2. Markets are completely weird now as rumors seem to pop up on an hourly basis but still the drive to have the X-mas rally going is the dominant force as some seem to need it desperately.
With the banks getting bailout after bailout it is pretty clear they need a benign year end marking especially on the bond side as Hedge Funds need it on the stock side to keep the charade up that talent delivers results.
No hair cut agreement with Greece who just play the time card – remember a few weeks back then Merkozy told them they had 24h to settle the issue. Who can believe such poor actors and even more horrible scripts as nothing holds up to any promise made.
Today VIX was/is down again as some players seem to be sure the can take down for the triple expiration the risk factor – the FED die not support them today and the astro picture still stands for downside the next 10 days til New Moon. It will be a bumpy process though with the 1200-20 target area almost reached.
Banks remain the weak spot as JPM as usual is part of some sinister conspiracy as they bought the BTP position from MF and Soros bought a part too ( usual suspects). The ex-Goldman CEO and MF CEO Corzine plays the pathetic card that he is innocent like a mobster from the Godfather movie although he explicitely pushed MF into this position.
CME Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The “Honorable” Governor Lied Under Oath
Following another boring day of hemming and hewing, during which Corzine repeatedly exhibited unbearable amnesia and said he had no knowledge of virtually anything until Sunday night, here comes the CME Executive Chairman Terry Duffy, under oath, with what Roberts said “is a bomb” statement which basically says that Corzine lied under oath. Specifically, according to Duffy’s remarks during the Q&A, an MF Global employee, a woman, advised the CME that Corzine had been aware of a $175 million loan made to Euro affiliates just days prior to the bankruptcy: a loan which effectively was that of commingled customer accounts, and more importantly a refutation of previous statement under oath by the man who was “financial advisor” to none other than the vice president of the United States who said he did not know about this until late on Sunday. This was not in his prepared testimony. What was is that “Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act.” And now we know that according to the Chairman of the CME, the MF Global head lied about the timing of the disclosure. And where it gets worse, is that MF Global was well aware of this, it told the CME to it knew about the segregated account money, and most importantly, it told the CME to stop looking for the segregated account money! Because being the firm of Obama’s handler apparently makes you equivalent with the law.
Continue watching the hearing here as it is i) getting interesting and ii) the first perp walk of an ex-Goldman criminal may finally be approaching – link