's picture

either that or somebody is trading on inside information ...

Fri, 05/18/2012 - 15:48 | 2441547 Cadavre
Cadavre's picture

Maybe they're working the old NASDAQ/FACEBOOK shtick: You can buy but you can't sell.

Latest news is that FB high water liquidation stops failed to execute sell orders. Buy orders passed through unabated .. smells bad . but what is worse is that there was any play at all - give a break - zillions from an IPO that generates less than 20 million per. Harvest the heart's desire - don't mean it gonna "monetize". Like harvesting Mega Zillions of cubic parsecs of interstellar vacuum.

The signal sure looks like a lot of pre-IPO FB holders, who are usually required to hang on to their shares for a while, jumped in an converted out early (the smart ones, anyway).

It was a dog from the get go.

However current market weakness offers individual traders a really really double dog good opportunity to "get back in"!  .... sheesh

HFT denial of service bots gone wild. What a job they did holding the FB up and plugging up the "sell" pipe!

Fri, 05/18/2012 - 15:14 | 2441353 Cognitive Dissonance
Cognitive Dissonance's picture

Now THAT is a proper woodie.

Fri, 05/18/2012 - 15:15 | 2441355 jus_lite_reading
jus_lite_reading's picture

Farcebook IPO didn't turn out to be the big kahuna they expected so now QE4 is imminent (QE3 is ongoing FYI)

Fri, 05/18/2012 - 15:23 | 2441404 SHEEPFUKKER
SHEEPFUKKER's picture

Any chance it closes below 38 on IPO day?  38.25 and dropping fast....

Fri, 05/18/2012 - 15:24 | 2441415 midgetrannyporn
midgetrannyporn's picture

I suspect price fixing and collusion but I could be wrong.

Fri, 05/18/2012 - 15:24 | 2441408 jcia
jcia's picture

Reach debt ceiling faster.

BITCHEZ

Fri, 05/18/2012 - 15:45 | 2441531 Jean
Jean's picture

I thought the Facebook IPO was going to balance California's (a/k/a Greece, West) budget?

Fri, 05/18/2012 - 19:55 | 2442358 jus_lite_reading
jus_lite_reading's picture

A lil old birdie told me that Cali was betting the whole FARM on Flopbook...

Whoopsie!!!! No enough retail suckers "volunteerd" their money...

GAME OVER!!

Fri, 05/18/2012 - 15:15 | 2441357 PivotalTrades
PivotalTrades's picture

What would happen if the problems in Europe were some how solved. What would happen if it was perceived that it was safe to have European assets? The rush into the U$ and US Treasuries would cease and reverse flow. What would inflation and US Treasuries interest rate look like then? Can the US afford a sound Europe?

Fri, 05/18/2012 - 15:16 | 2441364 SDRII
SDRII's picture

Russian paper says merkel calling for a referendum on euro in greece with election

Fri, 05/18/2012 - 15:16 | 2441365 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Euro probably soared on Hollande flapping his gums just now

Fri, 05/18/2012 - 15:16 | 2441368 swissaustrian
swissaustrian's picture

No news is good news. That's the new normal.

Fri, 05/18/2012 - 15:17 | 2441375 slaughterer
slaughterer's picture

A MM wanting to be in spitting distance of the Monday EUR/USD 1.2780 option by expiry?  I hear there is over a 1 billion on that one.  

Fri, 05/18/2012 - 15:16 | 2441369 ZeroPower
ZeroPower's picture

Haven't really seen anything cross the wires news-wise, but remember the flow is loaded to the gills SHORT this pair... the MMs need to pop this to upside next few sessions...

Fri, 05/18/2012 - 15:17 | 2441370 GeneMarchbanks
GeneMarchbanks's picture

Repatriation. Euro is the new $.

Fri, 05/18/2012 - 15:18 | 2441376 Vegetius
Vegetius's picture

These banks are a couple of heartbeats away from a Run Forrest Run moment

Fri, 05/18/2012 - 15:18 | 2441377 razorthin
razorthin's picture

What a lethargic 1,000 point Dow drop.  Like water torture.  Feels like we should be down 3,000 by now.

