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Someone Does NOT Want To Be Long Over The Weekend

Tyler Durden's picture




 

In the last few minutes of the European week, major financials have been crushed. It appears that someone (or perhaps a lot of 'someones') really do not want to be long into the weekend. Credit Agricole is -11% on the day, having fallen 12.3% in the last hour!!

Senior financial spreads also reversed all their gains and closed wider on the day.

Charts: Bloomberg

 

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Fri, 09/16/2011 - 11:58 | 1677229 HUGE_Gamma
HUGE_Gamma's picture

this is the capitulation we have all been waiting for.. buy it and sit on it.

 

Fri, 09/16/2011 - 12:05 | 1677305 SheepDog-One
SheepDog-One's picture

Go ahead, but your money would be far better invested in Gamblers Anonymous I'd say.

Fri, 09/16/2011 - 12:26 | 1677429 reload
reload's picture

Maybee he means Gold !

Which is shining again.

Fri, 09/16/2011 - 12:38 | 1677487 spiral_eyes
spiral_eyes's picture

long term:

europe doesn't collapse gold goes higher.
europe does collapse gold goes higher. 
qe3 gold goes higher.
no qe3 gold goes higher.
death of the dollar gold goes higher.
dollar somehow survives gold goes higher.

what an investment.

http://azizonomics.com/2011/09/10/can-bernanke-print-gold/ 

Fri, 09/16/2011 - 12:39 | 1677495 Snidley Whipsnae
Snidley Whipsnae's picture

"Maybee he means Gold !"

Right... Looks like some of the paper coming out of financials is fleeing into gold... Now at $1820.50 and green.

http://finviz.com/futures_charts.ashx?t=GC&p=m5

Fri, 09/16/2011 - 12:50 | 1677554 Sequitur
Sequitur's picture

I'll always fess up to losses. I shorted GLD and got singed by a couple of percentage points.

Still gots me physical gold maples and silver eagles, plus bullionvault and goldmoney, which have been reliable thus far.

Fri, 09/16/2011 - 12:49 | 1677550 SheepDog-One
SheepDog-One's picture

Yea could be what he meant. Gold here is a bit tough though, great for anyone who bought far lower, a big chunk of change for anyone just looking to buy now.

Fri, 09/16/2011 - 14:37 | 1678022 slewie the pi-rat
slewie the pi-rat's picture

anyone can sell every piece of gold and silver coin they own in the next hour, locally, @ market less "the vig"

there are buyers all day every day;  and sellers;  and paper hangers, too!

Fri, 09/16/2011 - 12:06 | 1677315 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You trade the nominal sans the real, eh?

Fri, 09/16/2011 - 12:08 | 1677326 Popo
Popo's picture

I hesitate to say it,  but what it *could* be is a recognition of the Swedish approach:   Wipe out the shareholders,  and nationalize the bank assets.

That would indeed make for quite a weekend...

Fri, 09/16/2011 - 12:26 | 1677428 SheepDog-One
SheepDog-One's picture

Anyone assuming that if they own stocks, the FED will surely save them if their shares crater doesnt remember the last 2 years very well. 'Bondholders safe'? Not in GM's case. When they nationalize all the banks and seize all the assets and property, all but the top insiders will get reamed.

Fri, 09/16/2011 - 12:42 | 1677510 Bill Lumbergh
Bill Lumbergh's picture

SheepDog did you have your mandatory shot of hopium this morning...just listen to CNBC today and all will be well.

Fri, 09/16/2011 - 12:49 | 1677553 SheepDog-One
SheepDog-One's picture

I put a block on that channel!

Fri, 09/16/2011 - 23:19 | 1679261 jeff montanye
jeff montanye's picture

sheep you put a paw on it.  the stock holders have been standing against a wall wondering blindfold?  cigarette? 

it's the bond holders who need to feel the pain.  big time.

Fri, 09/16/2011 - 13:06 | 1677645 Founders Keeper
Founders Keeper's picture

[When they nationalize all the banks and seize all the assets and property, all but the top insiders will get reamed.]---SheepDog-One

Roger that, SheepDog-One.

