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Lowest Bid-To-Cover Since 2009 In Ugly, Tailing 5 Year Auction As China Dumping Story Picks Up Steam

Cofirming that China is clearly out of the market for the time being, was the Indirect take down, which at 50.1% was the lowest since October and with Directs of 7.3% not stepping up, it meant Dealers were stucking holding 42.5% of tthe auction, the lowest since January 2014.



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Virginia Reporter, Photographer Killed During Live TV Report; "Disgruntled Employee" Gunman Tweets Attack, Shoots Himself

Vester Lee Flanagan - aka Bryce Williams - the gunman who killed two journalists during a live broadcast in Virginia has attempted suicide and is "in a very critical condition", media report.

In a stunning update, the disgruntled employee gunman - has tweeted the moment he killed the two news people... (video has been removed from his twitter and facebook account which are now suspended). While Americans are becoming numb to inner city violence, shooting sprees, and lone gunmen at military installations, the following stunning clip - from live TV at the Bridgewater Plaza in Bedford County, Virginia - of a reporter and photographer being shot and killed is likely to raise the public's awareness of the underlying chaos occurring under the surface in America every day...



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When The FOMC Completely Loses The 'Inflation' Argument

Lost in all the stock market focus is the renewed disaster being signaled across credit markets, “inflation” expectations in particular. Here oil prices and the “dollar’s” darkening intersect with credit and broad financial settings. Quietly, market-based measures of the anticipated future “inflation” path have crashed. It can no longer be transitory, which extrapolates nowhere good for monetary policy, orthodox economics and the actual global economy. The theme for several years now has been that “they don’t know what they are doing” and once more we find that proven by “unexpected” events that were perfectly predictable outside the orthodox bubble.



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Third VIX ETF Short Squeeze In A Row Sends Stocks To Low-Of-Day

For the third day in a row, VXX - the VIX ETF - is suffering a dramatic short squeeze (which makes sense given than short interest is 64.08mm shares against 68.1mm shares outstanding). This surge is weighing on stocks which just hit the low of teh day - with Small Caps now in the red.



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Full Witch Hunt: Chinese Police Probe Securities Regulator While Securities Regulator Probes Brokers

Not satisfied with having arrested a reporter and a prominent investment banker, China is also looking into alleged improprieties at CSRC, the regulator which runs the CSF equity plunge protection team. Meanwhile, CSRC is conducting its own investigations into multiple brokers. 



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Is John Paulson The Biggest Loser From Today's Blown Monsanto-Syngenta Deal

The size of Paulson's stake is unknown, however we do know that the top 20 shareholders top out at about $150 million in SYNN holdings. Assuming a $200 million Paulson stake, that means that Paulson's paper losses were likely $30-40 million today (depending on the price he build up his stake), losses which may have been booked if Paulson decided to cash out.



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Iran Prepared To Defend Old Market Share "At Any Cost"

Iran’s oil minister says his country supports calls for an emergency OPEC meeting to explore ways to shore up the price of oil, but even without such an effort, Tehran is willing to regain its market share “at any cost.”



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China's Economy Is...

Google delivers its verdict...



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Is This Where VIX Is Going Next?

Once again the HFTs appear to be signaling market direction, this time in VIX.



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Dudley Says "We Are A Long Way From Additional QE"

And scene: FED'S DUDLEY SAYS "WE ARE A LONG WAY FROM" ADDITIONAL QUANTITATIVE EASING

So... how far is the "away": another 5% drop in the S&P "data"? 10%? 20%? Inquiring frontrunning vacuum tubes want to know.



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Dudley Sends Rate-Hike Odds Plunging, Hammers USDJPY, Slams Stocks

Comments from Fed's Dudley have sparked USD weakness as a sooner-rather-than-later rate-hike appears off the table. USD weakness drags USDJPY lower which in turn fun-durr-mentally slams US Stocks. September rate-hike odds slide to 26% from 28% yesterday...



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Dudley Just Killed The Rate Hike: "September Less Compelling; I Hope We Can Raise Rates This Year"

Goodbye September rate hike. From the much anticipated Dudley Q&A:

  • DUDLEY: CASE FOR SEPT RATE HIKE LESS COMPELLING
  • DUDLEY: US DATA GOOD, BUT CAN'T JUST LOOK AT DOMESTIC DATA

Yes, have to also look at domestic stocks.  TSYs jumping on the news, USDJPY flattish until the algos reverse the correlation trackers so tthey can push stocks higher on this latest admission of Fed policy failure.



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DOE Confirms Major Inventory Draw, Crude Production Slowest In 3 Months

Following last night's huge drawdown in inventories, according to API, The DOE data shows a huge 5.45mm bbl draw (against expectations of a 3.7mm bbl draw). This is the biggest draw since early June and 2nd biggest draw in 13 months. Production data showed a 3rd weekly drop in a row (4th of last 5 weeks) but of lesser magnitude. WTI crude's reaction was an initial surge to test API-spike highs but then weakness ensued as Fed's Dudley started speaking...



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"Central Bankers Look Naked... & Investors Have Nothing Else To Believe In"

"Policymakers responded to the financial crisis with easy monetary policy and low interest rates. The critics — including us — argued against 'solving a debt crisis with more debt.' Put differently, we said that QE was necessary, but not sufficient for a recovery. We are now coming to the moment of reckoning: central bankers look naked, and markets have nothing else to believe in."



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No Discussion Of Economic Outlook In Bill Dudley Speech, Attention Turns To Q&A

Perhaps the biggest market moving event of the day, more so than the Durables data, was Bill Dudley's speech. However, at least based on the prepared remarks there is no discussion of the economy. From Bloomerg. Now all eyes turn to the Q&A which is where any questions relevant to the recent move in markets will most likely emerge.



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