Fri, 05/18/2012 - 15:18 | 2441379 Scalaris
Scalaris's picture

Bank runs are the new Bull runs.

Fri, 05/18/2012 - 15:49 | 2441554 PontifexMaximus
PontifexMaximus's picture

Not yet

Fri, 05/18/2012 - 15:18 | 2441380 I am a Man I am...
I am a Man I am Forty's picture

Intervention coming to a market near you.

Fri, 05/18/2012 - 15:20 | 2441382 junkyardjack
junkyardjack's picture

Maybe its due to the successful FB IPO. Don't forget to dollar cost average down ladies....

Fri, 05/18/2012 - 15:20 | 2441384 mammoth mo
mammoth mo's picture

EUR - Buy Facebook at the open.  Sell at 70 on the first day.

Buy EUR

Profit.

 

What - it didn't hit 70?

Call uncle Ben.

Buy EUR

Profit - sort of.

Fri, 05/18/2012 - 15:20 | 2441386 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

You might want to take your money out of HSBC as well

Fri, 05/18/2012 - 15:29 | 2441441 tocointhephrase
tocointhephrase's picture

done that and bought Silver ;)

Fri, 05/18/2012 - 15:29 | 2441445 Winston Churchill
Winston Churchill's picture

What about Barclays ?

Fri, 05/18/2012 - 17:01 | 2441898 Grimbert
Grimbert's picture

Why?

I took £30,000 out of my Santander savings account today and it's currently sitting in my HSBC current account looking for another home. I'm considering NS&I despite the lousy inerest rate.

Sat, 05/19/2012 - 17:25 | 2443768 ElZorillo
ElZorillo's picture

Why?

 

The UK gov guarantees any deposit in a uk registered (eg Santander) bank up to £85k.

 

 

Fri, 05/18/2012 - 15:20 | 2441387 slaughterer
slaughterer's picture

12 minutes till the PPT finishes the last 30 minutes of the day with a nice EOD rally.  

These G8 leaders better come out with something substantive this weekend, or else SPX is hitting the 200DMA next week.  

Fri, 05/18/2012 - 15:26 | 2441427 PicassoInActions
PicassoInActions's picture

700m shares on e-mini

No way PPT can do anything today

they are out of luck

Euro will be pushed back after 4.30

e-mini just gave back the little push of 4 points

Fri, 05/18/2012 - 15:20 | 2441390 arsenal009
arsenal009's picture

I'm gonna say it's the US government doing this.  They plan is to grow GDP via exports, & they can't do this w a strong dollar.  Seems to me in the past few months, they are happy with the Eurodollar floating around 1.27 - 1.34.

Fri, 05/18/2012 - 15:33 | 2441470 Dapper Dan
Dapper Dan's picture

Nasdaq is  Going down - going down, now Going down - going down, now Going down Going down Going down ...

When The Levee Breaks by Led Zeppelin

http://www.youtube.com/watch?v=dMLdHyqdzXQ

 

Fri, 05/18/2012 - 15:21 | 2441396 LarryDavis
LarryDavis's picture

This shows confidence in the currency, institution, and system. I would advise selling gold and silver and going long Euro. 

Fri, 05/18/2012 - 15:23 | 2441406 slaughterer
slaughterer's picture

HA HA HA HA HA HA HA HA HA HA 

Fri, 05/18/2012 - 15:24 | 2441410 Winston Churchill
Winston Churchill's picture

DITTO

Fri, 05/18/2012 - 15:23 | 2441405 ArrestBobRubin
ArrestBobRubin's picture

Here's my question: what the F*ck were the other 70% possibly thinking?

Fri, 05/18/2012 - 15:39 | 2441503 mammoth mo
mammoth mo's picture

Jedi mind trick got em again.

Fri, 05/18/2012 - 16:44 | 2441833 Strider52
Strider52's picture

These are not the deposits you are looking for.

Fri, 05/18/2012 - 15:24 | 2441413 LarryDavis
LarryDavis's picture

Central banking/planning has really improved europe in the past few years. I think thing are going to be ok. Tons of bright people working in finance and government.

