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CCJ
CDSDD/CDS
I was unable to trade my holdings in this issue today. CDS management had heard of problems with Fidelity and Ameritrade and stated that they didn't know what the problem was, and that holdings should not be affected by the reverse/forward split, that they'd already spoken with the transfer agent.
Why is China Direct able to effect this type of move when almost every other company must receive shareholder approval?
no change in share count, no proxy as this action is not done with the mind to delist the company to bring the number of shareholders below 300 via the reverse. It was a decision made by the BofD.
An unannounced move like this could lead to lawsuits from small shareowners who will have a taxable event triggered when they could have chosen to buy the requisite number of shares to avoid a cashout. Why couldn't you have set a date that would give the oddlot holders a chance, if they chose, to buy?
The number of shares is very nominal, most of the holders were involved in previous company incarnations with very few shares.
I also have some questions about the mechanics of this action. The old CDS shares are retired and a new CUSIP is added. Do those people who have shorted CDS shares have any responsibility? Or do the broker-dealers have any responsibility to locate and bring in shorted shares?
Many Chinese small caps have had their share prices suffer significant declines. Do you have any idea how many shares might have been created via naked short sales? And if so, does this reorg force any buyins from those who have no locates?
in theory naked shorts should have to locate and borrow, but in practice there will probably be no change
Finally, do the shares which you are "repatriating" in this reverse/forward split count as part of the 2.5million share buyback?
could be either stand alone or considered part of buyback. wasn't a clear determination, but agains just a few shares
has the buyback begun? can't say, but did state that share prices in the mid 4 area make a very attractive price.
gapper pick: HAIN
Warren Buffett warned regulators about fancy derivatives years ago, but there was too much money being made at the time for anyone to listen.
Credit default swaps were created as insurance to protect banks from bad borrowers who couldn't pay back their loans. Unfortunately, no one ever thought about or factored the risk involved if the sellers of this sort of protection couldn't pay.
The numbers involved here are absolutely staggering: from 1999 to 2007, the credit default market rocketed from around $600 billion to over $45 trillion. Yes, trillion. With that sort of widespread exposure to risky loans, any hiccup was bound to have severe consequences.
American International Group (AIG) themselves had over $18 billion in losses from guarantees it wrote on mortgage-linked derivatives.
The Bottom Line
A good analogy to what most taxpayers deal with on a daily basis would be car or home insurance. When there is an accident or fire, you expect your insurance company to make good on your insurance claim. Seemingly, none of these insurers ever expected any accidents within the credit default market. Many companies rushed into the lucrative space, as they tend to do when a market becomes as large as the credit default market got.
The problem is that AIG (which insures a whole lot of other things, like cars, homes, etc.) didn't manage its risks correctly, and could no longer sustain itself on its own - they simply owed much more money to their clients than they could possibly pay back. The lesson learned here is that tighter regulation needs to be passed to limit insurers' amount of exposure to risky debt-based products, or scenarios like we are seeing now are bound to happen again.
http://www.knobias.com/story.htm?eid=3.1.6ca3ece9c74781406b46dbfcca4698cf889c710f24e1cbdeea3e8f92462db563
CDS > CDSDD email sent to company this weekend
no reply yet
Dear Sir,
I am a shareholder and believer in the CDS story, but I have a number of questions and concerns re. the Friday announcement of a reverse & forward split:
Although you've had a recent conference call, announcement of a share buyback, and PR re. the recent drop in share price, I've never seen any mention of splits.
Why is China Direct able to effect this type of move when almost every other company must receive shareholder approval? These moves are usually undertaken with a proxy statement aren't they? Have i missed a filing?
An unannounced move like this could lead to lawsuits from small shareowners who will have a taxable event triggered when they could have chosen to buy the requisite number of shares to avoid a cashout. Why couldn't you have set a date that would give the oddlot holders a chance, if they chose, to buy?
I also have some questions about the mechanics of this action. The old CDS shares are retired and a new CUSIP is added. Do those people who have shorted CDS shares have any responsibility? Or do the broker-dealers have any responsibility to locate and bring in shorted shares?
Many Chinese small caps have had their share prices suffer significant declines. Do you have any idea how many shares might have been created via naked short sales? And if so, does this reorg force any buyins from those who have no locates?
Finally, do the shares which you are "repatriating" in this reverse/forward split count as part of the 2.5million share buyback?
Feel free to call me at the below number if you are able and TY for your attention to these questions.