 

Fri, 09/16/2011 - 13:57 | 1677870 THE DORK OF CORK
THE DORK OF CORK's picture

"Nationalise money not the banks" - Irwin Fisher

] 

Irving Fisher and the 100 Percent Reserve ... - Full Reserve Banking

AIB just paid out 1.5 billion euros today

?

?bondwatchireland.blogspot.com/

?

Fri, 09/16/2011 - 15:20 | 1678226 Bicycle Repairman
Bicycle Repairman's picture

The Swedish approach is 3 years overdue.

Fri, 09/16/2011 - 12:48 | 1677545 Nothing To See Here
Nothing To See Here's picture

Did you check for Solyndra shares? I think they're really affordable right now.

Fri, 09/16/2011 - 13:12 | 1677671 walküre
walküre's picture

I concur.

Fri, 09/16/2011 - 13:40 | 1677803 Spirit Of Truth
Spirit Of Truth's picture

Hope you didn't miss the opportunity to buy and sit on Bear Stearns and Lehman Brothers when you had the chance! 

Fri, 09/16/2011 - 14:25 | 1677979 accumbens
accumbens's picture

You may be sitting on something soon to be nationalized or bankrupted or both

Fri, 09/16/2011 - 11:55 | 1677240 SeverinSlade
SeverinSlade's picture

Hmm.  Bad news coming out over the weekend to trigger the necessary equity plunge necessary for QE3 to be green lighted later in the week?

Fri, 09/16/2011 - 12:03 | 1677295 SheepDog-One
SheepDog-One's picture

Certainly not out of the realm of possibility for these financial terrorists!

REMEMBER this week Weather Underground known terrorist and Obama best friend BILL AYERS is organizing a 'day of rage' protest TOMORROW on Wall St!

FISHY?

Fri, 09/16/2011 - 12:18 | 1677389 Reptil
Reptil's picture

Perhaps. It would be interesting to see what the reaction would be if they'd actually succeed to halt trading.
No one bothers unless damage is inflicted.

It's been a looooong time since the Weather Underground. Now, we have Blackberries, and Zynga games.

Fri, 09/16/2011 - 12:20 | 1677400 Spastica Rex
Spastica Rex's picture

Good for Bill Ayers.

Enemy of my enemy and whatnot.

Fri, 09/16/2011 - 13:14 | 1677676 Founders Keeper
Founders Keeper's picture

Guess I won't be seeking advice from Spastica Rex requiring sound thinking, principled values, and moral discipline.

 

 

Fri, 09/16/2011 - 13:39 | 1677801 Spastica Rex
Spastica Rex's picture

Good, 'cause I'm no ideologue. Plenty to choose from here; enjoy.

Fri, 09/16/2011 - 14:11 | 1677919 Founders Keeper
Founders Keeper's picture

An ideoloque.  Thank you for the compliment.

Kind regards.

 

Fri, 09/16/2011 - 14:47 | 1678057 slewie the pi-rat
slewie the pi-rat's picture

spaZ_rex wins (again)! 

Fri, 09/16/2011 - 15:27 | 1678265 NotApplicable
NotApplicable's picture

Yeah, it's always good when controlled opposition launches a faux attack to help out a friend.

Hegel owns you.

Fri, 09/16/2011 - 15:45 | 1678324 Spastica Rex
Spastica Rex's picture

Genießen Sie Ihren Aufhebung.

Fri, 09/16/2011 - 14:43 | 1678044 ww2vet
ww2vet's picture

ass WHOLE - market closed tom

Fri, 09/16/2011 - 11:56 | 1677249 DoChenRollingBearing
DoChenRollingBearing's picture

I am not holding any financials over the weekend either...

Europe really is wagging the dog in the financial news this week.  It does not look like things will be getting better anytime soon, neither  in Europe nor here.

Fewer and fewer places to hide.  Got gold?

