Redbook Retail Index Plunges Again

In what is surely a shocking turn for the Mainstream Media, today's horrendous Johnson Redbook Index numbers were curiously not noted anywhere. As Zero Hedge believes in not depriving its audience of data points, especially those lacking a green steroid shot, the charts below indicate just much of a lack to the US budget deficit, upcoming consumer subsidies will be for President Obama (and taxpayers).

By way of background:

CNBC Breaking News Of The Day

No commentary necessary.

Intraday Charting

As Obama speaks and investors recall what it was like to short the market at every TV appearance of the president, the dollar is getting pillaged: the DXY just dropped below the 80 support level after Europe has said it will start tightening soon.

Whalen And Griffin On OTC Derivatives

From yesterday's hearing before the U.S. Senate on Over The Counter Derivatives.

Mortgage Vigilantes Beating Death Drums

Even though the market's brief hiccup into green territory was promptly corrected (as expected earlier), it is the mortgage vigilantes' turn to beat the death drum. The 30 Yr Mortgage - 10 Yr UST spread is not helping the new, existing, and otherwise home sale green shoots. And this on top of the Treasury's $7 billion in Open Market purchases of bonds yesterday.

Morning News Recap

Some developing stories:

• US Justice department says NYT report saying it would drop suit against UBS is "simply untrue" (source BNO)

Snapshot Of The GS Conviction List

Zero Hedge had some fun recently analyzing the extensive thought process that goes into the decision making that leads to the addition (and, more relevantly, subtraction) of any given stock from the Goldman Sachs conviction list. One could say a case study of exhaustive insight and careful risk management it was not.