Archive - May 2009

Now with a hearty helping of futures manipulation (courtesy of the SLP?). None of this should be news to Zero Hedge readers. The video below from Fox Business News discusses all you need to know about how to prop a market about to crash. Fast forward to 2 minutes and 30 seconds.

Tomorrow at 10am, a hearing will be held on the critical matter of financial insolvency by, none other, than the.... Committee on Science And Technology (Scientology?). Yep. If there was ever any wonder if the right people are asking the right question in Washington, this should forever put away any doubts and speculations.

As Zero Hedge has claimed on numerous occasions in the past, the ultra-expedited sale of Lehman's North American Broker Dealer operations to Barclays Capital a mere 4 days after Lehman filed for bankruptcy, was likely rife with not just impropriety and judicial incompetence, stupidity and hubris (here's looking at you

• FASB rule will force banks to move assets onto books, more pain down the road (Bloomberg)
• Local banks face big losses due to commercial real estate (WSJ hat tip IMA5U)
• In advising U.S., BlackRock thrives in uncertain times (NYT and

Today's SPY advertised volume presented without much commentary, merely with the observation that, while Morgan Stanley is nowhere to be found in the top SPY IOIA advertised brokers (in a bizarro market, normal things make no sense, and vice versa), DB (together with JPM, RIEF's PBs) is scarfing up SPYs and having seconds.. and thirds...

Today's SPY advertised volume presented without much commentary, merely with the observation that, while Morgan Stanley is nowhere to be found in the top SPY IOIA advertised brokers (in a bizarro market, normal things make no sense, and vice versa), DB (together with JPM, RIEF's PBs) is scarfing up SPYs and having seconds.. and thirds...

Today's SPY advertised volume presented without much commentary, merely with the observation that, while Morgan Stanley is nowhere to be found in the top SPY IOIA advertised brokers (in a bizarro market, normal things make no sense, and vice versa), DB (together with JPM, RIEF's PBs) is scarfing up SPYs and having seconds.. and thirds...

Yet another low volume, TurboTICK upside day. Nothing to see here, except for some unprecedented odd behavior... Actually for something more to see here, check out Sentiment Trader's thoughts. And a question for readers: did anyone trade today or was it mostly RIEF trading with Medallion?

Yet another low volume, TurboTICK upside day. Nothing to see here, except for some unprecedented odd behavior... Actually for something more to see here, check out Sentiment Trader's thoughts. And a question for readers: did anyone trade today or was it mostly RIEF trading with Medallion?

Yet another low volume, TurboTICK upside day. Nothing to see here, except for some unprecedented odd behavior... Actually for something more to see here, check out Sentiment Trader's thoughts. And a question for readers: did anyone trade today or was it mostly RIEF trading with Medallion?

The market did some strange things today. Those who follow it (and maybe trade it), will tell you it went up. The catalyst: communists lose some Indian political leverage, which will usher American style... socialism... in India, and homebuilders apparently are building homes again. The first item is open to discussion (mostly by political pundits), however to assume that the Indian market can shoot 20% higher on a "surge of urgency" seems like a bit of a pipe dream.

The market did some strange things today. Those who follow it (and maybe trade it), will tell you it went up. The catalyst: communists lose some Indian political leverage, which will usher American style... socialism... in India, and homebuilders apparently are building homes again. The first item is open to discussion (mostly by political pundits), however to assume that the Indian market can shoot 20% higher on a "surge of urgency" seems like a bit of a pipe dream.

The market did some strange things today. Those who follow it (and maybe trade it), will tell you it went up. The catalyst: communists lose some Indian political leverage, which will usher American style... socialism... in India, and homebuilders apparently are building homes again. The first item is open to discussion (mostly by political pundits), however to assume that the Indian market can shoot 20% higher on a "surge of urgency" seems like a bit of a pipe dream.

Spreads were tighter in the US as all the indices improved. Indices generally outperformed intrinsics with skews mostly narrower (with the late-day gap tighter in indices not seen in single-names and rumored to be driven by a couple of dealers caught short) as IG's skew decompressed as the index beat intrinsics, HVOL underperformed but narrowed the skew, ExHVOL outperformed pushing the skew wider, XO underperformed but compressed the skew, and HY outperformed but narrowed the skew.

Submitted by David Galland, Managing Editor, The Casey Report