Fri, 09/16/2011 - 12:01 | 1677282 SheepDog-One
SheepDog-One's picture

And if youre bankrupt now, how does saying 'Oh yea we got this fixed, and will start resuming the same old failed crap but not till next year' help the fact that youre bankrupt TODAY? Something else real rotten is getting ready to blow up here, can just feel it.

Fri, 09/16/2011 - 12:06 | 1677317 DoChenRollingBearing
DoChenRollingBearing's picture

"Something else real rotten is getting ready to blow up here, can just feel it."

Nailed it, yeah, that's what I feel too, SheepDog.  What?  Beats me.  And I do not see any bankable way to make any money...  Short anything?  Naah, that never works for me either.

I will not short Europe nor anything here.  I'll just hold the gold.  Gold gets slapped again, I'll just buy more.

Fri, 09/16/2011 - 12:46 | 1677533 SheepDog-One
SheepDog-One's picture

Im not takin the bait either way, these banks and stock owners want OUT!

Fri, 09/16/2011 - 11:57 | 1677258 Aductor
Aductor's picture

Ah, not to worry. The ignorant US "markets" will resume uptrend. Geithner and the Chair must be obeyed.

Fri, 09/16/2011 - 11:59 | 1677275 SheepDog-One
SheepDog-One's picture

Just wash, rinse, repeat from here on out till the big rug pull out...wont get much up or down either way, its all about crowd control its not a market.

Fri, 09/16/2011 - 12:48 | 1677541 Smiddywesson
Smiddywesson's picture

its all about crowd control its not a market.

Yes.  Something rotten this way cometh.  In which case, using the SNB reverse gold logic play, gold may see some dirty pool over the weekend to protect us from that frothy speculation that is so dangerous to the metals markets but not to equities.

Fri, 09/16/2011 - 11:57 | 1677259 trav7777
trav7777's picture

Financials are fucked, dollar swaps or not

Fri, 09/16/2011 - 11:57 | 1677262 FinkPloyd
FinkPloyd's picture

Perhaps corellated with the gold price rise today. "tail risk" over the weekend ....

Fri, 09/16/2011 - 11:58 | 1677272 DosZap
DosZap's picture

Something is pushing Gold and PM's back off the floor also........?

Fri, 09/16/2011 - 12:03 | 1677296 FinkPloyd
FinkPloyd's picture

Gold was down to $1760s today before asia closed. Up to $1804 as of now. Yesterdays "CBs saved us" moment wearing off fast, better to be long gold and risk protected over weekends....

Fri, 09/16/2011 - 12:09 | 1677332 DoChenRollingBearing
DoChenRollingBearing's picture

Dos, Fink,

Gold seems to be the only thing anyone can TRUST.

The drop from $1915 to $1760s is just yet another of the drops we have to be ready for and willing to tolerate as TPTB try to stick save a rotten system, rotting by debt.

Fri, 09/16/2011 - 12:18 | 1677391 Panafrican Funk...
Panafrican Funktron Robot's picture

Yeah, I'm not particularly shaking in my boots here.  Oh no, we sunk all the way back to +26% YTD gains!!!!!  The sky is falling!!!!  Meanwhile, equities are still negative for the year.  If gold drops to $1500/oz., it will have still achieved that mystical 8% annual yield benchmark everyone is trying and epically failing to hit.

Yet, people still think I'm the moron for being heavily invested in gold.  Stupid, stupid world we live in.

Fri, 09/16/2011 - 12:30 | 1677444 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

"Yet, people still think I'm the moron for being heavily invested in gold.  Stupid, stupid world we live in."

They will think the same when gold hits $5000 too.  "That 15 year chart is going straight up and what goes up must come down" they will announce airily as they congratulate themselves for not buying.

If Gold going from $35 in the late 60s to $1800 today or up 5X since 2001 doesnt convince them to at least consider that they may have been wrong, why would being up 10X or 50X?  One thing I learned from the housing bubble is that most people would rather fail along with everyone else than succeed on their own.  The media tells them gold is stupid and it gives them great comfort to belong to a group of people who sound like they know what they are talking about.