Fri, 05/18/2012 - 15:26 | 2441426 Winston Churchill
Winston Churchill's picture

Is that you MDB hiding behind another avatar ?

Fri, 05/18/2012 - 16:10 | 2441655 Bizaro World
Bizaro World's picture

You need to place (/sarc) next to insanity like that, lest people think you are insane......Europe is about to burn!

Fri, 05/18/2012 - 16:48 | 2441848 LarryDavis
LarryDavis's picture

I was in Spain for two months last year and not a SINGLE FUCKING STORE WAS OPEN IN AUGUST. I was really surprised to learn their economy wasnt firing on all cylinders. Here are some crude yardstick type calculations to keep in th back of your head when thinking about southern Europe. THEIR ECONOMIES ARE AT LEAST 1/12 LESS THAN OPTIMAL RIGHT OFF THE BAT BECAUSE OF SIMPLE FUCKING VACATIONS. THEY SPEND 6 HOURS AT DINNER EVERY FUCING NIGHT. THIS IS NOT A MORAL JUDGEMENT OR INDICTMENT (I FUCKING HATE THE AMERICAN WAY TOO) BUT RATHER AN OBSERVATION. IF YOU ADD IN ALL THE CORRUPTION AND NEPOTISM CONSISTENT WITH ANY OTHER "FIRST WORLD" NATION THEN YOU HAVE AN ECONOMY THAT WILL SURELY IMPLODE IN A BREATHTAKING SWAN DIVE TYPE EVENT. 

Fri, 05/18/2012 - 17:10 | 2441925 Bizaro World
Bizaro World's picture

Which is why the rocket trajectory today of the euro is such a joke....the entire union is about to explode due to insolvency yet the currency climbs straight up?  Frickin joke...

 

And yes, my EUO short was poorly timed and yes I know better...

Sat, 05/19/2012 - 05:49 | 2442935 Zero Govt
Zero Govt's picture

actually the Spanish lifestyle is ideally suited to perversely having BOTH a 1st world economy (where leisure time is enjoyed) and a 3rd world economy (where you also have plenty of leisure time as everyone's unemployed)

the Spanish are very sociable and friendly (unlike the somewhat more snotty French and Italians) and spend bags of time with friends and family every day sitting at cafes or restaurants or home just bantering for hours on end

that's why in my time in Spain past few years i've just not noticed any hardship or unemployed except for noticing the number of shops closed in secondary retail streets

the Spanish don't worry me if it gets worse, it's the politicos, bankers and the public sector (Unions) that'll be the thugs and where all the toys will be spat out the pram.. the usual deranged, greedy, lazy, criminal sector of society

Fri, 05/18/2012 - 15:26 | 2441425 Motorhead
Motorhead's picture

And the Dow is still tanking.

Fri, 05/18/2012 - 15:41 | 2441515 mammoth mo
mammoth mo's picture

All the kings horses....

Fri, 05/18/2012 - 15:26 | 2441429 fuu
fuu's picture

FB 38.05...38.15...LOL

Fri, 05/18/2012 - 15:35 | 2441486 junkyardjack
junkyardjack's picture

They should have remained US citizens...

Fri, 05/18/2012 - 15:49 | 2441550 fuu
fuu's picture

And back to $38.00. Hell even gold is up a larger percentage today...

Fri, 05/18/2012 - 15:27 | 2441433 debtor of last ...
debtor of last resort's picture

French youth knows that markets are 'apeshit'. Financial markets as well as political markets. That's why they vote non-mainstream. To save them from apeshit. No matter what. Now you understand? No matter what. Just like the rest of Europe.

Fri, 05/18/2012 - 16:36 | 2441781 slewie the pi-rat
slewie the pi-rat's picture

the "french utes" better start voting with fuking geiger counters instead of bullshit propaganda BEFORE IT IS TOO LATE

Fri, 05/18/2012 - 15:28 | 2441437 SILVERGEDDON
SILVERGEDDON's picture

Silver, anyone ? Gold ? Copper ? Lead ? Brass ? Charcoal ? Sulphur ? Saltpeter ? These are a few of my favorite things.................

