Frontrunning: July 24
Submitted by Tyler Durden on 07/24/2009 - 07:52- CIT bankruptcy to follow even if exchange offer is successful, uncaring robots run futures up on news (Bloomberg)
- Earnings really starting to suck: Schlumberger profit down 57% (AP), in other news economy irrelevant to the recovery
- Slowest diamond sales since 1974, good for another 10 points on the S&P (Bloomberg)
- In the meantime JP Morgan is increasing banker base pay, while bonuses will likely remain as high as always (Bloomberg)
- Euro rises on improved confidence Europe will never export another product again, market on 10th straight up day, 355 more to go (Bloomberg)
- In the meantime the "strong" German recovery is weaker than its US counterpart, as Obama keeps handing out blue pills (FT)
So It Begins: The SEC Commences Investigation Into Goldman Sachs Trading Practices
Submitted by Tyler Durden on 07/24/2009 - 00:36"We are taking your complaint regarding Goldman Sachs and its proprietary software that may be used to manipulate the markets very seriously, and have referred it to the appropriate people within the SEC."
Bloomberg's Pimm Fox On High Frequency Trading
Submitted by Tyler Durden on 07/23/2009 - 22:53First Goldman, now High Frequency Trading... The media onslaught is converging.
A Limited Chance To Demonstrate Your Own Piece Of Zero Intelligence
Submitted by Tyler Durden on 07/23/2009 - 22:29
Here is your chance to possess a very limited edition of Zero Intelligence. Only 200 of these will be made. All the proceeds will go to fund the CNBC Talking Head Education Infrastructure Fund, L.P. (i.e., our servers) which, even though being 3 and 30 is very rapidly depleting.
Rattner v. E*Trade?
Submitted by Marla Singer on 07/23/2009 - 22:24"If you're an E*TRADE customer who lives in California, Florida, Maryland, Massachusetts, Nevada, New Hampshire, Pennsylvania, or Washington, you may be eligible for a class action settlement regarding the undisclosed recording of phone calls without your consent."
The New York Times Unleashed On High Frequency Trading
Submitted by Tyler Durden on 07/23/2009 - 21:22Better late than never.
Daily Credit Summary: July 23 - Up But Not Out
Submitted by Tyler Durden on 07/23/2009 - 18:07Spreads were tighter in the US as all the indices improved (as HY outperformed IG with the latter making all of its moves by 11amET and flatlining the rest of the day at 2009 tights - pulling modestly wider into the close). Indices typically underperformed single-names (thanks to some tail risk compression in CIT, ILFC, and TXTFI) with skews mostly narrower as IG underperformed but narrowed the skew, HVOL underperformed but narrowed the skew, ExHVOL outperformed pushing the skew wider, XO underperformed but compressed the skew, and HY outperformed but narrowed the skew. The IG curve steepened (in the face of TSY steepening) but remains significantly steeper than intrinsics as the steepening was more in the longer-end than we had seen in the short-end recently.
We Are Not Ungrateful...
Submitted by Tyler Durden on 07/23/2009 - 17:04
We would be remiss if we did not acknowledge that the recent free ad campaign on behalf of Zero Hedge by General Electric has been much appreciated. We thought it is only fair to return the favor with some advertising of our own.
Whitney Tilson Probes Deeper Into High Frequency Trading
Submitted by Tyler Durden on 07/23/2009 - 16:25"Lots of feedback on the high frequency trading issue"
"This Call Is Being Recorded For Quality Service"
Submitted by Marla Singer on 07/23/2009 - 15:31You would think that, having run an investment firm of his own, the likes of Steve Rattner would realize that many hedge funds, particularly trader-centric firms (and which aren't?) record their calls. Apparently, that detail escaped him during the Chrysler bankruptcy fiasco.
More Child Abuse Heaped On Zero Intelligence
Submitted by Tyler Durden on 07/23/2009 - 14:19I was interrupted from peacefully watching a financial news station (Bloomberg TV lest there be some confusion) when I got this email: "the sweaty, drunk guy on CNBC is bashing you again." Curious, I decided to investigate. Not surprisingly some more ad pseudonymem amusement ensued
256,357 Initial Unemployment Claimants In June, 2,519 Mass Layoff Events
Submitted by Tyler Durden on 07/23/2009 - 13:39
The BLS has released the most recent mass layoff event and initial jobless claim data. The initial claimant data has dropped by about 34k month over month, and is 70.7% higher on a trailing twelve month basis. Comparable data for the initial jobless claims apps.
The Other Plunge Protection Team: 122,017 December SPY $95 Puts
Submitted by Tyler Durden on 07/23/2009 - 12:45
Not much commentary needed. Last night open interest was 28,197. Volume so far: 122,017. 122,000 lots = 12,200,000 shares - at around $95 each - that is a $1,159,000,000 notional trade
A Plea For Your "Made In China" Garbage
Submitted by Tyler Durden on 07/23/2009 - 12:26Zero Hedge is currently in secret negotiations (see GE subsidiaries, we can leak market moving, secret stuff too) with Walstreetpro, finalizing the terms of his contributor status to our little (but growing) community.
