Here You Go: It's Over

We're done folks.

CNBC is reporting that there are now clients running out of the markets entirely because they do not believe their customer funds are safe.

That's the end of it.  The belief that there are more MF Globals has now taken hold.  The thieves have pushed it too far and now we've got the start of a global liquidity run, and with good reason.

The authorities both in the regulatory side and on the prosecutorial side have refused to put a stop to the thievery and now the risk factors have turned into realized risk.

The market is done folks.  You can be right but if you make your bet in the markets, are right, and then get screwed anyway when someone steals the money and nobody goes to jail there comes a time when people begin to understand that it can happen to them and will unless they depart the market.

We're there folks.

Oh sure, there will be rallies and there will be selloffs.  But there is no longer a market, there is no longer a thing to trade, and there is no longer a reason to believe that.....