Fri, 05/18/2012 - 15:28 | 2441438 partimer1
partimer1's picture

It has to go up to get over the weekend. Otherwise, the weekend can be really and Monday can be a bloodbath. IMHO.

Fri, 05/18/2012 - 15:33 | 2441443 slewie the pi-rat
slewie the pi-rat's picture

it's nessie!

[aka: some EUR/USD shorts are covering and are as party-time smashed as tyler, himself, right now!]

bong-ho, BiCheZ, and try to stay out themFemaKamps2

Fri, 05/18/2012 - 15:33 | 2441478 fuu
fuu's picture

The Nessie Pattern tends to indicate upcoming moves in price...

Fri, 05/18/2012 - 15:56 | 2441545 slewie the pi-rat
slewie the pi-rat's picture

yes, but this is more of a head-fake and may be simply indica-tive of the amazing drunkenness and debauch which will be "theHamptons" this weekend now thatMother has had herDay and theSeason is "in full swing" imo;  thousand of shitheads just cashed for $100K and are even now arranging to party withgatsby and daisy, fuu!  ka-ching!  some very exciting dating, i would think

maybe robo will get back on-site to give us the inside scuttlebutt?

the EUR may go up depending on how long the coke lasts, but i'm figuring maybe by next tues-wed we'll get back to deflation, again, after all the shitheads get back to theCity to siphon wealth for at least a coupla daze, next week, before traipsing along the french rivers and valleys, on their way toMonaco.  or something

and remember:  people have made FORTUNES fading slewie!  Hahaha!

can you BE-lieve the long bind = 148.20?  are you shitting me?  let's run that negative interest rate up the flagpole again and see if we can get a few more people to salute it this time?  L0L!!! 

Fri, 05/18/2012 - 16:17 | 2441696 slewie the pi-rat
slewie the pi-rat's picture

or, we could have a "summer rally" ready to "spring" rather than have the market continue to "fall" b/c of "theKondratieffWinter"...

but i'm goin with the dismalDoomers here;  i don't care for the recent data tyler has been giving us;  all the previous stuff had been "nominal" not "adjusted for purchasing power" and has been overstated as we've been saying for a year, here

the EU is getting worser and badder, but the ladies are lookin XLNT to me here, especially the ones on PM coinage

Fri, 05/18/2012 - 15:30 | 2441448 PicassoInActions
PicassoInActions's picture

i wander how much of e-money would it take to spike euro 80 pips on no news?

It had to be coordinated i guess.

In real terms any1 got a clue how many billions would take to push euro up in the negatvie day like this? e-mini is over 700m shares and going down.

I remember for BOJ to push USD 300 pips they had spent around $25 billions.

Fri, 05/18/2012 - 16:30 | 2441748 slewie the pi-rat
slewie the pi-rat's picture

what is "co-ordinated" is friday afternoon and cashola, imo;  SOME shorts covered here, and the EUR/USD went almost to 128 is what it looks like, but what tf do i know?  i'm not named gerald

sometimes the actual traders and specs actually TRADE and 'make' spec $$$, and this lQQks like it may be one of those times...

Fri, 05/18/2012 - 16:59 | 2441892 fattail
fattail's picture

Profit taking on friday afternoon.... Trying to dodge the QE announcement coming on Sunday.

 

 

Fri, 05/18/2012 - 15:30 | 2441456 Dr. Engali
Dr. Engali's picture

Somebody's repatriating some assets.

Fri, 05/18/2012 - 15:31 | 2441461 tekhneek
tekhneek's picture

...the fuck?

Fri, 05/18/2012 - 15:31 | 2441462 razorthin
razorthin's picture

One mother of a short-covering rally coming off the SPX 200 DMA, I fear.  I hope not, but I fear.  Expect a weekend scheme to be unveiled Sunday evening...

Fri, 05/18/2012 - 15:32 | 2441467 Yikes
Yikes's picture

FB 38.03

Fri, 05/18/2012 - 15:43 | 2441524 junkyardjack
junkyardjack's picture

Must...Not...Break...$38....

Fri, 05/18/2012 - 15:46 | 2441534 malikai
malikai's picture

A line in the sand has been drawn and will be defended to the death.

