Bill King last night:

Once again, someone rigged the SPMs during European trading. SPMs, which had been up during the first session of Nikkei trading on Tuesday, tanked 11 handles during the Nikkei’s second session. But when European trading commenced, a 13-handle SPM rally appeared in the first 50 minutes of trading. The rally caught a second leg before the NYSE open [naturally] so the bottom-to-top rally was 24 handles – nice work for the manipulators.

It is obvious that the rig was necessary to keep the market from reacting to UBS’s massive, $19B