Archive - Nov 7, 2009

Tyler Durden's picture

Observations On The Psychology Of A False Market Rebound





A recent note out of permabullish ward of the state BofAMLCFC (makes sense why they would be permabulls: after all nobody asks why CNBC is a non-stop propaganda mouthpiece for pro-market, pro-GE, pro-stimulus policies... everyone makes fun of it, everyone cracks up at Kudlow and company, but nobody questions it - it does, after all, make complete sense when one considers their agenda is to have all their ever diminishing viewers purchase however many shares of their soon to be former employer GE, even if it means said viewers financial ruin in a month or a year) shares some interesting perspectives on what would happen if a market that is priced for absolute perfection does not end up occurring (or, scarier, does). The note below out of Sadiq Currimbhoy, Merrill's Hong Kong strategist should be kept in mind any time readers enjoy the rosy propaganda from Merrill's David Bianco, which has the form, consistency and texture of two-ply Charmin'.

 

Marla Singer's picture

Radio Zero: One More Time?





Have you recovered from last night?  Perfect (whatever your answer was)!  Let's do it again.

Our test broadcast begins, well, now.  The real stuff? Think 9:00ish ET.

Listen here: http://cdo.zerohedge.com:8000/listen.pls

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Chat up the DJ (send your .mp3 files) here: radiozh.

Or... join our IRC server at chat.zerohedge.com #radiozh.  If you just can't be bothered with an IRC client, we've provided one for you here (opens new window). Otherwise, consider getting mIRC.  (Since our chat server has gone beta, you might want to give it a shot).

 

Tyler Durden's picture

The Galleon Insider Trading Net Expands, Will SAC Be Caught Next?





With over 30 people arrested or cooperating with the US Attorney General in the biggest insider trading bust in history, one can be sure that as many of those wishing to avoid jail time sing, many more arrests will undoubtedly come. Will this investigation impact "information arbitrage" specialist SAC (as Zero Hedge has speculated)? As of now the firm has gone through unscathed, although the net may be closing in on the 72 Cummings Point Road behemoth. After all, why would the SEC attempt to place its informant back with Steve Cohen's $12 billion hedge fund unless they had prior reason to be suspicious, and unless Richard Lee had advised them of improprieties handled by the man who trades 10% of the NYSE's (declining) volume daily. An arrest implicating billionaire Steve Cohen would likely make (or destroy) the political career of whoever the attorney prosecuting him. Which is why any evidence better be ironclad.

 

Econophile's picture

Mises: The Man Who Predicted the Depression





I've been meaning to write a piece on Ludwig von Mises, the greatest economist who ever lived, and, if you will, a hero of mine. This is a piece on Mises from the Op-Ed page of the Wall Street Journal by Mark Spitznagel. Spitznagel is the head of Universa Investments and is a protege and partner of Nassim Taleb of Black Swan fame. Those of you who have been following my blog know of my admiration of Mr. Taleb. He and Mr. Spitznagel were also "right," and Universa made a lot of money for their investors from our economic crisis.

 

RobotTrader's picture

The Next Bubble: Gold





Who would have thought that central bankers who have been offloading gold the last 10 years would suddenly reverse course and become buyers? Hey, can't blame these guys. They are into self preservation just like any other Fidelity, Putnam, or Vanguard "Money Mangler" on Wall Street attempting to save his career and avoid becoming an unemployment statistic or worse, pushed off the social register.

 

Tyler Durden's picture

Reading Between The Lines Of David Einhorn's Attack On CDS





David Einhorn is angry at CDS. But is that the full story? Hardly. We believe Einhorn's attack on CDS is an implicit attack on the broken core of the fiat monetary system itself.

 

Tyler Durden's picture

The Anonymity Of HFT Whales May Be About To Expire, Together With Their Revenue Streams





If you have been wondering why Rentec, GETCO, Citadel and Highbridge are sweating these days, it is because the SEC is preparing to finally remove the rock they all crawl under as they execute millions of trades each and every second. As Traders Magazine reports, "the Securities and Exchange Commission, in an effort to get more information about high-frequency trading, plans to dust off an old statute that allows it to require large traders to "self-identify" themselves. As part of the plan, the SEC will propose a rule implementing a large trader reporting system for non-broker-dealers." So if you see any particularly abnormal market behavior these days, don't be surprised if it is simply due to Jimbo and Kenny doing all the can to pocket last any minute revenue before the hammer comes crashing down.

 

Bruce Krasting's picture

Fannie's Tax Sale to Goldman - No Deal! Bad 'Optics' the Cause?





The Fannie tax deal is an indication that Washington is well aware of the risks they face with an angry population. No more insider deals for the 'Fat Cats'. I am just wondering what that might cost us

 
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