Fri, 05/18/2012 - 15:34 | 2441481 laomei
laomei's picture

Greece shorted facebook. crisis resolved.

Fri, 05/18/2012 - 16:35 | 2441789 Matt
Matt's picture

If they entered those shorts at 50,000 euros, they're set. Am I reading that chart right, did a couple thousand shares actually trade at 50,000?

Fri, 05/18/2012 - 15:37 | 2441493 tim73
tim73's picture

There is powerful counterforce in play. Eurozone exporters will benefit from this, especially German. It also helps PIGS countries. This is like replay of summer 2010, it hit 1.20 briefly back then.

Fri, 05/18/2012 - 15:39 | 2441504 Mark123
Mark123's picture

You have to love this headline....how retarded have we become?  What exactly is a "market watcher"?  Likely whatever they are, they should be culled from the herd.

 

Was the Facebook Deal Overhyped?

CNBC  With Facebook shares trading close to their $38 offer price, market watchers are questioning whether the social network's debut was overhyped

 

Fri, 05/18/2012 - 15:42 | 2441518 ArrestBobRubin
ArrestBobRubin's picture

Was the Facebook Deal Overhyped?

Well let me put it this way: does Bartiromo always throat Maurice Greenberg?

 

Fri, 05/18/2012 - 15:43 | 2441519 Yikes
Yikes's picture

Technically, they priced it to perfection.  It appears no money was left on the table and that FB got every penny they could out of the market.

Fri, 05/18/2012 - 15:46 | 2441538 Winston Churchill
Winston Churchill's picture

Poor large busted Maria.She looks like she is swallaowing a

pineapple whole when she mentions Flopbook.

So much for the retail getting sucked back in by

the IPO.

Will it close above issue ?

Fri, 05/18/2012 - 15:39 | 2441507 Miss Expectations
Miss Expectations's picture

Luftwaffe?

Fri, 05/18/2012 - 16:16 | 2441512 dcb
dcb's picture

to me it has gone back to the top od the descebding channel,  I sold some dollar index into the little rally, now can reapply my doll bear a with a stop a bit above the channel I will be it will at eaxctly the wrong time.

the easy drop is done, now you've go to chart the weekly, selling into new highs on dollr bear, and buying dollr buy at new highs. just on the weekly channels.

 

you will see the same thing if you chart uup, udn weekly

it's why I've sold a lot of my initial shot market shares (inverser funds) as I'm waiting for a bit of a bouce up and can rebuy towards the bottom of the channel. the speed of this srop should slow, it;s the same way I trade going up, weekly, long and shorts. it's very unusual to see these three weeks each not overlapping at all usually most weekly market action is between the old weekly low and the new weekly high

Fri, 05/18/2012 - 15:43 | 2441523 Mark123
Mark123's picture

Daily contest:

 

Guess the closing price of FB...

 

a) $45

b) $38

c) $33

 

Winner gets 500 trillion (zimbabwe currency).

Fri, 05/18/2012 - 15:54 | 2441577 I Am Not a Copp...
I Am Not a Copper Top's picture

$38 apparently

Fri, 05/18/2012 - 15:45 | 2441532 Stackers
Stackers's picture

Like I said in ZH's artcl about the Euro going to 1.20. The Central Banks have gotten together and decided the Euro is going to remain strong. jim Rickards is spot on in his remarks about this. They will hold the 1.30 level plus or minus 300 bps come hell or high water.

Fri, 05/18/2012 - 15:45 | 2441533 sockratte
sockratte's picture

maybe everyone's in the weekend now and the BIS still trying to support? ;-)

Fri, 05/18/2012 - 15:47 | 2441544 tmosley
tmosley's picture

Silver has been up strongly for the last two days.  Perhaps a totally idiotic bot with access to an infinite amount of fiat currency decided it would be easier to move the Euro up than to move silver back down?

I wish this was more absurd than what is actually going on.

Fri, 05/18/2012 - 15:48 | 2441548 earleflorida
earleflorida's picture

'the Uk is fully independent of its Spanish parent', so now that that's settled, let me pull the 'head-out'...

