Deja Vu

I know you already saw this, but think back to last week as the first EU Cyprus plan to take up to 9.9% of people's savings made the rounds, I believe it was Saxo-Bank's CEO who had said he heard rumors of it the week before, that means people really in the know with the professional networks (a legal name for inside information) knew exactly what was going down.

Tell me this, how is it logistically possible to come up with an idea, "Lets take up to 9.9% of all the savings in every Cypriot bank" on Friday night, with every ATM in the country already set and having already deducted the levy from people's accounts immediately as soon as they went to get their money upon hearing the news?

That would have to be one heck of a IT unit to get orders and levy every bank account in numerous banks moments before the announcement was made.

So yes, someone knew and European financial credit knew it and knew it was a bad idea...

In fact it looks like they knew for quite some time, this is what I spent about half a day last week talking about in filling the downside Monday a.m. gap, some promises were made to keep this quiet.

Credit leads, stocks follow.

It's just a bigger, smarter market than equities.