I was not even able to short against the box on the shares i have
CDS trades as CDSDD today for 20days
reverse/forward split
In 2002, Warren Buffett warned that derivatives were “financial weapons of mass destruction” after he took over the insurance company General Re and tried to sell its derivative book. Few listened to Buffett, and in the years since, these derivatives grew about 500 percent.
You can see in this slide below, the magnitude of these derivatives compared to other financial measures. At more than $500 trillion, they are five times larger than the total value of the world’s stock and bond markets, and they’re 10 times larger than global GDP.
http://www.usfunds.com/docs/alert/alert_main.asp
we're not out of the woods, ya think?
WNR negative comments from street.com's David Peltier
high demand and lower supply post-hurricane
high debt to equity
very high short interest, so some squeeze potential
stock has doubled but debt issue could pressure shares back to single digits the analyst thought
http://www.thestreet.com/video/10438536/index.html?puc=_htmlbtb&s=1#1806202184
btw it did break that weeklong triple top
look at the nice price by volume histogram bar it lifted out of in the last week
CDS interview today on trader's nation radio
Traders Nation: Gary Liu of China Direct, Inc. Talks with Traders Nation
http://www.tradingmarkets.com/.site/news/Stock%20News/1889403/
don't know if this was reason for the assault on $5 or not
today
scalping UYG
PBW CDS
watching expiration on SKF options
missed a big call win on Sep100calls
Bush promised to persecute(sic) short sellers!
Text of Bush's statement Friday
By The Associated Press – 1 hour ago
Text of President Bush's statement Friday on the economy, as transcribed by CQ Transcriptions:
Anyone engaging in illegal financial transactions will be caught and persecuted.
http://ap.google.com/article/ALeqM5iBAo1yCOOLr02NJfYtgrYmyZQKxAD939SKB00
PBW am long from below 17; pinch play on oversold solar sector
see ref post for other charts (not pinch)
why would an option writer take the risk of writing a ton of puts collecting a small premium if they couldn't short some common to minimize the risk that they might get the stock put to them forcing them to buy it from the put owner at the strike price
If the stock is put to them because they have the obligation to pay the strike price to the option buyer then they have the shares to cover their short.
I'm not a pro option writer
http://www.cnbc.com/id/26781014/
check out Bill Fleckenstein's comments today
the professional shorts don't want to claim any responsibility for the kind of piling on that led to the bear raids on LEH FNM FRE & AIG.
i don't think anyone disagrees with the notion that short selling does provide a service.
but professional shorts don't want to acknowledge how their role in capital destruction has played out when the ratings agencies threw these companies into a death rattle
look at the bear raids on BK STT GS MS in midday today before the news from the UK on halting shorting in financials
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32272377
is the strategy of loading up on out of the money puts forcing writers to short the common that different from loading credit default swaps as the link above describes?
how can you load up on puts when the option writers can't short the common to stay delta neutral?
option pricing will have to soar so that option writers have some protection.
maybe they'll create some new insurance swaps for themselves!?
and we can permute the speculative crisis
Pinch plays in motion:
Chinese stocks in Shanghai, Hong Kong Kong soar
By V. Phani Kumar
Last update: 10:07 p.m. EDT Sept. 18, 2008
Chinese stocks in Shanghai and Hong Kong soared Friday after the mainland government announced plans to buy shares of listed companies and canceled a tax on securities purchases. China's Shanghai Composite skyrocketed 9.2% to 2,070.57. In Hong Kong, the Hang Seng Index climbed 7.1% to 18,875.09, while the Hang Seng China Enterprises Index surged 9.9% to 9,489.18.
China to cancel levies on new stock purchases from Friday
By Chris Oliver
HONG KONG (MarketWatch) -- Chinese stock market regulators decided Thursday to cancel levies on the purchase of new shares, as part of efforts to boost market confidence and shore up the stock market, according to the Xinhua News Agency. The measure will take effect Friday, the report said, without saying where it got the information
http://www.marketwatch.com/news/story/china-cancel-levies-new-stock/story.aspx?guid=%7B6DD2C2D3%2D102F%2D4018%2D877A%2D5A2C25FE3FA6%7D
time to make the U.S. shorts pony up.
Your Unfriendly Unneighborly Unscrupulous Hedge Fund
The unregulated CDS market...The US government needs to get involved
Government regulation is usually imposed when things (anything, really) gets out of hand. Whether it be the airline industry, financial industry, or government itself. But one area within finance that has no regulation, and really really needs it, is the credit defaults market (CDS are essentially insurance against the credit of a company defaulting).