Fri, 05/18/2012 - 15:52 | 2441565 Olympia
Olympia's picture

Global Debt Crisis

The greatest private fraud of human history.
Who are the great fraudsters who are becoming the murderers of the human kind? How does the economy "illness" threaten Democracy and the freedom of people?

http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
---------------------------------
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...

Authored by PANAGIOTIS TRAIANOU

Fri, 05/18/2012 - 15:52 | 2441567 rc
rc's picture

Is this what they call a "technical bounce"?

 

http://slopeofhope.com/2012/05/going-long-the-euro.html?utm_source=feedb...

 

Fri, 05/18/2012 - 15:55 | 2441583 Colonel
Colonel's picture

Ok now all you Europeans that made bank runs now go out and buy silver and gold!

Fri, 05/18/2012 - 15:59 | 2441595 Don Diego
Don Diego's picture

watch this 2 mn video of Santander's chairman Emilio Botin. Laughs guaranteed.

 

http://www.youtube.com/watch?v=jaLDoWqIq2M

 

No, it is not not a joke, that's him

Fri, 05/18/2012 - 18:45 | 2442184 tallen
tallen's picture

He's like a timeshare salesman. Lmao.

Sat, 05/19/2012 - 11:53 | 2443243 Non Passaran
Non Passaran's picture

Looks like voiceover... Or audio's out of sync.

Fri, 05/18/2012 - 16:10 | 2441658 The worst trader
The worst trader's picture

Bearish for equities, i believe.

Fri, 05/18/2012 - 17:18 | 2441945 slewie the pi-rat
slewie the pi-rat's picture

you ARE the worst!

Fri, 05/18/2012 - 16:13 | 2441673 spooz
spooz's picture

Too bad they didn't have old George Bailey from the Building & Loan:

"You're thinking of this place all wrong, as if I had the money back in the safe. The money's not here. Your money's in Joe's house, that's right next to yours. And in the Kennedy house and Mrs. Macklin's house and a hundred others. Why, you're lending them the money to build. … Give us 60 days."

Oh, wait, its at the Central Bank.  Never mind.

"Mr. Pateman said about 70% of customers who visited Santander UK branches on Friday to discuss their concerns left without withdrawing their funds. The other 30% couldn't be convinced, he said."

Fri, 05/18/2012 - 16:33 | 2441780 Frastric
Frastric's picture

Santander UK is fully independent of its Spanish parent

Bullshit! As Santander gets into more trouble its UK branch will be the first to be sold off to raise capital. Or worse still losses could be transfered there (or perhaps already have).

Sat, 05/19/2012 - 11:51 | 2443234 Non Passaran
Non Passaran's picture

Right it's not fully independent, but as far as those who save in the UK branch are concerned, *in theory* they should be OK becaue of the UK version of FDIC.

It's funny how people are concerned about the small risk of losing their savings and fairly unconcerned about losing their their pension savings although the risk is about the same.

Fri, 05/18/2012 - 21:40 | 2442580 omi
omi's picture

On daily, it looks like double bottom. ( don't have good charts now, but this illustrates it http://finviz.com/futures_charts.ashx?t=6E)

with commentary: http://i.imgur.com/W9xqU.png

 

Sat, 05/19/2012 - 00:48 | 2442821 PeterB
PeterB's picture

Maybe it's just the first half of what will become a beautiful swan dive on Sunday night

Sat, 05/19/2012 - 00:56 | 2442824 navy62802
navy62802's picture

If I were presented a chart of FB's pricing action over the course of the day, I think I would be forgiven for declaring that there was a halt in trading placed on the stock around 3:30 PM and it reopened for trading at approximately 3:55 PM.

Sat, 05/19/2012 - 18:02 | 2443807 WallStreetVet
WallStreetVet's picture

It's going higher. Late day reversals tend to leave a lot of stops unfilled, or by human nature many will wait for a better price Monday which will not materialize as everyone was running out the door at the same time with their short EUR trade. Funds are loosing money on the S&P, didn't make any Facebook return, and thus are booking profits from their only good trade shorting the EUR. Either buy the squeeze for a flip, or wait a few days before even considering shorting. I didn't even mention the double bottom formation.

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