 

I declare that we should let people enjoy whatever comfort they can during days to come.  They will need it.

 

 

Fri, 09/16/2011 - 12:36 | 1677475 DoChenRollingBearing
DoChenRollingBearing's picture

 

Here's another indicator that physical gold is not being released by its owners:

24hgold.com and eBay have a joint-venture widget at 24hgold.com's site (bottom of the first page).  For the past two days the "eBay price" has not moved (Gold Eagles) while gold's (paper) price has bounced around.  No one there at eBay wants to let their gold go cheap.

Fri, 09/16/2011 - 12:51 | 1677559 Smiddywesson
Smiddywesson's picture

Love it, thanks!!!

 

Fri, 09/16/2011 - 12:24 | 1677418 americanspirit
americanspirit's picture

Right on DoChen - each of these "retracements" is just a ploy to shake loose a few thousand small money buyers who jumped on the bandwagon in the past few weeks/months and put all they had into a few ounces and now - oh my God - I've lost $100/ounce. Better sell and sell fast. Boy, I'll never do that again.

TPTB are just doing their routine training of the masses - be afraid, be very afraid, and don't you dare buy gold (or silver) because all you are going to do is lose money.

And it works - for some of the epople, some of the time. But only works on those who have a day-by-day or week-by-week view of life and who know nothing about what is going on in the world.

Fri, 09/16/2011 - 12:35 | 1677464 FinkPloyd
FinkPloyd's picture

Hmm... Gold up like a rocket to $1817. Would like to see a chart of euro banks v/s gold price.

Fri, 09/16/2011 - 12:37 | 1677485 DoChenRollingBearing
DoChenRollingBearing's picture

Heh, just saw that too.  Your Eurobanks' prices vs. gold price would correlate perfectly: -1.0

Fri, 09/16/2011 - 12:54 | 1677579 Mariposa de Oro
Mariposa de Oro's picture

TPTB are just doing their routine training of the masses - be afraid, be very afraid, and don't you dare buy gold (or silver) because all you are going to do is lose money.

And it works - for some of the epople,

You said it.  I came across one the other evening at supper.  He said gold is heading  back down just like in the 80s and that he won't touch it.  He's one of the more switched on people around here.  Mostly they're just Obama-love bleating sheep.  I've pretty well given up trying to educate.  If I see a spark of intelligence, I give the links to zero hedge, the Turd, and offer to loan out my Crash Course dvds (Chris Martinsen).  Other than that, I'm done, just fucking done with them.  **disgusted snort**

Fri, 09/16/2011 - 13:01 | 1677615 Smiddywesson
Smiddywesson's picture

I respect their ability to manipulate paper prices, especially over the short run, but I know they are losing the war over physical.

Fri, 09/16/2011 - 12:43 | 1677517 Snidley Whipsnae
Snidley Whipsnae's picture

DCRB... "Gold seems to be the only thing anyone can TRUST."

Few other assets have no counter party risk. Very few.

Fri, 09/16/2011 - 12:01 | 1677281 Josh Randall
Josh Randall's picture

"...First we Frontrun, then we hit HAPPY HOUR!"

from the seminal film "Weekend at Bernank's: part EU"

Fri, 09/16/2011 - 12:05 | 1677303 Belarus
Belarus's picture

Hmmmmm......I wonder if this has anything to due with the IMF NAB (new access to borrow mulit-facilty) tell tell that ZH so eloquently pointed out to us that all world markets have decided to ignore based on the keyword search on Google "save--Greece--hail marys)? Because I could have sworn I saw that as the number one trending keyword strock since 1100 on the S + P. Or, of course, I could be wrong.

Fri, 09/16/2011 - 12:06 | 1677312 GeneMarchbanks
GeneMarchbanks's picture

Last hour of US trading will be dirty laundry time, should be interesting. BAC should be down as much as CredAgri. Who's afraid of the big, bad weekend announcement??

Fri, 09/16/2011 - 12:10 | 1677338 DoChenRollingBearing
DoChenRollingBearing's picture

OK, you talked me into it!  (Watching the close)

Green for interesting comment.

