TrimTabs' Charles Biderman Destroys The Labor Mirage
Submitted by Tyler Durden on 08/06/2009 - 16:50Why is it that people who base their opinions on facts come off significantly less amusing than the clownshoes who predict a future based on hope and personal conflict of interest bias. Watching a boring TrimTabs' Biderman debate with some guy named John Herrmann (not to mention some other "portfolio manager" named Ron Insana) who sounds like he just came out of accounting one oh one in Rose-Colored Glasses community college is simply deliciously hilarious.
The Fed's UST-POMO Pyramid Scheme Exposed
Submitted by Tyler Durden on 08/06/2009 - 15:21In a brilliant piece of investigative reporting, Chris Martenson (original article here) has uncovered that the Fed, merely a week after issuing $28 billion in 7 year bonds (which Zero Hedge discussed previously) via its puppet, the US Treasury, of which $10 billion ended up being purchased by primary dealers, has turned and bought 47% of the primary allocated bonds in Open Market Purchases. This is undisputed monetization removed simply via one primary dealer and less than 5 days of temporal separation in order to leave no easy trace.
Credit Suisse - Market Now At Euphoric Levels
Submitted by Tyler Durden on 08/06/2009 - 14:25
Credit Suisse's global risk appetite index is now at "Euphoria" levels, matching the highs from November 2007, and has retraced from "Panic" at the fastest rate since the October 1987 crash. Next official stage on this index: "Irrational Exuberance" although at least now it has gripped the entire market, not just tech stocks.
The Goldman Guns Are Out, Payroll Improvement Projected Next
Submitted by Tyler Durden on 08/06/2009 - 13:58First the 85 Broads roll one of them out at CNBC, depositing the permabullish dinosaur Abby Cohen to preach how the bull market has just restarted compliments of the mega squeeze in AIG, FNM and CIT (in finance you are as valuable if you bat 0.000 as if you bat 1.000), and now, hot on the hells of Hatzius' upgrade to Q2 GDP from 1% to 3%, they roll out another macro bullish piece, saying July nonfarm payrolls will be up to -250,000 from -300,000 (the question of whether the 50,000 actually matters in any scheme of things, is irrelevant). Ironically, it was yesterday that Jan thought projected employment assumptions wouldn't budge. So much has changed in 24 hours.
Bleaker Fed Fund Outlook Now Than At Bottom Of Market
Submitted by Tyler Durden on 08/06/2009 - 13:22
The poll for what the Fed Fund Rate will be on December 16 indicates that a progressively higher number of people see no chance of a rate increase (or vote in the 0.25% bracket) compared to a majority who in March saw a marginal increase to 0.5%. Inflation - good luck with that. The people have spoken, and deflation is here to stay.
Rep. Steny Hoyer (D) Called A Liar, Shouted Down For Presenting Misleading Economic Data
Submitted by Tyler Durden on 08/06/2009 - 12:42The American people are becoming more educated... and more angry...
REIT Simon Property Group To Raise Half A "Trillion" In New Notes
Submitted by Tyler Durden on 08/06/2009 - 12:29Either:
i) the company is now directly competing with Ben Bernanke in who can raise $1 trillion in toxic debt first
ii) Simon's PR department just tipped their hand on what their ultimate Debt/FFO target is
iii) Reuters is sending a subliminal message from the CMSA that the whole securitization thing is no longer an issue, and there is pent up demand for well over a trillion in 4th lien debt "secured" by Eskimo igloos and Gobi desert-based condo-hotels
Schizophrenic NASDAQ Voluntarily Eliminates Its Own Flash Orders
Submitted by Tyler Durden on 08/06/2009 - 12:08The Nasdaq, which recently was quite vocal in its condemntation of Flash orders, yet forgot it offers Flash orders itself, has taken matters into its own noble hands (and luckily out of those of the SEC's chairwoman). From a just issued press release:
TICK Downtrend Continues
Submitted by Tyler Durden on 08/06/2009 - 11:59
Are the redbull drinking, Acutane gulping, reversion chasing momos losing steam?
Guest Post: On The Sodini Diaries, And The Anxiety Of The Employed
Submitted by Tyler Durden on 08/06/2009 - 11:41"What I’m about to say brings me no joy or satisfaction, and I fervently hope I am completely wrong, but I expect a lot more shootings like the Sodini killings to happen over the next couple of years. Sodini had other, rather tragic circumstances that drove him to murder, but one cannot deny that his anxiety over his continued employment was a big part of what drove him to shoot innocent people. I am certainly not excusing him—not in any way, far from it. But it behooves us to read the Sodini diaries and get a clear sense of the man, so that we might begin to understand the country we have created."
The SRS Class Action Lawsuits Start
Submitted by Tyler Durden on 08/06/2009 - 10:53Labaton Sucharow LLP Files Class Action Lawsuit Against Proshares’ Ultrashort Real Estate Proshares Fund
Guest Post: The Recovery, The Rally And Our Portfolios
Submitted by Tyler Durden on 08/06/2009 - 10:27"So on we go, riding the wave of yet another recovery fueled by stimulus. They work great,
until they don’t; sadly, the MSCI World Equity index trails money market fund returns since
1989, when Fed policy began in earnest to solve investment bubbles gone wrong by setting the
real cost of money to zero. Today, a sober view argues for a portfolio with moderate exposure to global markets, but with a close eye on the fissures which did not exist at the inception of prior bull markets (e.g., 1947, 1962, 1982, 1991). Giga-stimulus carries the day for now, but the morning after may come sooner this time around…"
Not So Strange Attractors
Submitted by Tyler Durden on 08/06/2009 - 10:13
Reversion algorithms coming to you today (as well as yesterday, tomorrow... and the day after), compliments of big, fat non-linear dynamics textbooks and their 19 year old readers.
Agency Vigilantes In Rampage Mode
Submitted by Tyler Durden on 08/06/2009 - 10:08
While the short squeeze manipulators and stock borrow pullers try to kill any and every last bear out there, the much bigger problem of mortgage yields is starting to get out of control again: the last two days have seen the widest spreads on 30 Year Current Coupon FNMA in almost two months.