With all the carnage in the financial sector the US government should soon take a close look at the unregulated CDS market. There is no arguing that many financial companies are in serious trouble with their overleveraged toxic assets. But one thing that is likely exacerbating the rapid destruction of some of these companies is the scary fact that hedge funds can purchase CDS without having ownership in any part of a publically traded company. That just doesnt make sense! Once their large CDS position is obtained, these hedge funds then heavily short the same stock. What this does for the shorts is not only make money on their increasing CDS purchase (as fear of a stock meltdown increases the price of CDS), but additionally make money on their short stock position as negative sentiment increases because of the widening CDS! Obviously a very vicious cycle if allowed to continue.
In the most basic sense, this is the equivalent of taking out a life insurance policy on your neighbor (purchasing a CDS) and then poisoning him (shorting the stock)...its a win win. So if the government doesn’t come in to somehow put a stop to this practice, the future of the financial sector will only get bleaker, faster
FCX this morning; scalp setup; longer swing on 200tick
full day's action
comparison of 200tick to the 3' chart today
china smallcaps on my radar
hopefully some followthrough on the Chinese exchanges tonight
i have share in the top 8, but not the bottom 4
Markets Lift: Paulson raised RTC-style concept with Congress: source
Thu Sep 18, 2008 3:39pm EDT
http://www.reuters.com/article/businessNews/idUSWBT00974220080918?feedType=RSS&feedName=businessNews
Drinks Americas Announces Fiscal First Quarter 2009 Financial Results
Last update: 9/18/2008 1:58:01 PM
http://custom.marketwatch.com/custom/tdameritrade-com/html-story.asp?guid={5BAA916B-4E29-40B9-B3AE-990022B0F4CC}
In the first quarter of fiscal 2009, the Company achieved net sales of $1.1 million. The Company's Old Whiskey River Bourbon, Aguila Tequila and Damiana Liquor and international wine brands all continued to increase in sales versus last year. While shipments of Trump Vodka decreased in the quarter at the wholesale level, depletions (sales to retailers from wholesalers) continued to grow at an average rate of 12%.
The Company continues to execute a strategy of creating branded beverages in partnership with iconic figures that have significant trademark value and instant consumer recognition in the domestic US and International markets. In the coming week, the Company will provide further updates and conduct a conference call to outline iconic brand additions and developments, details of our coming cognac and sparkling vodka launch, expansion of Drinks Americas' brand portfolio through acquisition, key international market expansion and increased financial resources to accelerate our capacity to produce our products.
The Company has completed the development, formulation, packaging and branding for iconic branded entries into the cognac and newly emerging sparkling vodka categories. The Company now has almost 1,200 cases of cognac on order for the US prior to even commencing sales or exposing the brand and marketing to customers.
Following the cognac introduction, the Company will introduce a unique new line of 80-proof flavored and unflavored sparkling vodkas. The Company continues to focus substantial efforts to create valuable iconic trademark brands and to expand the distribution of its iconic beverages on an international basis. Drinks Americas will meet all the milestones it set for the addition of iconic brands this year and is well ahead of its plan on structuring international business relationships going forward as a foundation for expansion.
J. Patrick Kenny, CEO of the Company, stated, "A number of studies show that spirits brands can do particularly well in tough economic times. One such study was posted on Just-Drinks.com this week. Our iconic advantage in marketing and our economic advantage in creating brand awareness without costly advertising, position Drinks Americas to continue to succeed. Iconic brands we are introducing and international markets we are entering will dramatically grow the top line revenue of the Company. Our management team has continued to streamline costs and has done a good job managing economic pressures like shipping and glass costs that could have otherwise dramatically impacted our margins. Our strategy of creating premium branded beverages in partnership with icons continues to prove its foresight and long term viability, with great brand value creation enhanced by reduced capital requirements and the ability to leverage favorable production and supply contracts".
Comparison of First Quarter Fiscal 2009 with First Quarter Fiscal 2008
-- Net sales for the first quarter fiscal 2009 aggregated $1.1 million compared to $1.3 million for the first quarter of fiscal 2008. The decrease is predominantly due to the timing of the shipment of inventory and product sold to introduce Trump Vodka this time last year in the Texas market.
-- Trump Vodka depletions at the distributor level (sales to retailers) are tracking at +12%. Net sales (shipments to distributors) of Trump Vodka for the first quarter fiscal '09 aggregated $0.6 million compared to net sales of $0.8 million in shipments to distributors in the first quarter fiscal 2008. The launch of Trump Vodka in Texas in this period of July 2007 contributed to a greater proportion of sales for the first quarter fiscal 2008.
