Double tops either happen or they don’t. What our explosion area means is this is the last important time bulls tried to buy the dip as they have successfully done for the better part of the past three years, they got ambushed.
Almost 20 months after the fateful fall of MF Global, the regulator files its complaint against MF Global as well as CEO Jon Corzine and Assistant Treasurer Edith O’Brien. MF Global will settle, but Corzine and O’Brien may fight on.
In April 2008, three months before drug makers Elan Corp. and Wyeth were scheduled to release results of their Alzheimer’s drug trial, two health-care analysts for hedge-fund manager Steven A. Cohen warned their boss in an e-mail that a doctor, who implied he had seen inside information about the trial, said it wasn’t going well.
Former MF Global CEO Jon Corzine faces an uphill battle if he ever wants to trade in the futures market again. At its quarterly meeting of board directors, the National Futures Association (NFA) discussed imposing on him a lifetime ban on Corzine on trading in the futures markets.