Cesarnc's market talk, gossips, rumours & fun

My ISP is p*ss*ing me off big time.
Everytime we are on Late London/NY open, it went down. Missed all the actions
Have to bear it until weekend. It sucks big time.

What do you see?!?!

I see God........ giving me the thumbs up to bet my entire account(s)
on a short, Somewhere.........oh wait, shit thats just ceasrnc new avatar.
Damm it. I was getting greedy too.

Davos shootout

Jan. 23 (Bloomberg) -- The U.S. Federal Reserve and other central banks are partly to blame for the financial-market slump that's now threatening to derail the global economy, said investors and former policy makers at the World Economic Forum.

``It's hard to give central banks a very high grade over the last couple of years on recognition of bubbles and actions taken to address them in the policy or regulatory spheres,'' said former U.S. Treasury Secretary Lawrence Summers in a panel in Davos, Switzerland. Billionaire investor George Soros said central banks have ``lost control'' of financial markets.

The Fed, which yesterday announced its first emergency rate cut since 2001 as U.S. recession fears rose, has been criticized for paying too much attention to economic growth and not enough to so-called asset price bubbles. By cutting rates to protect growth when bubbles burst, the Fed only encourages investors to take bigger risks in the future, said Morgan Stanley's Stephen Roach.

``It's a dangerous, reckless and irresponsible way to run the world's largest economy,'' said Roach, chairman of Morgan Stanley in Asia, who was also in Davos.

(...)

Fed Chairman Ben S. Bernanke is facing the same objections leveled at his predecessor, Alan Greenspan, who was slammed for not doing enough to prevent the Internet stock boom and then cutting rates too low to limit the fallout.

(...)

``Central banks lost control of the situation when they allowed financial institutions to develop new financial instruments which they themselves didn't understand,'' said Soros.

USD Bottomed ?
what should i do ?
Sell usd ?
or no ?

or both ?

"said former U.S. Treasury Secretary Lawrence Summers"

Now there someone who is real impartial

Me thinks he is just a little pissed at not getting the Fed Chairmanship himself !!

1.4584 opens the way up.If we look at the 4h chart - wave 1 is 1.4966-1.4309,wave 2 is 1.4309 - 1.4921.So we could be now in the middle of wave 3,or I think,that we're drawing now wave 2 from the biggest wave 3.
This wave 2 could exceed til 1.4921 if we consider the fall from 1.4921 til 1.4365 as wave 1.

I think only the very weak Dow is holding eurusd down for now.

Let's see what'll happen

That's what I think, too. I asked what you see coz I see pretty much the same via fibos, but I'm not taking any trade in euro yet, as it's not responding neither to the rate cut nor Trichet's words.

I think treasuries are still a drag on the majors (people flying to safety, pushing dollar up) along with carry trades unwinding

Wow, man,

Harsh words keep coming from Davos, I'm not even going to post again coz I'd have to start a new thread for them only...

Bottom line: Bernanke sucks.

I'll post again when I read "we want his head".

On Bloomberg

There's a triangle on 5m chart with tp 30 pips,which will activate the inversed h&s on the lower time frames ( 5m til 15m ) with tp another 80 pips.

Also a pin-bar on 4h chart ..but the formation isnt complete for now.

Yeah... I jumped too early on the USD/JPY Pin Bar and I'm getting screwed. I can't get myself to be rational with all this volatily... if I keep doing this I'll blow another account... all my gains are already wiped

Went from +20% to -12% in a week ... I need to chill out

mm - will the blades of his famous helicopter play a part - be messy, just like the markets now http://www.forexfactory.com/images/icons/icon10.gif

Well Dow is not cooperating. More downside to come.

Stay out of the market and reassess it another time. If you try to recoup your losses in desperation, all you'll get is more losses.

And if you go from 20% to -12% in 4hr, you should reassess the amount of risk you are taking

In a week not 4 hours.

All I have right now is a short position on the Dow. I'll let it stay since I secured gains already.

Just been hyper-trading again... not good enough to reduce the risk in each trade if you trade too much. But nevermind me... just venting.

-300 already 11,680.

300 points to bear market and counting.

More bad news for Citi.....

Citigroup Game of Chicken May Double Enron Creditors' Payout

Jan. 23 (Bloomberg) -- Enron Corp. creditors could see their original payout more than quadruple to as much as $31 billion after a trial against Citigroup Inc.

Enron Creditors Recovery Corp., the entity winding up the defunct energy trader's affairs, distributed $13.3 billion, or 36 cents on the dollar, since a bankruptcy plan was approved in 2004. That includes most of $1.73 billion in out-of-court settlements with 10 of the 11 banks creditors accused of aiding the fraud that wiped out the company. They argue that Citigroup, the only lender that hasn't settled, should pay the rest of the claims, about $18 billion. The amount is more than six times the $2.8 billion reserve for Enron, WorldCom Inc. and initial public offering-related litigation that Citigroup disclosed in a Nov. 5 regulatory filing.

Evidence at a trial set for April in New York may include an examiner's report citing bank e-mails as evidence Citigroup assisted in the fraud. Testimony against the bank by Andrew Fastow, Enron's imprisoned former chief financial officer, may also be introduced.

``There's a lot of evidence that financial irregularities occurred and they were aided and abetted and assisted by the banks,'' said John Coffee, a Columbia Law School securities law professor in New York.