-- Net dollar sales for the first quarter fiscal 2009 were comprised 49 percent from Trump Vodka sales, 9 percent from Old Whiskey River Bourbon, 3 percent from Aguila Tequila, 7 percent from Damiana Liqueur, 7 percent from our international wines, and 25 percent from Newman's Own Sparkling Fruit Drinks and Sparkling Waters. Net sales for the first quarter fiscal 2008 were comprised 60 percent from Trump Vodka, 5 percent from Old Whiskey River, 2 percent from Aquila Tequila, 4 percent from Damiana Liqueur, 5 percent from international wines, and 24 percent from Newman's Own products.
-- For the first quarter fiscal 2009, net sales of Old Whiskey River increased 42 percent over the prior year ($96,000, compared to $68,000); net sales of our international wines increased 8 percent ($72,000 compared to $67,000); net sales of our Damiana Liqueur increased 61 percent ($74,000 compared to $46,000); Aguila Tequila increased 22 percent ($32,000 compared to $26,000); Newman's Own products decreased 14 percent ($273,000 compared to $318,000).
-- Gross profit margin for our wine and spirits business was 34.8 percent for the first quarter fiscal 2009 compared to 43.5 percent for the prior year due to increased shipping costs related to fuel, the dollar exchange rate with the Euro for purchases from Holland and price competition. Gross profit margin for our non-alcoholic business increased to 22.2 percent for the first quarter fiscal 2009 compared to 18.5 percent for the first quarter fiscal 2008. The increase in gross profit margin of our Newman's Own products is the result of increases in selling price the company took to offset shipping costs. Gross profit margin of our wines increased to 28.2 percent for the fist quarter fiscal 2009 compared to 24.2 percent for the first quarter fiscal 2008 due to a more targeted selection.
-- The reduced marketing and capital requirements for the brands to be introduced in the balance of the fiscal year and the higher margin structure of the categories Drinks is adding will further improve the Company margin structure and results. The Company also expects improved margins for its brands as a result of strategic planning and execution including (a) transferring additional glass production to China, (b) modifying bottle formats on our Newman's business, (c) implementing price increases and reducing price supports and (d) the cost of goods savings volume discounts will drive when the acquisition of Olifant is completed. These factors, combined with further manufacturing and sourcing improvements, will enable the Company to achieve continuously improving profit margins for all its brands.
-- Selling, General and Administrative Expenses totals declined 18.5% to $1.6 million for the first quarter fiscal 2009 compared to $2.0 million for the first quarter fiscal 2008. Selling and marketing expenses aggregated $0.8 million for the first quarter fiscal 2009 compared to $1.1 million first quarter fiscal 2008.
-- Selling and marketing costs are expected to continue to decrease further as we continue to reach "normalized" selling and marketing spending levels and our Icon partners deliver the bulk of our marketing support for introductions of new products. The marketing leverage the Company has with its forward going initiatives, and most importantly credit terms we have negotiated with our future suppliers and strategic production partners will further drive costs per case downward.
-- Interest expense was reduced to $24,000 for the first quarter fiscal 2009 compared to $53,000 for the first quarter fiscal 2008.
-- Net loss for the first quarter fiscal 2009 was $1.3 million, or $0.016 per share, compared to a net loss of $1.6 million, or $0.020 per share, for the first quarter fiscal 2008.
More information on the Company's quarterly results can be found in its 10-
UK resricts new shorting in financials until January
UK's FSA slaps temporary ban on shorting financial stocks
Thu Sep 18, 2008 1:18pm EDT
http://www.reuters.com/article/governmentFilingsNews/idUSWLA989320080918
CALPERS to deny borrows for shorts on MS and GS
McCain calls for SEC Chairman Cox' head on platter
HNSN pinch resolution... took 6 weeks
'gap down 6wk pinch resolution breaking above ema8 on increasing volume. street obviously took a serious dislike to AUG 1 earnings
given the awful market this looks very positive; share price is barely above the ipo price from not quite 2 yrs. ago
company fact sheet:
http://www.hansenmedical.com/investors/investor-fact-sheet.aspx
had a webcast this week in San Fran
http://www.wsw.com/webcast/mcm10/hansenmed/
Q2 earnings call transcript
http://seekingalpha.com/article/95208-hansen-medical-inc-q2-2008-earnings-call-transcript?source=yahoo
HNSN pinch resolution... took 6 weeks
v
WNR triple top breakout? 9/8 9/12 9/17
down 80% from midsummer 07
big vol days are the big green candles
still trying to understand if their profit increases with cheaper oil; oil may have bottomed
also the extent to which they play hedge games
see my rant re. CEG earlier this evening
i assume they are in business to sell refined oil & not trade the futures markets
buy program finally
overdue
On the Brink
Cramer: SEC Played a Big Role [in AIG's demise]
09/16/08 - 10:04 AM EDT
Christopher Cox and his crowd of academics and theoreticians did more to destroy the confidence of this market with their adherence to free-market destruction of stocks than any of the managements of the companies themselves.
