BATS Exchange Releases Short Volume As Part Of Increasing Disclosure, Suprising Results
Submitted by Tyler Durden on 08/13/2009 - 08:37
As part of the recent initiatives by Exchanges, ECNs and ATS to provide much needed transparency into daily trading practices, BATS recently started disclosed not only daily volume breakouts of total daily and short volume, but also detail into every single transaction occuring during the trading day. The complete data can be found here: the transaction level detail is staggering.
Frontrunning: August 13
Submitted by Tyler Durden on 08/13/2009 - 08:04- Initial jobless claims increased by 4,000 to 558,000 last week, higher than 545,000 estimate (Bloomberg)
- Retail sales also fall more than expected, amazing what a major recession will do to rosy expectations (Bloomberg)
- Yet more people shopping at Wal-Mart (Bloomberg)
- China's growth an accounting miracle (ContrarianEdge)
- No "Mission Accomplised" for the Fed (Barron's)
Daily Highlights: 8.13.09
Submitted by Tyler Durden on 08/13/2009 - 07:33- Asian Stocks rise as Fed says recession easing; MSCI Asia Pac Index posts its biggest gain this month.
- Chinese stocks rebound after sharp decline, led by banks and metals.
- China wants more say over iron prices, plans moratorium on new steel projects.
- Euro rises against dollar in morning European trade on positive economic news.
- Euro area contracted only 0.1% in Q2 after unexpected growth in Germany, France.
- Euro zone industrial production fell in euro zone in June, reversing May's gain.
The $500/Email Bankruptcy Bonanza, Or Does Capstone Heart Flight Club
Submitted by Tyler Durden on 08/12/2009 - 19:11Bankruptcy advisors are increasingly having to defend the exorbitant fees (expenses, not so much - see below) that they are charging from their zombied clients, which in the absence of traditional banker products has become one of the primary sources of revenue for whatever is left of the financial advisory industry. A wonderful case in point is today's defense by Evercore of the ridiculous fees they collected for quote-unquote advising on the most predetermined and advice-remote transaction in the history of bankruptcy, i.e. the nationalization of General Motors via the stalking horse legitimization mechanism.
Elizabeth Warren "We Have A Real Problem Coming"
Submitted by Tyler Durden on 08/12/2009 - 17:13The head of the Congressional Oversight Panel provides a solid dose of reality, and some scary words for the bulls.
Daily Credit Summary: August 12 - Bearish Breadth
Submitted by Tyler Durden on 08/12/2009 - 16:19Spreads were mostly wider in the US today as ExHVOL is the only index tighter thanks to HVOL's underperformance (with HY underperforming IG as the former broke above 800bps intraday). Indices generally outperformed intrinsics (as it appears single-name protection buyers were hedging with index protection) with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew, ExHVOL outperformed pushing the skew wider, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew. IG opened gap at its wides and did leak tighter most of the day but intrinsics did not follow and the weakness in HY suggests that investors were looking at HY-IG decompression.
Closing Market Summary
Submitted by Tyler Durden on 08/12/2009 - 15:06
- IG Wider 0.5bps to 113.5
- HY Wider -7/16 to 89 7/16
- Stocks... closing at VWAP.
Afternoon Market Summary
Submitted by Tyler Durden on 08/12/2009 - 13:55IG12: 114bps + 1.5 bps (weaker)
IG12 intrinsics: +6 bps (much weaker)
HY12: 791bps + 10 bps (weaker)
HY12 intrinics: +31 bps (much weaker)
30 Year: 4.52%, +8 bps (weaker)
DXY: poundage
Equities: who cares, just feed more redbull to WOPR
Substantial Confusion Percolates On Volume Ramp
Submitted by Tyler Durden on 08/12/2009 - 13:38
Left Right Left Right Up Down Up Down A B A B Reset Start (Triangle Square for extra lives)
FOMC Minutes
Submitted by Tyler Durden on 08/12/2009 - 13:17QE Ending: "To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October."
The Feds & UBS Reach a Squeal of a Deal
Submitted by Travis on 08/12/2009 - 12:28Yeah, the Swiss... "Oh, they're neutral? right?" Haven't they always been? "They say nothing?" Well, maybe not then- but now, the Feds and UBS AG have reached a deal to squeal on some 52,000 potentially tax-evading Americans.
$23 Billion 10 Year Auction Results
Submitted by Tyler Durden on 08/12/2009 - 12:13
Results out: only $14.4 billion indirects tendered out of total $57 billion competitive. Of the $14.4 billion, $10.4 billion was allocated. Indirect bids 45.7% vs. Avg. 35.25% (Prev. 32.11%). Indirect bid-to-cover was 1.39. Overall bid-to-cover including highly motivated primary dealers was 2.49. Allocated at 3.734% high yield vs expected 3.708%.
IWM-SPY Unwind In Process?
Submitted by Tyler Durden on 08/12/2009 - 11:47
Crap stocks (RUT) outperforming quality (SPY) again. The early morning action was likely precipitated by some colorful index arbing.
