Copper ($HG_F) has taken one of the great groin punches this week with charts suggesting a performance worse than any week of the GFC.

Does this make GFC2 a Sharktopus to GFC1′s Jaws?

1. Incredibly bad plot

2. Written and produced by idiots

3. Funded by idiots

4. Forced on an unwilling audience?

5. Ratings in freefall

6. This time it’s different

…………. rings a few bells.

More seriously though, the apparent lack of opportunistic buying from Asia on this fall. While the usual …

GBPUSD looking quite uniform on the 4hr time frame.

Running a quant scalping model has paid for shorts off 35EMA to date and after overlaying an Andrew’s Pitchfork it seems the price action range is moving with some logic.

Obviously current news out of EZ and UK stinks so no guarantees we will see meaningful upside. Perhaps more interestingly our modelling lacks clarity to the downside leaving us with the 1.50 handle squarely in view.

The chart below is …

Had dinner tonight with some trader colleagues in the city who are very close to the issue at UBS and word is the UBS rogue trader blew up as follows:

He had developed some very large exposure to equities (exact instruments yet to be disclosed) that went against him and he had subsequently “doubled down” with the view to trading out of the original losses. Unfortunately for him these positions were hedged with CHF longs and …