Market Wrap 7.1.09
Submitted by Tyler Durden on 07/01/2009 - 16:34Equity indices benefited from optimism carried over from the European and Asian sessions after better manufacturing reports raised hopes that the global recession is easing. The positive sentiment was given a further boost following an in-line reading for the June ISM manufacturing data. However, the upward momentum was not sustained amid lower volumes, as traders turned their focus to today’s NFP report. Further to that, downbeat comments out of GM related to creditor payments, as well as news that California’s governor has declared a state of “fiscal emergency”, put further pressure on stocks later on in the session. Finally, at the closing bell DJI closed up 0.68% at 8504.06, S&P 500 closed up 0.44% at 923.32 and NASDAQ100 closed up 0.28% at 1481.34.
June Car Sales Update
Submitted by Tyler Durden on 07/01/2009 - 14:38- GM June US total vehicle sales down 33.6% vs. Exp. down 30%
- BMW (BMW GY) US June sales down 20.3%
- Volkswagen (VOW GY) of America June sales down 18%
- Ford (F) June US total sales down 10.9% vs. Exp. down 17%
- Chrysler Group US June sales -42% vs. Exp. -36%
- Toyota June sales down 34.6%
If Dick Bove Prognosticates In A Forrest And Nobody Cares, Did Dick Bove Prognosticate
Submitted by Tyler Durden on 07/01/2009 - 14:35-Bove revises Citigroup shr view to USD 0.14 from USD 0.13 for 2010, to USD 0.34 from USD 0.32 in 2011
-Bove sees USD 11bln Q2 gain from Smith Barney venture with Morgan Stanley
-Bove rates Citigroup buy
But again, when CNBC makes fun of you, have fun supergluing the few micro pieces of credibility you may find shattered on the floor.
NY Fed On Negative Equity Estimates Among Non-Prime Borrowers
Submitted by Tyler Durden on 07/01/2009 - 14:17
The New York Fed on a roll today. This time discussing the nebulous question of how many subprime borrowers have any equity at all in their house. Seeing how the GSEs are going batshit over providing 125% LTV refi options, the Fed could have probably saved $100k in taxpayer money for very unnecessary research and concluded that the answer is "Lots." However, as your money is at work here, it makes sense to at least share the work product.
Lending To Emerging Markets In Crisis
Submitted by Tyler Durden on 07/01/2009 - 13:52
The New York Fed is out with a paper on Emerging Market capital flows.
In a nutshell: not much of those. Probably an opportune time to come out with this piece, as even blind orangutangs can see that the European currency crisis is days if not hours away, and someone, somewhere at the Federal Reserve will be taken to task if they did not have at least a theoretical contingency. Of course, the practical reality with EMs, once the commodity euphoria crashes, will be so ugly that a $1 quadrillion IMF bond raise won't help anyone.
Dollar Intraday Collapse
Submitted by Tyler Durden on 07/01/2009 - 12:51
Somewhere, Ben Bernanke is cheering the collapse of the dollar: after all it bought the market another 1%. Of course, forget his sworn duty of protecting the US currency: who cares about hyperinflation when there is a great ponzi stock bubble to reflate.
June P&L Update From Stony Brook
Submitted by Tyler Durden on 07/01/2009 - 12:31The East Setauket mega-cores must be doing something shockingly right for a change.
June performance:
- RIEF: up 3.93%
- RIFF: down 5.62%... well not so right here.
Reference: S&P up 0.20%
Afternoon Amusement - Trader Talk
Submitted by Tyler Durden on 07/01/2009 - 12:12"'Nigel,
I have got to say that I think you have been rather less than even-handed in the way that you handled our small disagreement last week about how employees should conduct themselves in (and out of) the workplace. And being placed on suspension by that sycophantic loser in HR was just too much; if he was just a bit taller, I would have punched him!"
Afternoon News Round Up
Submitted by Tyler Durden on 07/01/2009 - 12:06- Move lifts current 105% limit to aid more borrowers struggling to make payments.
- GSEs to offer new 25 year mortgage for some refinances to accelerate debt payments.
Themis Trading: "Principal Program Trading Is A Way To Get The Market Go In Your Direction"
Submitted by Tyler Durden on 07/01/2009 - 10:51Joe Saluzzi of Themis Trading on Bloomberg TV, discussing several critical topics previously covered extensively on Zero Hedge: the real state of the economy, high frequency program trading and outright market manipulation. Must Watch.
Excuse Our Dust
Submitted by Marla Singer on 07/01/2009 - 10:07We're in the process of testing network configurations today, so you might find yourself enduring some delay. Never fear.
Is Goldman Legally Frontrunning Its Clients?
Submitted by Tyler Durden on 07/01/2009 - 09:53
Everyone who is anyone on Wall Street has at some point used the Goldman 360 portal whether for research, news, keeping a track of prime brokerage portfolio or, disturbingly, for trading, via the REDI Plus 9.0 platform (now loaded with enhanced algo trading features to make life for you, dear soon to be frontran Goldman client, so much easier). A second widely accepted Wall Street concept is that a disclaimer is the last thing that anyone reads, if ever. Yet after taking a close look at the Goldman disclaimer for the 360 portal, which is an umbrella waiver or all downstream websites, including REDI, one discovers a curious gem
Daily Highlights: 7.1.09
Submitted by Tyler Durden on 07/01/2009 - 08:23Frontrunning: July 1
Submitted by Tyler Durden on 07/01/2009 - 08:06
New Zealand trade numbers for May
Submitted by Cornelius on 06/30/2009 - 23:17A quick look at New Zealand's increasing trade surplus
