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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
HUGE_Gamma's picture

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


SheepDog-One's picture

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

Mr Lennon Hendrix's picture

You trade the nominal sans the real, eh?

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...

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.

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.

SheepDog-One's picture

I put a block on that channel!

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.

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.


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




Bicycle Repairman's picture

The Swedish approach is 3 years overdue.

Nothing To See Here's picture

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

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! 

accumbens's picture

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

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?

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!


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.

Spastica Rex's picture

Good for Bill Ayers.

Enemy of my enemy and whatnot.

Founders Keeper's picture

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



Spastica Rex's picture

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

Founders Keeper's picture

An ideoloque.  Thank you for the compliment.

Kind regards.


NotApplicable's picture

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

Hegel owns you.

Spastica Rex's picture

Genießen Sie Ihren Aufhebung.

ww2vet's picture

ass WHOLE - market closed tom

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?

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.

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.

SheepDog-One's picture

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

Aductor's picture

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

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.

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.

trav7777's picture

Financials are fucked, dollar swaps or not

FinkPloyd's picture

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

DosZap's picture

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

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....

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.

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.

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.



DoChenRollingBearing's picture


Here's another indicator that physical gold is not being released by its owners: and eBay have a joint-venture widget at'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.

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.

FinkPloyd's picture

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

DoChenRollingBearing's picture

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

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**

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.

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.

Josh Randall's picture

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

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

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.