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In An Unrigged World: Here's How A Record S&P Close Was Manufactured

Judging by the action today, all that mattered today was 2117.39 - that is the S&P 500's previous closing record high from March 2nd. One glimpse at the charts below and the VIX-slamming is evident (especially at the close) as each time it came close to losing the record high, a miraculous deep-pocketd volatility-seller stepped in...



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Nasdaq Traders (Summarized In 17 Seconds)

Warning, some high school students were injured in the making of this Nasdaq Trader analogy...



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Entire Treasury Department Competes For Same Goldman Sachs Job Opening

“Within just minutes of listing the open position on our jobs page, the flood of applications from treasury.gov email addresses started rolling in, and it hasn’t slowed down since,”



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An Austrian Province Just Requested A State Bailout

Finance Minister Hans Joerg Schelling has said repeatedly that the Austrian government isn’t liable to cover Carinthia’s guarantees." Herr Schelling's warning is about to be tested. Yesterday, Carinthia officially asked Vienna for financial support. The spokeswoman said Carinthia would run out of money in June without help, confirming local media reports. No Austrian province has ever gone bankrupt and there is no legislation on how to handle such an event.



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When To Put On Bill Gross' Big Bund Short: Citi Explains

With only six weeks (or one Graccident) to go until Bund purchases are forced out to 7-year maturities, and with traders warning that nearly every piece of PSPP-eligible German government paper will eventually trade special in repo despite the ECB’s feeble attempt to remedy the situation via its Securities Lending Program, the world wants to know: “when do I sell Bunds?”



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Statue Of Liberty Evacuated Following Bomb Threat, Suspicious Package

The Statue of Liberty was evacuated Friday afternoon after someone called in a bomb threat and parks police reported a suspicious package, law enforcement sources tell NBC4 New York. The NYPD's bomb squad was called to the scene, along with EMS workers. A security sweep of the island is also being conducted. As yet, no devices have been found.



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The 7.5 Year Itch Starts Next Week

A gentle reminder that next week sees the beginning of the market's seven-and-a-half year itch...



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The 'Relentless' Greek Debt Payment Schedule

Greece, which owes €324 billion to the International Monetary Fund, the European Central Bank, and euro zone governments, faces a relentless debt payment schedule over the next few months.



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Crude Drops After US Rig Count Decline Extends To Record 20 Weeks

For a record-breaking 20th week, US rig counts declined. Total rigs dropped 22 to 932 (the 4th smallest drop since Nov 2014) while oil rigs fell 31 to 703 (down over 56% from the highs). With the very modest production drop (all due to Alaska with the Lower 48 flat) it appears any slowdown in drilling rigs has not dampened enthusiasm to pump, baby, pump. WTI initially popped but is fading now...



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Electric Car Sales Plunge To 4 Year Lows

But low oil prices are supposed to be unequivocally good? On the day when Ford lays off 700 Michigan plant workers in small cars and hybrids manufacturing, The Detroit News reports that, according to Edmunds.com, sales of electric cars and hybrids are at the lowest level since 2011. What is even more worrisome, motorists who leased those first-generation cars, and have decided not to buy them, are turning them in, leaving dealer lots full of low mileage cars at huge discounts to new ones. As Edmunds concludes, while "the government's going to keep pushing it, there is time to pause right now."



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As Predicted, Dismal Durable Goods Sends Stocks To Record High

Surprise!!



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Puerto Rico Warns Of Imminent Government Shutdown Due To "Liquidity Crisis"

"A government shutdown is very probable in the next three months due to the absence of liquidity to operate," Puerto Rico's finance officials warn, in an effort to shock lawmakers into action and avoid a potential "PRimbo".



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Of Bonds & Bankers: Impossible Things Are Commonplace

There was once a time, perhaps, when unprecedented things happened only occasionally. In today’s financial markets, unprecedented things are commonplace. The Queen in Lewis Carroll’s ‘[Alice] Through the Looking-Glass’ would sometimes believe as many as six impossible things before breakfast. She is probably working in the bond markets now, where believing anything less than twelve impossible things before breakfast is for wimps.



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