Petrobras gapped open from like 6.5 where it was hanging out, to close near 18 today, on 10x its average daily volume. It did *not* reverse split. Nasdaq even halted trading and took a look at these trades, but vetted them and let trading resume shortly thereafter.
What the heck just happened?
Was listening to Cramer rant last night, and he was talking about the various leveraged ETFs and how much he hates them. When he got to the one he considered the worst of all - DTO - he spelled it out in letters. Then he spelled it out using a phonetic alphabet. [more]
You remember Imelda, right? The wife of Phillippine Islands President Ferdinand Marcos, who had 2,700 shoes in her closet when her corrupt husband's regime was toppled by a coup d'etat?
Commentators have coined the term "Imelda Marcos' market," meaning that there's always another shoe to drop.
Check out this next shoe, when the homebuyer tax credit expires and FHA reports their insurance reserves are exhausted, all in a 30 day span:
John Burns Real Estate - no affiliation - runs this website, that I've been keeping a close eye on for the past year or so. I was put onto the site by floridabuilder when he got tired of answering all my overdetailed questions about the housing market ("What's it doing now, daddy? Are we there yet? What about now? Is the housing bottom already here yet already? I have to pee!")
If you're interested in this economy and haven't already added JBRE to your short reading list, you probably should. [more]