Confidence-Market Divergence Accelerates
Submitted by Tyler Durden on 06/30/2009 - 09:56
The last time we got a -2.42 standard deviation between confidence and the market, things got real ugly, real fast.
Annotating Ben's Helicopteresque Mug
Submitted by Tyler Durden on 06/30/2009 - 09:07Zero Hedge's favorite artist Geoffrey Raymond hits the streets and captures the creative process in action. Also, for all who want to share their thoughts first hand (and thus become a part of history) on the "giant vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money", the annotation of the "Big Lloyd 3 (The Root)" will occur this Friday behind ground zero (85 Broad) - not to be confused with "Big Lloyd 1 (,6 Billion)". Pens will be provided.
Biggest Loan Movers: Week Of June 22
Submitted by Tyler Durden on 06/30/2009 - 08:44
Last week's best performers were the companies that either filed for bankruptcy or were on the verge of doing so. Last week's worst performers were the companies that either filed for bankruptcy or were on the verge of doing so.
Daily Highlights: 6.30.09
Submitted by Tyler Durden on 06/30/2009 - 08:11Frontrunning: June 30
Submitted by Tyler Durden on 06/30/2009 - 08:05PPT Hiring Mortgage Quant
Submitted by Tyler Durden on 06/29/2009 - 23:03
After throwing $1 trillion at the mortgage problem, the president's working group realized that it needed someone who actually knew what the problem was, so it hired TREPP a few weeks ago. And now that they have a cash flow modeling system, the gentle souls with the invisible hands have expanded their hiring efforts, with the latest fat fingered talent sought by the New York Fed being that of an MBS Quant.
Overalottment: June 29
Submitted by Tyler Durden on 06/29/2009 - 21:37
Guest Post: China And Brazil
Submitted by Tyler Durden on 06/29/2009 - 19:57I'm reading two books right now, which I will deal with in two posts. The first is The Forgotten Continent by Michael Reid, the former bureau Chief for Latam at The Economist about modern Latin American history and development.
Market Wrap 6.29.09
Submitted by Tyler Durden on 06/29/2009 - 17:32In the absence of our daily CDS market closing commentary (some people actually enjoy taking vacations), I provide you with RANsquawk's equity and credit EOD wraps.
Raiffeisen Bank Pulls Exchange Offer
Submitted by Tyler Durden on 06/29/2009 - 16:35It was only a week ago that we were conjecturing about the prospects for Austrian mega-bank Raiffeisen. This being Zero Hedge of course, we came to the conclusion that the prospects were not that hot. Some readers vehemently disagreed. Maybe news today out of RZB will make them a tad less skeptical: the bank announced that it was scrapping the exchange offer without providing much of a reason.
NYSE "Volume" - Lowest Since January 5
Submitted by Tyler Durden on 06/29/2009 - 15:30
Today is EOQ, yet the NYSE traded with the lowest volume since January 5. The correlation continues: low volume - market up; high volume - market plunge. Rinse. Repeat.
Norway Swapping Government Debt For Mortgages
Submitted by Tyler Durden on 06/29/2009 - 15:10Long perceived as a bastion of stability due to their oil-extraction based economy, and socialist system that the US can only dream to emulate, today the Norwegian Central Bank conducted a Dutch auction in which it exchanged NOK10 billion of government securities for residential and commercial mortgage loans. And not just any loans, but including those denominated in SEK, DKK, EUR, USD, GBP and CHF (well, in retrospect, looks like pretty much any loans). Exchange swaps will cover maturities between December 2012 and 2014. But aside from the specifics, it seems that even the Norges are starting to monetize MBS: a process demonstrated to work phenomenally well at propping up a hollow economy by the likes of economic alchemists such as Ben Bernanke and Tim Geithner.
Afternoon News
Submitted by Tyler Durden on 06/29/2009 - 14:17- Danish officials confirm swine flu victim resisting Tamiflu
- VIX drops to 25.65, below closing level before Lehman collapse
- Qatar has made offer for Porsche: Qatar’s offer includes for Porsche’s VW options.
- Germany's Vice Chancellor Steinmeier says no room for further tax cuts
- Bank of America (BAC) 2009 estimate cut to USD 0.65 from USD 0.71 by Rochdale's Bove
- Government to stop outright purchases of stock, State Street to stop rolling buy ins (relax, i jest)
Dennis Kneale: The Great Recession Is Over
Submitted by Tyler Durden on 06/29/2009 - 14:01And I thought the Sanford letters were going to be the funniest thing posted here this afternoon. Oops...
