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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Tuesday, October 25, 2011

Weakness at MF Global...one to watch...

I heard today that MF Global has gone long on Europe peripheral debt...this is a Monthly chart of their stock:


The Daily chart below shows that the stock closed today just fractions of a point above its all-time lowest close on November 20, 2008:


Also, here is a link to a write-up about them on Bloomberg: http://mobile.bloomberg.com/news/2011-10-24/mf-global-may-be-lowered-to- junk-by-moody-s-as-corzine-adds-trading-risk?category=%2F

Their long trade looks like a big last-ditch gamble...I'll be watching their stock in the days/weeks ahead as it could portend what's coming down the pike in Europe.

P.S. October 31, 2011 -- MF Global filed for Chapter 11 Bankruptcy (based on its disclosed assets as of September 30th, it is likely to be added to the list of the 10 largest bankruptcies in U.S. corporate history, slotting in just ahead of Chrysler as #8) -- JP Morgan & Deutsche Bank are listed in the court filing as among MF Global's largest unsecured creditors (trading halted today).