As unpopular as this may sound, I think CER has been played like...

As unpopular as this may sound, I think CER has been played like a well orchestrated fiddle concerto this morning.

I have written many times about the snowball effect - perceived bad news drives selling, which stops out people on margin, T+x or in CFDs, losses mount, more selling, 'somebody knows something'.. and so it goes on.

You could almost feel the early stages of the snowball building over the weekend and it has played out this morning. I'm sure some of it has been fuelled by rumourtrage here and other places.

There are plenty of buyers around (9.8m shares to be exact), all the had to do was wait with open arms. Looking at the course of sales, there are plenty of buyers in 50 and 100k parcels and they aren't having to do too much work to get filled.

I have no idea whether this is going up, down or sideways but I recognise a lot of very spooked snowball sellers running for the exits when I see them. There is no fundamental reason why CER should be at this level, we just have to let the market do what markets do and wait.