30 Year Auction A Dud
Submitted by Tyler Durden on 07/09/2009 - 14:05Results of USD 11bln (Act) 30y note auction
- Yields 4.303% vs. Exp. 4.292%
- B/c 2.36 vs. Avg. 2.54 (Prev. 2.68)
- Indirects 50.2% vs. Avg. 47.73% (Prev. 49.09%)
- Allotted at high 67.88%
Live Webcast On Fed Independence
Submitted by Tyler Durden on 07/09/2009 - 13:14House Committee On Financial Services hearing on Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation.
Here is the link with all the prepared testimony.
Bank Of America Amazed By Goldman's "Unmatched Risk-Taking/Risk-Management Skills"
Submitted by Tyler Durden on 07/09/2009 - 13:07The lately abnormally notorious Goldman Sachs received a little pat on the back today compliments of Bank Of America and its analyst Guy Moszkowski, who in a report published this morning announced his expectation of an "unexpected" Q2 surprise (quick, someone find the next big counterparty that Goldman shorted and also has several tens of billions in collateral exposure with the 85 Broad oracles) and also anticipates forecasts to rise. Maybe now that Goldman's fate allegedly is in the hands of a few good hackers, Guy may want to redo his hypothesis. But I digress.
Former US Assistant Secretary Of The Treasury "Geithner Works For Goldman"
Submitted by Tyler Durden on 07/09/2009 - 06:17Max Keiser: "Does the US Secretary of the Treasury work for the people or does he work for the banking system on Wall Street?"
Dr. Paul Craig Reports: "He works for Goldman Sachs."
Mid Day Musings
Submitted by Tyler Durden on 07/09/2009 - 05:25- What is good for the US apparently doesn't work for the UK: PIMCO refuses to buy BOE's gilts (Bloomberg)
- And speaking of PIMCO, the "frequent flier miles accumulation facilitating" bond manager will not be in the PPIP: hopefully due to pressing conflicts of interest arising from participation in every other single alphabet soup ever created. (Bloomberg)
- One man's personal account of the UBS tax follies (Bruce Krasting)
- Chinese rioting subdued for now (Bloomberg)
- And Chinese full scale intervention has resulted in a 48% jump in car sales. Oh yeah, and new loans have jumped five times since June. Can the world ever operate anymore witout a credit bubble somewhere? (Bloomberg)
Yet another huge number coming out of China - consumer car demand
Submitted by Cornelius on 07/09/2009 - 05:01China reports a big 48% increase in car sales as many analysts see an end to the economic contagion in China.
Glimmers Of A Return To Normalcy In Quantitative Strategies?
Submitted by Tyler Durden on 07/09/2009 - 04:23
The last time Matt Rothman did a holistic analysis of the market two months ago, he observed market dispersion which was at October 1987 levels: investors were buying anything and everything indiscriminately. In his latest Quantitiative Strategies observations, Rothman is noticing a slight return to normalcy as finally there is a slight discrimination between various asset classes. Whether this will persist, now that potential program trading disruptive elements may have been removed (even if temporarily) or whether the return of the 3:30pm SPY/ES microblock buying sprees will result in this fledgling flight to fundamentals being aborted, only the next few weeks will demonstrate.
Intraday Observations
Submitted by Tyler Durden on 07/08/2009 - 14:11Summary observations of today's key events.
Phishing Out The Goldman Code Fishers
Submitted by Tyler Durden on 07/08/2009 - 06:37Still out in the boonies, so a few more days without extended analysis. In the meantime, some more amusement on GoldmanGate: Cryptogon has created a piece of html code that Google queries latch on to when searching for "Goldman Sachs Code Torrent", allowing the sysadmin to track which IPs and firms are querrying this keyword. Interesting results.
The Aleynikov Transcript
Submitted by Tyler Durden on 07/08/2009 - 04:38The full Aleynikov transcript.
Gold Anti Trust Action Committee Urges SEC, CFTC To Probe Goldman Trading Program
Submitted by Tyler Durden on 07/07/2009 - 17:39GATA today urged the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to investigate the Goldman Sachs Group Inc. computer trading program that, according to a federal prosecutor, the bank acknowledges can be used to manipulate markets.
McKinsey On State Capitalism
Submitted by Tyler Durden on 07/07/2009 - 17:37"Despite massive state interventions in economies around the
world, many corporate leaders and investors act as though
globalization remains the dominant paradigm. That is a mistake."
Tony Crescenzi Discusses Newport Beach Puppet Strings
Submitted by Tyler Durden on 07/07/2009 - 16:51Some perspectives on why everyone should take out their credit card (preferably one issued by General Electric), dial 1-900-PIMCO and buy as many treasuries as their credit rating will allow them. Also, fast forward to 4:20 for some candid observations on puppeteering regarding PIMCO's most recent personnel addition. Odd that CNBC should be asking such questions.
NYSE Issues Correction, Goldman PT Volume Double Of Second Broker
Submitted by Tyler Durden on 07/07/2009 - 16:03
The NYSE has officially released the correction for its lapse in reporting Goldman Sachs' program trading numbers last week.
How Much Time Could Sergey Get?
Submitted by Marla Singer on 07/07/2009 - 13:42Short Answer: It depends, but it could get ugly.