The creditors' distribution from litigation and asset sales almost doubled to $11.5 billion in the year after April 2006. An $18 billion win this spring would bring the total to more than four times the 2006 figure.

Deep Pocket
The creditors say Citigroup should be forced to pay the remaining debt under a rule allowing recovery from one of a group of defendants for the total damages caused by all. The New York-based bank says the so-called deep-pocket rule shouldn't apply.

``Everyone is looking at Citi to see the kind of pocket it has left,'' said Nancy Rapoport, a law professor at the University of Nevada-Las Vegas and co-editor of a 2004 book on Enron. ``Citi has a lot to be worried about.''

The lawsuit is among legacies Vikram Pandit assumed in December on being named chief executive officer after Charles Prince III was forced to step down amid the global credit squeeze.

Citi reported the largest loss in its history, $9.83 billion, for the fourth quarter posted Jan. 15 after it wrote down the value of subprime mortgage investments by $18 billion.

The bank lost more than half its market value in the past year and fell yesterday to a 52-week low closing price of 24.40 in New York Stock Exchange composite trading.

Citigroup considers the Enron lawsuit meritless and will fight it, spokesman Michael Hanretta said. No settlement talks are under way, said Harlan Loeb, an Enron creditors' spokesman.

`Unprecedented' Evidence
There's an ``unprecedented'' amount of evidence against Citigroup, said John Ray III, chairman of Houston-based Enron Creditors Recovery. This includes the report by examiner Neal Batson, who quoted one internal bank e-mail as saying, ``Sounds like we made a lot of exceptions to our standard policies'' in setting up an Enron deal. ``Let's remember to collect this IOU when it really counts.''

The bank ``bent its own internal rules and participated in transactions about which it had substantial reservations, in order to accommodate Enron and maintain an important client relationship,'' Batson concluded about special-purpose entities, or SPEs, used to disguise loans as investments.

``There is evidence both that Citigroup knew Enron's SPE transactions would result in Enron's financial statements being materially misleading, and that Citigroup provided substantial assistance to Enron in completing those transactions,'' he wrote.

Eager for Trial
Creditors are ``anxious to get to trial,'' Ray said, calling a Citigroup effort to move the case from U.S. Bankruptcy Court a stalling tactic.

In December, the bank said the case should be heard before a U.S. District Court jury, not Bankruptcy Judge Arthur Gonzalez. Bankruptcy courts don't conduct jury trials and are below district courts in the federal judicial hierarchy.

Citigroup attorney Brad Karp of Paul, Weiss, Rifkind, Wharton & Garrison in New York declined to comment. Enron creditors' attorney David Stern of Klee Tuchin Bogdanoff & Stern in Los Angeles didn't return a call seeking comment.

Prince told Congress in 2002 the bank relied on Enron and its auditors for accounting advice in setting up transactions. Congressional investigators said Citigroup helped the energy trader hide debt by disguising loans as trades.

The bank asked Gonzalez Jan. 7 to throw out most of the suit, saying Enron Creditors Recovery doesn't have standing to pursue creditors' claims. Enron, not banks that lent it money, is to blame for its collapse, Citigroup said in court papers. Citigroup claims Enron still owes it as much as $5 billion.

Shareholder Accord
Citigroup in 2005 agreed to a $2 billion settlement of another suit, in which Enron shareholders claimed banks helped executives including Kenneth Lay and Jeffrey Skilling commit fraud. The banks that refused to settle, including Merrill Lynch & Co., won when an appeals court ruled the shareholders couldn't sue as a group for the $40 billion they were seeking to recover. The U.S. Supreme Court yesterday refused to hear an appeal.

Ray, of Enron Creditors Recovery, declined to comment on what would be a fair settlement in his case, saying only that he will continue to fight for returns.

``Certainly it's the bold aggressiveness that got us from 17 cents to what today is 36 cents,'' Ray said.

Charles Tatelbaum, a bankruptcy attorney at Adorno & Yoss in Fort Lauderdale, Florida, said that while another $2 billion Citigroup settlement is possible, creditors are looking for more.

``They are gambling with house money,'' Tatelbaum said. ``The speculators that bought at 15 cents on the dollar are going to say go for it.''

Trading Claims
The claims were bought from original creditors and may have been traded since. Bankruptcy claims are traded in private transactions whose terms are rarely disclosed.

Claims were traded by Lehman Commercial Paper Inc., SPCP Group LLC, Bear Stearns Investment Products Inc. and Ore Hill Hub Fund Ltd., according to court documents. All the buyers declined to comment or didn't return calls.
Even if Citigroup offers to bring the creditors' recovery to 50 cents on the dollar, that ``may not be enough to move the needle with this group,'' said Michael Sirota, a bankruptcy attorney with Cole Schotz Meisel Forman & Leonard in Hackensack, New Jersey.

Enron creditors settled with Royal Bank of Scotland Group Plc, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, JPMorgan Chase & Co., Credit Suisse Group, Merrill Lynch & Co., Fleet Bank N.A., Barclays Plc and Deutsche Bank AG.

The case is Enron Creditors Recovery Corp. v. Citigroup Inc., 03-9266, and the bankruptcy case is In re: Enron Corp., 01-16034, both U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Christopher Scinta in New York bankruptcy court at [color=#0000ff][email protected][/color] .
Last Updated: January 23, 2008 00:35 EST

GJ bouncing off of monthly 100

"Forget a half-point cut. Wall Street is now speculating that the Fed will lower rates another three-quarters of a point next week."
-CNBC