Fri, 09/16/2011 - 12:26 | 1677425 cnsteph
cnsteph's picture

I've been stalking here over a year now, and I'm super confused.  What do these charts mean?  Can someone explain for me please?

Fri, 09/16/2011 - 12:37 | 1677467 GeneMarchbanks
GeneMarchbanks's picture

First off, get yourself an avatar and start posting non-sensical comments like the rest of us. Pick a fight, you must fight.

The first chart is of Credit Agricole bank in France, they are being sold relentlessly because... well because they are a bigger joke than the Obama administration.

The second chart shows that banking in general is suffering. Gotta go, good luck.

Fri, 09/16/2011 - 12:39 | 1677494 cnsteph
cnsteph's picture

LOL thank you for the explanation.  I think I'll stick to stalking.  My mom always taught me it's better to look stupid than open your mouth and prove it.  =)  I  have a lot to learn and a short amount of time to learn it in.

Fri, 09/16/2011 - 12:49 | 1677552 GeneMarchbanks
GeneMarchbanks's picture

By the off chance that you are a young person, I will say only two things. Stalking is worse than looking stupid, you'll have to trust me on this one kid. Second, some bad news, your Mom is using a Mark Twain quotation which is plagiarism. This is punishable according to Obama. Needless to say I have reported both of you:)

Fri, 09/16/2011 - 20:37 | 1679070 xtop23
xtop23's picture

Big sis would be so proud !!

Fri, 09/16/2011 - 13:06 | 1677643 Smiddywesson
Smiddywesson's picture

No, comment away.  You learn a lot more by having people tell you why you are wrong, and they're not real shy about pointing that kind of stuff out here.  But you probably already noticed that.   

Fri, 09/16/2011 - 13:41 | 1677809 faustian bargain
faustian bargain's picture

You're in the right place. Speaking as a presumably fellow non-trader, non-econ major, I've learned more about economics and the trading world here in the last couple of years than I ever had in the previous few decades. Mostly I read, but I ask plenty of dumb questions too. Hey, even the trolls here are smart. Mostly.

Fri, 09/16/2011 - 13:58 | 1677873 DoChenRollingBearing
DoChenRollingBearing's picture

@ cnsteph,

I agree with my virtual friends above.  Comment away.  Come back later on and look at what others have to say.  You can learn a lot, even if you get swatted (and I have been there).

Fri, 09/16/2011 - 13:06 | 1677639 catacl1sm
catacl1sm's picture

Why isn't SocGen the one suffering the most? Aren't they the biggest EU pig?

Fri, 09/16/2011 - 13:13 | 1677675 GeneMarchbanks
GeneMarchbanks's picture

If I remember the chart correctly, Agri + BNP have more Greek exposure, SocGen is a basketcase and getting abused. There is a rotation of beatings going on.

Fri, 09/16/2011 - 12:08 | 1677314 alien-IQ
alien-IQ's picture

My guess is that we'll be seeing similar action in the EUR/USD towards the close today.

I think the Euro might close closer to 1.36 than 1.38.

It would be nice...because we can all use a little hooker money going into the weekend....I know I could.

Fri, 09/16/2011 - 14:12 | 1677923 SmoothCoolSmoke
SmoothCoolSmoke's picture

I've been cleaning up trading the EUR/USD and GBP/USD so far this month.  Mainly short.   10-30 pip take profit with 50 pip trailing stp.

37 trades, 33 winners.  +19K net.

Fri, 09/16/2011 - 12:09 | 1677336 topcallingtroll
topcallingtroll's picture

Report me to attack watch.

I am hereby spreading the rumor that obama is a commie homo who lukes to wear Michelle's panties.

Ask them for evidence to refute the rumor.

Heck. I even reported myself!

Fri, 09/16/2011 - 12:11 | 1677348 DoChenRollingBearing
DoChenRollingBearing's picture

I reported myself the other day at my blog.  Welcome to the club.  Now if I could just find a sneaky-secure way to rat out my enemies...  

