Snapshot Of The GS Conviction List
Submitted by Tyler Durden on 06/23/2009 - 13:37Zero 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.
Goldman Sachs Analyzes Its Risk Exposure
Submitted by Tyler Durden on 06/23/2009 - 12:45
Until yesterday, the only real risk at the 5th branch of government (4th is the PIMCO/BlackRock two headed hydra) was making sure that 2009 is the year of the biggest bonuses on record (amusingly, now that Cerberus has all but followed Chrysler to its ignominious end (oddly missing from the company's industry expertise page - one would t
Daily Highlights: 6.23.09
Submitted by Tyler Durden on 06/23/2009 - 12:05- China shares fall on worries about world economy but banks and steel gained.
- Euro edges higher against dollar as Federal Reserve to start 2-day meeting.
- Euro zone manufacturing improvement helps recession ease in June.
- House Democrats to open hearings on a sweeping health care bill.
- Japan may end $1.5 billion Venezuela loan on seizures.
- Japan shares fall after Wall Street’s tumble, investors awaits fresh new on global economy from Fed’s policy meeting.
- Obama set to sign into law an antismoking bill that will give the FDA unprecedented aut
Frontrunning: June 23
Submitted by Tyler Durden on 06/23/2009 - 11:47- Boeing announces yet another 787 delay, prior delivery date of Q3 2010 scrapped: are those titanium/carbon frame suppliers still alive?
All quiet on the western front...
Submitted by Tyler Durden on 06/23/2009 - 08:25Well, your favorite macro correspondent is back from his break. It's going to take a few days to get back into the swing of things but I may not have that much time...
Meanwhile, a quick look at USD should be a good complement to your morning coffee - the vol has been essentially sideways for the past couple of months and the carry unwind risk is back to the middle of Greenspan-era liquidity. Yup nothing to see here folks, move it along.
Guest Post: An Efficiency Revolution Long-Overdue And Real World Implications
Submitted by Tyler Durden on 06/23/2009 - 03:08Submitted by Günter Leitold
I guess there is a very good chance that there will be fundamental changes to global financial markets within the next 5 to 10 years.
This will not only include adjustments to rules and regulations, the structure of how markets work, instruments and processes, but also include fundamental changes in how participants operate and what the financial institutions of the future will look like.
Fast Track Airport Lane Files For Liquidation
Submitted by Tyler Durden on 06/23/2009 - 02:57One of the most overhyped and underdelivering companies in the world has liquidated, less than a few years after spending a boatload of capex to purchase uber-expensive machines that ended up being complete garbage and will probably reap 5 cents on the dollar in salvage value. Cardmembers are currently in process of getting their notifications.
Fast Track Airport Lane Files For Liquidation
Submitted by Tyler Durden on 06/23/2009 - 02:57One of the most overhyped and underdelivering companies in the world has liquidated, less than a few years after spending a boatload of capex to purchase uber-expensive machines that ended up being complete garbage and will probably reap 5 cents on the dollar in salvage value. Cardmembers are currently in process of getting their notifications.
Overalottment: June 22
Submitted by Tyler Durden on 06/23/2009 - 01:37- Must read: Researching corruption at the Treasury: The PPT 101 (Market Skeptics)
- NRG suit against Exelon bid dismissed (WSJ)
- State Street will have something to say about this: Fed in discussions on changing Repo transactions (Bloomberg)
Australia Revises GDP Estimate Again?
Submitted by Tyler Durden on 06/23/2009 - 00:25A just issued update publication by ABARE on Australian Commodities (June 2009), in the section summarizing projected 2009-2010 economic activity, ABARE provides a -0.5% estimate for economic decline.
Daily Credit Summary: June 22 - World Banked
Submitted by Tyler Durden on 06/22/2009 - 20:25Spreads were broadly wider in the US as all the indices deteriorated. Indices generally outperformed intrinsics (as post-roll derisking covered by index hedges seemed prevalent) with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew, ExHVOL outperformed pushing the skew wider, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew.
Market Neutral Quant Deleveraging Comes Full Circle
Submitted by Tyler Durden on 06/22/2009 - 19:53The HFR Market Neutral index is back down to when we first discussed it. In the meantime, market neutrals have repeatedly tried to leverage up on numerous occasions and failed every single time. With YTD performance of -3.88%, it will likely only get worse from here.
Collision Course And Volume Spike
Submitted by Tyler Durden on 06/22/2009 - 18:56The 50 DMA and 200 DMA are about to collide. What next?
Also, major volume into the last minute of sell off and continuing after close (going from cumulative below average to well above): Merrill and Susqehanna trading 1 million SPY share blocks after close independently.
White House Expects 10% Unemployment In Next Few Months
Submitted by Tyler Durden on 06/22/2009 - 18:37Developing story: this means that unemployment will either be allowed to reach its true, "unadjusted" levels in the low teens shortly, or will be kept artificially low for 2-3 months, allowing that to be spun as a green shoot by CNBC. Time will tell.
SF Fed On Effectiveness Of Stimulus Package
Submitted by Tyler Durden on 06/22/2009 - 17:57San Francisco Fed providing their 2 cents on classical Keynesian economics as pertains to the efficacy of the $787 billion Obama Stimulus Plan. In summary: "The uncertainty ... remains high. Several economists remain skeptical that fiscal multipliers—whether from spending or taxes—are very large (see, for instance, Barro 2009). Moreover historical relationships may prove much less reliable during this downturn.