I know that is a strong statement, but you have to understand that the rules against naked shorting and shorting without upticks were about having firebreaks in the system. Consider these rules a swath of chopped-down trees meant to slow a fire so firefighters have a real chance to put out a monster conflagration.
Let's take AIG(AIG Quote - Cramer on AIG - Stock Picks). Here's a company that has lots of liabilities but also lots of assets. While its liabilities are liquid -- meaning it has to pay them off quickly if there is an event that triggers payment -- its assets, such as its great life insurance and aircraft leasing businesses, are illiquid. AIG couldn't just turn around and sell them.
Still, new management came in at AIG and decided to work on a plan, meant to be revealed at the end of September, that would detail asset disposals that could make the company a more solid credit with an ability to make good on their policies on financial instruments. It would also be able to access capital in the markets once those illiquid assets were disposed of.
Unfortunately, what AIG didn't know, and the SEC didn't either, is that AIG the stock is different -- and worse -- than AIG the company. The stock could not be insulated with a firebreak from short-sellers who knew that if you broke the stock's back, you broke the company's back.
To me, this was all pretty obvious. I was a short-seller, and I know that when a stock gets hit, people fret about the company regardless of whether the company is in good shape or not. There was a time that AIG had an immense amount of capital and it bought its stock back hand over fist in the $60s, and so it was somewhat able to defend itself from short-sellers. Even then, though, there were strict limits to when and how much companies could buy of their stocks. There are no such limits as to when short-sellers can operate.
So, without an ability to slow the short-sellers down by forcing them to wait for buyers to come in and pay up, and with no ability to demand that short-sellers or their brokers borrow stock first to short directly or to sell puts to the customers, shorts were able to take AIG down from the $20s to $4 in a week's time.
To be sure, there were plenty of problems with AIG -- including, presumably, the insurance they may have offered on the solvency of Lehman(LEH Quote - Cramer on LEH - Stock Picks) and on their debt that they would be expected to pay off.
What matters, though, is how easily hedge funds were able to take this company down through endless selling.
The academics at the SEC had no idea how important their rules were when they put in the bottom on July 15, and they had no idea how catastrophic it would be when they pulled them.
I don't know a soul in the business, save short-sellers, who have participated in these raids who doesn't agree with this dynamic. Yet Cox has steadfastly refused to go back and reinstitute the rules and bring the playing field back to where it was before I retired in 2000 -- to a time when I remember how difficult it would be to create these forest fires given the breaks.
The speed is and was too great to put out the fires, so Lehman went and then AIG looks like it is going. One look at the puts -- which can only be bought in the sizes they are being bought with naked short-selling among the brokers who sell them -- tells you the short-sellers' next moves. That is why I flagged Citigroup(C Quote - Cramer on C - Stock Picks) to you last week. It was so obvious they were about to maul it.
When we look back at the destruction of the financials, we should remember the instrumental role the SEC played in creating the chaos in doing nothing to stop it, and, like every other government official in this drama, received no criticism or no skepticism.
I just wish for once that the government would have real people be called in -- real people like me -- to explain to them how it works and how easy it was to take down Lehman or AIG through the stock market. It was child's play, and the SEC didn't even know that.
http://www.thestreet.com/story/10437593/1/cramer-sec-played-a-big-role.htmlv
good pick: DGP
did you see where U.S. treasuries actually had a tick for a negative yield today.
don't hardly understand this at all except there is a flight to real assets now; evidently the credit markets are locked up
"For a brief moment on Wednesday, bond investors paid the U.S. Treasury to hold their money. The yield on short-term Treasury bills dipped below zero Wednesday afternoon, and was a mere 1.4 basis points, or 0.014%, in late New York trading.
