• Pivotfarm
    08/03/2015 - 15:25
    The quest for perfection is man’s unattainable goal. Man can never be perfect if we are to believe the English philosopher Thomas Hobbes. Man is man’s wolf and all of that.

Tyler Durden's picture

Bad Data... Buy It All

FOMC inflation fears... Weak GDP... Piss-poor wage growth... buy it all



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The Cost of Stagnation: We're Living In Limbo

This erosion of opportunities to complete life's stages and core dramas is rarely recognized, much less addressed. The End of Secure Work and the diminishing returns of financialization are disrupting these core human challenges and frustrating those who are unable to proceed to the next stage of life...



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This Is What A Total Breakdown In Market Internals Looks Like

Below-the-surface breakdowns strengthen BCA Research's conviction that investors should stay defensive. Technically, the S&P 500 looks weak. Breadth has thinned considerably this year. Less than 50% of S&P 500 industry groups are trading above their 40-week moving average and/or have a positive 52-week rate of change.



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LinkedOut - Social Media Superstar Enters Bear Market Overnight

Well that escalated quickly...



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VIX Crushed Back To 11 Handle As "Investors" Seek Safety Of Biotechs

Because nothing says "sell vol with both hands and feet" and buy Biotechs like a collapse in the wage growth meme and consumer sentiment...



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The 2015 Untrustworthies Report - Why Social Security Could Be Bankrupt In 12 Years

The so-called “trustees” of the social security system issued their annual report last week and the stenographers of the financial press dutifully reported that the day of reckoning when the trust funds run dry has been put off another year - until 2034. So take a breath and kick the can. That’s five Presidential elections away!

...Except that is not what the report really says.



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Head Trader Of World's 4th Largest Hedge Fund Caught In HFT Frontrunning Scandal

Shortly after we reported the latest market-rigging scandal, in which ITG was busted for frontrunning sellside clients in its dark pool in what has been since dubbed a "trading experiment" (because it sounds better than criminal conspiracy to defraud clients), and which will cost the company a record for a private Wall Street firm $22 million settlement, we had one question for AQR's Cliff Asness yesterday morning: "Hi @Cimmerian999, is Hitesh Mittal the AQR employee who was formerly at ITG and is part of the SEC settlement?"   We got no answer from the AQR head, but luckily Bloomberg noticed, and as it turns out the answer to our question was a resounding yes.



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Gold Surges Back Above $1100 As Dollar Dumps After Wage Data

Paper gold prices continue their extreme volatility ride, spiking $20 as the dismal ECI data hit this morning (as we pre-suppose weak data means moar money printing inevitably coming down the pike)...



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Chicago PMI Jumps To 6-Month Highs As UMich Consumer "Hope" Tumbles To 2015 Lows

It appears Chicago businesses are immune to the vaguaries of the worst quarterly wage growth in US history. Following significant weakness earlier in the year, Chicago PMI surged to 54.7, the second highest in 2015, smashing expectations of a 50.8 print. Having flashed its recessionary warning lights, while 7 underlying factors improved led by increased production and new orders (and prices paid), employment continued to fall (though at a slower pace). After missing in July's preliminary print (93.3 vs 94.0), UMich consumer sentiment final print for July dropped even further to 93.1, heading back towards the lows of the year as hope plunged from 87.8 to 84.1 - the lowest since Nov 2014.



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"Western Central Banks Have Set Us Up; You'll Hear The Printing Presses From Mars"

As Marc Faber said at SocGen's January conference, if he could short central banks directly he would do so, but gold is the next best thing; and despite it being sucked into the general commodity malaise, Albert Edwards says "Gold is a must-have holding in this world."



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Worst Wage Growth In History Sparks Bond & Stock Buying Frenzy, Rate Hike Expectations Crater

Bad news is great news again... Stock are surging (and bond yields tumbling) following the worst wage growth in history this morning. The US Dollar is getting hammered and the Fed Funds Futures (price) curve is surging (as rate hike hopes are priced out).



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Earnings Shocker: Quarterly Increase In Wages Is Smallest On Record

The quarterly increase in US wages was just 0.2% - a third of the 0.6% rise expected - and a meager 2% increase Y/Y in line with all the other depressed BLS data, which dashes the "wage growth is looming" meme and crushed the 0.7% rise in Q1 that had so many hopeful of escape velocity any day now.



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Exxon Earnings: Carnage

Moments ago energy titan Exxon Mobile, which not too long ago was bigger than AAPL by market cap, and is now roughly half the size of the phone maker, reported earnings which were, in a word, a bloodbath.



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Deutsche Bank "Loses" LIBOR Chat Records; Will Try Hard To Find Them

Deutsche Bank says a "software glitch" caused an "unknown" number of electronic chats dating back to 2005 to be deleted (possibly forever), a "mistake" that could endanger the bank's record $2.5 billion LIBOR settlement with regulators. 



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Frontrunning: July 31

  • U.S. stock futures slip amid lukewarm earnings, fall in commodities (Reuters)
  • Stressful times for low-polling Republicans who may miss debate stage (Reuters)
  • Trump shows staying power with surge ahead of first debate (Reuters)
  • China Market Manipulation Probe Targets Spoofers After Crash (BBG)
  • Beijing Chosen to Host 2022 Winter Olympics (WSJ)
  • Obama Warns Support on Iran Deal ’Getting Squishy’ Amid Pressure (BBG)
  • Pacific trade negotiators chase elusive final deal in tough talks (Reuters)


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