Thursday, May 6, 2010

PG and the market...more lies from the press

For those who heard the stories on the street or media relating to a fat finger blowing up the market with the PG trade, you should be aware that the fat finger on the PG coincided with a failed low on the indexes. This was something that was not properly reported. Below is a 10 second chart that shows the performance of PG versus the market. It is clear from this that the market had already hit its lows while PG was still near 60. I have added times and lines so this is clearly visible.

Clearly the market collapsed and margin calls caused the selling in PG. From where? Margin calls from the market collapse overall and the never ending Euro breakdown - IMO.

More balderdash from the press...more bills for the rest of us.

By the way note the inverse head and shoulders on the Russell 2000 (TF futures) - target 698 if it plays out.
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