maxi's - do me, i'm famous - thursday, page-38

Spott: I agree...as soon as this rally falters, which is anytime from now till DAX opening...I;m gonna pelt this market.

Voltaire: 200% short is unlike you...:) Having said that I've become more cautious since 2009 and only went 50% short. Just the way the market is, when you're have conviction, it belts you. When you're careful you end up kicking yourself for not being more aggressive.

Pauley: The VIX has not been increasing because there is a continued threat of government intervention in the form of QE3. At least thats what I've been told.

And the price action in Asia suggests massive portfolios are being liquidated. Currency declines in line with markets are a classic symptom of overseas funds going into cash. What the market needs to be aware of is the possibility of redemptions coming in force for 3rd quarters, which means funds need to start selling as of now, to deliver cash by September 30th.

HK is being decimated, for the first time in weeks going against the US lead. Currencies across Asia and the EUR has been declining steadily today. Indications are that when Europe opens, if the EUR gets smashed, portfolios will get liquidated.

Which is funny, because normally the US market should find a strong bid on the back of the re location of assets, unless....its redemption selling.

In hindsight - Glencore's listing was the top of the market. Anyone doubt the Swiss's ability to pick tops?