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More Bad News For Euro Banks: SocGen, Intesa And Unicredit Kicked Out Of Stoxx 50 Index

Tyler Durden's picture




 

Yes, you can't short them. But that doesn't mean you can't sell them. Which is precisely what index funds will be forced to do after the main European index, the Stoxx 50, announced that it will be removing battered SocGen, Intesa and Unicredit from its list of constituents (as well as that anachronism of a cell phone maker Nokia). Let's hope that European HFTs jump in to prop the bid. Oh wait, unlike our farce of a levitation machine, Europe does not have HFT, which is why following every overnight session it is our vacuum tubes' patriotic duty to buy everything up into the close with a millisecond holding pattern, only to dump it to other algos, and ultimately retail and ETF hands. And since every loser has an equal and opposite winner, the companies that will replace the aforementioned sinking ships are Unilever, LVMH, National Grid and Air Liquide.

h/t London Dude Trader

 

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Wed, 08/31/2011 - 17:35 | 1620663 hackettlad
hackettlad's picture

what does h/t mean?

Wed, 08/31/2011 - 17:42 | 1620697 Lazlo Toth
Lazlo Toth's picture

hat tip.

 

Ref: Google.

Wed, 08/31/2011 - 17:43 | 1620699 ptoemmes
ptoemmes's picture

Hat tip...as in "tip of the hat" meaning thanks for the tip, lead, heads up, etc, etc, etc

 

 

Wed, 08/31/2011 - 17:43 | 1620700 MillionDollarBonus_
MillionDollarBonus_'s picture

Luckily I don't hold any foreign stocks. I call my portfolio "the patriot's portfolio" because it consists of only US stocks, with an emphasis on retail. This week I have been rewarded greatly for my maturity and persevierence - while European stocks plummeted, my portfolio has taken a turn for the better. These spoiled brat doomers are destroying this country's moral by rallying against the necessary fiscal and monetary easing, and quite frankly I think its time they grew up.

Wed, 08/31/2011 - 17:46 | 1620716 buzzsaw99
buzzsaw99's picture

hairy wanker reincarnate

Wed, 08/31/2011 - 18:08 | 1620780 Pure Evil
Pure Evil's picture

Are you sure it's not hairy canker?

Maybe Robo has taken on a new persona.

But, despite it all, I'm glad he's back, we need some momo to laugh at while the world ends.

Wed, 08/31/2011 - 17:51 | 1620735 Clay Hill
Clay Hill's picture

No Mr. Million Dollar Bone-us. No.

We red-pill "doomers" assail your non reality based morale.

Asshat devotees of Keynes and Bernays destroy morals.

Wed, 08/31/2011 - 18:20 | 1620842 Stoploss
Stoploss's picture

Your seeking alpha posts suck worse than this one. Might want to stick to that site.

Wed, 08/31/2011 - 19:27 | 1621010 glenlloyd
glenlloyd's picture

Wanger...is that you?

You are such a waste of skin!

Wed, 08/31/2011 - 20:10 | 1621107 Goldenballs
Goldenballs's picture

Your Portfolio took a turn for the better ..... my Arse your a lying Bankrupt Troll.   Ha HA.

Wed, 08/31/2011 - 17:35 | 1620665 zorba THE GREEK
zorba THE GREEK's picture

You can't short them ,  but you can kick them out of your index. Now that makes sense.

Wed, 08/31/2011 - 17:37 | 1620669 Cdad
Cdad's picture

Cue Bob Pisani on the BlowHorn tomorrow morning to tell us that the only thing that matters to the tape is how the Euro banks are trading.

Nice can of gas to toss on what will be an econ fire tomorrow, anyway.

Wed, 08/31/2011 - 18:23 | 1620854 JohnG
JohnG's picture

I heard him say that and thought    Whuuuuuuu?  The gold series is great, but seriously, everyone HAS to know those banks were trainwrecks, don't they???

Maybe I'm too optimistic?  (Even though I am a confirmed pessimist/realist.)

Wed, 08/31/2011 - 17:39 | 1620688 JW n FL
JW n FL's picture

 

 

let the euro-trash bank run begin!

on your mark..

get set..

to late! its gone!!

Wed, 08/31/2011 - 17:39 | 1620689 Irish66
Irish66's picture

Bank of NY ceo resigns...hummmmm

Wed, 08/31/2011 - 17:43 | 1620698 swissaustrian
swissaustrian's picture

Great news: financial black holes replaced by the REAL economy:
Unilever, LVMH, National Grid and Air Liquide!

Wed, 08/31/2011 - 17:45 | 1620712 Ancona
Ancona's picture

Holy Shitstorm!

I can't wait for the European open!

SocGen will be my focus on Euronext. This out to rattle their fucking cage.

Wed, 08/31/2011 - 17:53 | 1620727 buzzsaw99
buzzsaw99's picture

it's just the 50 but it does point out another difference. in freedumb's land we **ADD** C (and toss the much better HON) to the Dow 30 when it all turns to chit. Apparently some "over there" believe in taking out the trash.

Wed, 08/31/2011 - 17:50 | 1620731 mynhair
mynhair's picture

TG my TNA bid didn't fill at close.

Wed, 08/31/2011 - 18:09 | 1620792 kaiserhoff
kaiserhoff's picture

Sweet Jesus.  I just had a flash-back to the days of free markets when this sort of info was important for trading.  Thanks for the memories, Tyler.

Wed, 08/31/2011 - 18:54 | 1620933 Robslob
Robslob's picture

Gold's recent sell off for whatever reason (SNARC) isn't saying QE so even if they continue to hike the shit out of margins all this does is put an end to the "physical" versu "paper" game sooner.

Well played TBTF - MSM...well played?

Wed, 08/31/2011 - 19:44 | 1621048 slewie the pi-rat
slewie the pi-rat's picture

got unileverage, BiCheZ? got PMs?

PMs = 1/2 of slewie's Fab Four To Avoid Gettin Fuked

Fab 4 = cash, gold & silver (US Mint-produced gold & silver coinage for US reZidents/citiZens) and the supplies you will need in you heart-felt pursuits of the eternal

Wed, 08/31/2011 - 20:02 | 1621096 Buck Johnson
Buck Johnson's picture

It's starting to come apart, big time.

Wed, 08/31/2011 - 20:08 | 1621104 Goldenballs
Goldenballs's picture

As BTO said and the Euro Banksters sing " Gimme your money please"

Thu, 09/01/2011 - 02:23 | 1621886 seoerlin
seoerlin's picture

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Thu, 09/01/2011 - 03:34 | 1621953 mephisto
mephisto's picture

Non-news. They got kicked out of the SX5P (Europe) not SX5E (Eurozone). SX5E is what trades - so will be the big one - this is just the warmup.

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shacai's picture

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MGHJFHD's picture

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