Fri, 09/16/2011 - 12:26 | 1677427 JohnG
JohnG's picture

So did I, and all my animals, and Oblunder (three times, one for every "speech" of late).....

Fri, 09/16/2011 - 13:15 | 1677681 Smiddywesson
Smiddywesson's picture

And he's wearing George Bush's shoes too.  He stepped right into them with Iraq, Afghanistan, a GS boy in the Treasury, Bernanke, and "stimulus".  It's two cookie cutter bankster administrations with a thin veneer of neocon/liberal camo paint.

Fri, 09/16/2011 - 12:12 | 1677354 Dog Daze
Dog Daze's picture

and climbing...I got up this morn very concerned on the direction PM's were going to go after digesting the global QE news from yesterday and am surprised about this move up.

Can & will there be another smack-down? I wouldnt doubt it but I still feel that gold is a good hold.

Fri, 09/16/2011 - 12:41 | 1677504 Chaffinch
Chaffinch's picture

I was worried this morning as well!
I bought some physical below 1800/4000, but with 20/20 hindsight I was far too cautious.
Must try to remember next time I feel like throwing up is probably the time to go in heavy!

Fri, 09/16/2011 - 13:18 | 1677695 Smiddywesson
Smiddywesson's picture

This ain't over.  This is a very big week coming up and it is highly unlikely TPTB will allow a gold price ramp to go unchallenged.  I will stick my neck out and say it's a head fake.  I'm in cash this weekend, counting my physical.

Fri, 09/16/2011 - 12:26 | 1677423 chinaguy
chinaguy's picture

Don't think this is too deep. Lots of fun to play with your MOMO robots....along the edge of a cliff...during the week...when you can gun the markets...not so much fun over the weekend when Sunday "might" spin out of control.

Fri, 09/16/2011 - 12:36 | 1677478 BobPaulson
BobPaulson's picture

Experience tells us that unpleasant shotgun weddings have a funny way of happing over the weekend when banks are underwater.

Fri, 09/16/2011 - 13:11 | 1677666 walküre
walküre's picture

You have to ask yourself this question, kid

Do you trust your bank?

 

Fri, 09/16/2011 - 12:46 | 1677532 zero_sum_fame
zero_sum_fame's picture

Holy Shit, look at gold today. Gotta admit I got a little nervous yesterday, thinking maybe we'd see 1600 levels again, but today that thesis seems to be proven wrong.

So, sing along to this one everyone (repost):

http://www.youtube.com/watch?v=vWz9VN40nCA

Fri, 09/16/2011 - 12:48 | 1677542 Al Huxley
Al Huxley's picture

Not holding them (financials) over the weekend? Why the fuck would anybody be holding them at any time?

Fri, 09/16/2011 - 12:54 | 1677585 walküre
walküre's picture

Banks are showing tremendous amount of weakness.

Short the hell out of it. They've blown their last powder this week with the China angle.

Fri, 09/16/2011 - 12:59 | 1677602 fanisl
fanisl's picture

Every 3rd Friday of each month is the closing of the options, and very often they are down...

... otherwise must be an Anglo saxon conspiracy !!! 

Fri, 09/16/2011 - 14:02 | 1677886 ZippyDooDah
ZippyDooDah's picture

Don't want to hold financials over the weekend?  Okay, I'll bite, since no one else has.  Greek default this weekend???  Maybe, like buying a lottery ticket, this could be the one!

Fri, 09/16/2011 - 14:43 | 1678043 slewie the pi-rat
slewie the pi-rat's picture

not much on zH about the two NATO-EU heavyweights, sarko & cameron being in llibya yest, and their latest "gotcha" games

but the "europeon" news is page, after page, after page, as usual...

i've put up the link to the tripoli post so many times, i'll just let folks get it themselves if they want to see what i'm talking 'bout.  today

Fri, 09/16/2011 - 15:00 | 1678126 gkm
gkm's picture

Anatomy of a Sneeze?

Do NOT follow this link or you will be banned from the site!