• Tim Knight from...
    02/06/2016 - 00:25
    What we must remember is this: we are in a bear market, and the risk of a countertrend rally is present, but confined. The opportunity on the downside movement dwarfs the risk of a push higher, as...
  • Phoenix Capital...
    02/06/2016 - 10:15
    2008 was caused by derivatives based on consumer-focused assets (houses). The next crisis will be driven by derivatives on government-focused assets (bonds).

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European Bank Risk Soars To 3 Year Highs, US Risk Rising

We are going to need more "whatever it takes." And with Draghi's efforts to shove sovereign bonds down the throat of Europe's banks, the sovereign-to-financial linkage is now systemically as worrisome as it has ever been...


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Martin Shkreli Pleads The Fifth During Congressional Hearing On "Skyrocketing" Drug Prices - Live Feed

Martin Shkreli has pleaded the Fifth amendment right against self-incrimination during the hearing.


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One Of The Biggest High Frequenecy Traders Warns Of Potential Market "Catastrophe"

The head of one of the biggest high-frequency trading companies has warned that there are several faultlines in the structure of increasingly electronic, automated financial markets that could lead to a “catastrophe” in the long run. "We’re creeping in the right direction, but unless we proactively address these issues, sometime in the next several decades we are going to experience a catastrophe due to runaway computerised trading,” Tower Research's Mark Gorton said.


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Oil Spikes Near $33 After Turkey-To-Invade-Syria Rumor

Yesterday it was chatter of 6 (non-Saudi) OPEC members agreeing to an emergency meeting (to do what exactly?) that ramped crude (despite dismal production, inventories, and demand data). Today it is talk of Turkey potentially invading Syria from the Russian defense minister...


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PBOC In Da House? Yuan Spikes To 3-Week Highs

Its deja vu all over again in the land of speculative Yuan shorts today. With Golden Week looming, it appears PBOC is stomping on the throat of speculative shorts in the offshore Yuan with another gross intervention. The last 2 days have seen "someone" panic-buying Yuan higher by a stunning 800 pips, smashing CNH back to 3-week highs when then PBOC last intervened in size...


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Explaining Today's Collapse In US Worker Productivity

Nonfarm Productivity collapsed by 3% QoQ, notably worse than expected as labor costs jump. Economists are gnashing their teeth to explain this "plunging productivity paradox" - we think it is rather simple...


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Initial Jobless Claims Average Hovers 11-Month Highs

Since the beginning of 2014, Initial jobless claims and Challenger Job Cuts have decoupled as the former "trended" in its seasonally adjusted manner while the latter appeared to reflect a different reality. That all changed in October last year as the trend in claims began to turn. Last week's jump to 285k dragged the less noisy 4-week average to 285k - the highest since March 2015 as initial claims begin to catch up to Challenger Job Cuts...


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ConocoPhillips Slashes Dividend, Warns Of "Lower Prices For Longer"; Weatherford Fires 15% Of All Workers

Another day, and another round of increasingly uglier news from the global energy sector.


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Starting 2016 With A Bang: Challenger Reports Highest January Layoffs Since 2009

While we await the heavily massaged Initial Claims report from the DOL, moments ago we got the report of actual job layoff announcements tracked by Challenger Gray, and it was quite grim: in the first month of 2016, US-based employers reported 75,114 planned job cuts. January represents the highest monthly tally since July 2015, when cuts reached 105,696. Most troubling, it was the largest January total since 241,749 job cuts were announced during the first month of 2009.


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Credit Suisse Plunges To 25 Year Lows After Posting Enormous $5.8 Billion Q4 Loss

"The environment has deteriorated materially during the fourth quarter of 2015 and it is not clear when some of the current negative trends in financial markets and in the world economy may start to abate."


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Frontrunning: February 4

  • EU Slashes 2016 Inflation Forecast to 0.5% as Growth Seen Slower (BBG)
  • Bank of England cuts UK growth forecasts (FT)
  • Investors Cast Wary Eye on Fed Rate Increases (WSJ)
  • U.N. halts Syria talks as government closes in on Aleppo (Reuters)
  • Credit Suisse Drops as Investment Bank Slump Deepens Losses (BBG)
  • Six OPEC states ready for emergency meeting with non-OPEC members — Venezuela's minister (TASS)

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Futures Flat As Dollar Weakness Persists, Crude Rally Fizzles

After yesterday's torrid, chaotic moves in the market, where an initial drop in stocks was quickly pared and led to a surge into the close after a weaker dollar on the heels of even more disappointing US data and Bill Dudley's "serious consequences" speech sent oil soaring and put the "Fed Relent" scenario squarely back on the table, overnight we have seen more global equity strength on the back of a weaker dollar, even if said weakness hurt Kuroda's post-NIRP world and the Nikkei erased virtually all losses since last Friday's surprising negative rate announcement. Oil and metals also rose piggybacking on the continued dollar weakness as the word's most crowded trade was suddenly shaken out.


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Paul Craig Roberts: There Is No Freedom Without Truth

Conspiracies are real. There are many more of them than people are aware. Many government conspiracies are heavily documented by governments themselves with the official records demonstrating the conspiracies openly available to the public. These conspiracies alone are sufficient to chastise those uninformed Western peoples who go around saying, “our government would never kill its own people." False flag attacks are used by governments in order to pursue secret agendas that they cannot publicly acknowledge. It is late in the game. If you do not stand up for truth, you will have no freedom as there is no freedom without truth.


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