Massive raid on silver and gold as options expiry tomorrow/More on MFGlobal/Jeffries/
Good evening Ladies and Gentlemen: Tomorrow is options expiry on the December contract so the bankers orchestrated an all out assault on the paper gold/silver comex market. This will probably continue until first day notice. As I told you many times, do not play with these crooks as they will fleece you every time as the regulators are in bed with the perpetrators. The price of gold finished
Ever wondered what would happen if someone actually "showed you the money"? Well, here it is. All of it.
When we discussed the slow motion trainwreck that is the implosion of Netflix back on October 11, our only outstanding question was "when is the inevitable follow on equity offering coming?" We have the answer, and it is now. Netflix just announced in an 8-K filing that it
has raised $200 million in convertible notes. The conversion price is a
laughable $85.80 or just 16% above the closing price translating into
2.3 million shares of additional dilution, confirming that this is
nothing short of an equity raise in sheep's clothing (on the buyer's
terms at that), and indicates that the firm may have well entered a
liquidity death spiral courtesy of a business model that still has to
generate any substantial free cash flow. Naturally, the second investors
realize this they will dump the stock in droves, which is horrendous
news for Whitney Tilson, but amazing news for everyone long the
Anti-Tilson ETF. In other news, it may just be time for Tilson to call
it a career.
Euro Schizophrenia in Germany
ES tumbled back down to its VWAP at the close of the day session after mounting a run back towards 1200 in the afternoon. This
equity move was the second total disconnect from credit markets of the
afternoon and reverted back to credit's sanity though HYG was clearly
the instrument of choice (once again) for credit hedgers looking for
lower cost shorts or liquid hedges. The USD was modestly
higher from Friday's close and Oil rallied back this afternoon to
almost perfectly match the USD shift. Gold, Silver, and Copper all lost
significant ground (around 2.5%) though all were well off their early
European-close-liquidation lows. TSYs rather interestingly closed near
the high yields of the US day-session - though well down on the day -
as 2s10s30s and Oil were the main drivers of broad risk-asset strength.
CONTEXT remained notably below ES all day - maintained by the weakness
in Gold, 10Y, and AUDJPY as the EURJPY ripfest into the EU close
helped the risk-on crowd modestly. It was a muddled day with
correlations breaking down and dramatically illiquid-looking moves as
the late-day drop on very large volume suggests some sense of sanity
with the uncertainty we face was priced in.
Couldn't resist...
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 52 minutes ago
Good evening Ladies and Gentlemen: Tomorrow is options expiry on the December contract so the bankers orchestrated an all out assault on the paper gold/silver comex market. This will probably continue until first day notice. As I told you many times, do not play with these crooks as they will fleece you every time as the regulators are in bed with the perpetrators. The price of gold finished
Showing You The Money... All Of It
Ever wondered what would happen if someone actually "showed you the money"? Well, here it is. All of it.
Anti-Tilson ETF Goes Ballistic: Netflix Plunges After Company Announces Equity Raise In Sheep's Clothing
When we discussed the slow motion trainwreck that is the implosion of Netflix back on October 11, our only outstanding question was "when is the inevitable follow on equity offering coming?" We have the answer, and it is now. Netflix just announced in an 8-K filing that it
has raised $200 million in convertible notes. The conversion price is a
laughable $85.80 or just 16% above the closing price translating into
2.3 million shares of additional dilution, confirming that this is
nothing short of an equity raise in sheep's clothing (on the buyer's
terms at that), and indicates that the firm may have well entered a
liquidity death spiral courtesy of a business model that still has to
generate any substantial free cash flow. Naturally, the second investors
realize this they will dump the stock in droves, which is horrendous
news for Whitney Tilson, but amazing news for everyone long the
Anti-Tilson ETF. In other news, it may just be time for Tilson to call
it a career.It's Official (For the Nth Time): "No Deal"
Remember the massive market ramp that came in on "news" that the Stupor committee would actually have a resolution? It is now time to fade it. Reuters reports that "The co-chairs of the U.S. Congress "super committee" will announce that their panel has failed to reach a deal on at least $1.2 trillion in deficit reductions, a senior congressional aide said on Monday. The co-chairs, Republican Representative Jeb Hensarling and Democratic Senator Patty Murray, are expected to release their written statement soon, aides said." Now this is not any news, but the "faux" catalyst that was used by the FRBNY to send a massive market buy to Citadel was there, and was sufficiently credible to get the vacuum tubes to jump in the buying frenzy. Now let's see the reversal, or not. After all that would make too much sense for this busted market.Euro Schizophrenia in Germany
11/21/2011 - 18:01
Late-Day Reality Check On Dramatic Risk Off Day
ES tumbled back down to its VWAP at the close of the day session after mounting a run back towards 1200 in the afternoon. This
equity move was the second total disconnect from credit markets of the
afternoon and reverted back to credit's sanity though HYG was clearly
the instrument of choice (once again) for credit hedgers looking for
lower cost shorts or liquid hedges. The USD was modestly
higher from Friday's close and Oil rallied back this afternoon to
almost perfectly match the USD shift. Gold, Silver, and Copper all lost
significant ground (around 2.5%) though all were well off their early
European-close-liquidation lows. TSYs rather interestingly closed near
the high yields of the US day-session - though well down on the day -
as 2s10s30s and Oil were the main drivers of broad risk-asset strength.
CONTEXT remained notably below ES all day - maintained by the weakness
in Gold, 10Y, and AUDJPY as the EURJPY ripfest into the EU close
helped the risk-on crowd modestly. It was a muddled day with
correlations breaking down and dramatically illiquid-looking moves as
the late-day drop on very large volume suggests some sense of sanity
with the uncertainty we face was priced in.RANsquawk Market Wrap Up - Stocks, Bonds, FX etc. – 21/11/11
Submitted by RANSquawk Video on 11/21/2011 - 16:31 ETC RANSquawkCouldn't resist...
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