http://www.forbes.com/markets/emergingmarkets/2008/09/17/treasuries-yields-panic-markets-bonds-cz_do_0917markets29.html
CEG got milk? i mean nerve?
the day's action on CEG
the box is where i noticed the bear raid and the first bounce
a more detailed view on a 50tick chart
could they have done this without the abolishment of the uptick rule?
after hours there was a brief about their French joint venture partner either adding to or actually taking out CEG
you can see that reflected in the a/h upticks
EDF eyes Constellation bid
By Ed Crooks in London, Peggy Hollinger in Paris and Julie Mackintosh in New York
Wednesday Sep 17 2008 19:10
EDF is considering a bid for Constellation Energy (NYSE:CEG) , its US partner, even as it prepares finally to set the seal on a sweetened £12bn ($22bn) offer for British Energy, the UK's nuclear operator.
British Energy's board met on Monday and concluded that it was expected to be able to recommend the EDF offer. However, some technical details remain to be resolved and the deal could still collapse again at the last minute, as it did in July.
Meanwhile, the French group's board met in Paris on Wednesday to discuss the group's options for further investment in the US, where a crisis of confidence has sent its US partner's shares crashing in the past few weeks.
Reuters
Constellation in deal talks, shares plunge
Wednesday September 17, 8:34 pm ET
By Matt Daily and Michael Erman
http://biz.yahoo.com/rb/080917/constellation.html?.v=6
FCX scalp setup
pretty frenetic trading
bought a set of Oct70 calls at 3.50 took 4
then watched it get almost to 6... yikes
checking the 100tick chart for the entire day
2 replies to the SEC rules re. shorting:
'No penalties for financial rapists' declares Byrne
http://www.nowpublic.com/world/no-penalties-financial-rapists-overstock-ceo-speaks-naked-short-selling
the new rules will not address the specific abuses the SEC intended to deter when the emergency order was placed on the financial markets in July 2008. That of the rapid trading (day trading) hedge fund who sells short intraday with no expectation to settle a trade.
http://www.investigatethesec.com/drupal-5.5/StockgateToday
CEG bear raid
criminal
bidwhack until you reduce the asset value/market cap to the point that the ratings agencies start to downgrade your debt from investment grade to something less
what a price to pay for chasing yields in the mortgage sector
A step in the right direction but
why not reinstitute the uptick rule to stop the bidwhacking that demoralizes longs and destroys bid support
Also, nothing I see to address the "grandfathered" existing counterfeit short shares
Warrant Call: trouble for COINW
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32222152
COIN danger: warrant call
shorts will push the common down over the course of the next month to destroy the value of COINW.
Converted Organics Inc. Announces Redemption of Class A Warrants
Tuesday September 16, 4:30 pm ET
http://biz.yahoo.com/bw/080916/20080916006651.html?.v=1
The redemption date is October 17, 2008
COINW worth minimum of .25 if not exercised
the Class A warrants are convertible into common stock at an exercise price of $8.25. Each warrant exercised at this price will receive 1.276 shares of common stock.
8.25 + 1 COINW = 1.276 COIN
COINW ~= COIN at 6.47
COINW 8.25 COIN 1.276
0.25 8.25 6.5 1.276
0.363 8.25 6.75 1.276
0.682 8.25 7 1.276
1.001 8.25 7.25 1.276
1.32 8.25 7.5 1.276
1.639 8.25 7.75 1.276
1.958 8.25 8 1.276
2.277 8.25 8.25 1.276
Chinese smallcaps?
Bank loan cost cut, reserve ratio eased
By Xin Zhiming
http://www.chinadaily.com.cn/bizchina/2008-09/16/content_7030283.htm
OT pls ignore this post AIG zlr
for all you woodies CCI fans (of which I'm prob the only one)
(12:23 PM) longs: on a 3 min chart, AIG is a textbook Zero Line reject, provided that the 3 min candle holds here
(12:23 PM) longs: aka, a ZLR
(12:25 PM) longs: CCI comes up, over the +100 line, 6 bars over zero, the 6th bar is over the +100 line, then it comes back inside the +100 line, heads towards the zero line, and gets rejected and bounces back up toward the +100 line
(12:34 PM) longs: so now, for all you Woodies CCI fans, on the 3 min, the CCI just hit +200
(12:34 PM) longs: any hook down from there will signal what Woodie calls an HFE, or a hook from extremes
(12:34 PM) longs: that's a sell signal
(12:35 PM) longs: and you can see that pretty much nailed the top of that 3 min move