Archive - Jun 4, 2009

Mortgage vigilantes out in full force today, calling Bernanke's bluff. Spread to 10 Years galloping fast as well.

Mortgage vigilantes out in full force today, calling Bernanke's bluff. Spread to 10 Years galloping fast as well.

Today, Chrysler's terminated dealers finally get a chance to be heard by Judge Speedy, although the mootness of the hearing can be smelt from miles away. Associated Press has some good color on the proceedings:

Just under 20 dealers were sworn in at the beginning of what was expected to be a lengthy day of testimony from both dealers and Chrysler LLC executives. Arguments on the motion are scheduled for Tuesday.

In what is an interview for the ages, CNBC's Melissa Francis takes on DB's Chief Economist Joe LaVorgna, stupefies him (and whatever watchers the comedy channel might have left) with a definition of inflation taken straight out of Cosmopolitan, tells him he has lost all credibility (4:20 into the clip), rewriters the first chapter in Econ 101, and ploughs on even after permabull Kudlow tells her to shut up. Priceless (in both a deflationary and Cosmo's inflationary world).

After a peculiar pick up in April, the chain store sales trendline has reverted to a complete collapse, dropping a whopping and record 4.6% in May. Look like tax refund stimulus benefits have done their temporary magic and now all trends are back on their usual course.

Below is the definition on Chain Store Sales for those unfamiliar:

After a peculiar pick up in April, the chain store sales trendline has reverted to a complete collapse, dropping a whopping and record 4.6% in May. Look like tax refund stimulus benefits have done their temporary magic and now all trends are back on their usual course.

Below is the definition on Chain Store Sales for those unfamiliar:

After a peculiar pick up in April, the chain store sales trendline has reverted to a complete collapse, dropping a whopping and record 4.6% in May. Look like tax refund stimulus benefits have done their temporary magic and now all trends are back on their usual course.

Below is the definition on Chain Store Sales for those unfamiliar:

The greatest commercial real estate Kool Aid convention is currently in progress at the Waldorf-Astoria where NAREIT is holding its annual circlejerk week (oddly Zero Hedge was not invited), during which REITs try to convince other REITs how great the market is

The greatest commercial real estate Kool Aid convention is currently in progress at the Waldorf-Astoria where NAREIT is holding its annual circlejerk week (oddly Zero Hedge was not invited), during which REITs try to convince other REITs how great the market is

The greatest commercial real estate Kool Aid convention is currently in progress at the Waldorf-Astoria where NAREIT is holding its annual circlejerk week (oddly Zero Hedge was not invited), during which REITs try to convince other REITs how great the market is

DUDE: Terrific, JPM SPY Trader. But you haven't told me how we run the market up as it looks weak this morning?

JPM SPY TRADER: That's the simple part, Dude. I start buying the SPYs, I grab shorty and beat his shares out of him.

JPM SPY Trader: ...Huh?

DUDE: Yeah. That's a great plan, JPM SPY Trader. That's fucking ingenious, if I understand it correctly. That's a Swiss fucking watch.

DUDE: Terrific, JPM SPY Trader. But you haven't told me how we run the market up as it looks weak this morning?

JPM SPY TRADER: That's the simple part, Dude. I start buying the SPYs, I grab shorty and beat his shares out of him.

JPM SPY Trader: ...Huh?

DUDE: Yeah. That's a great plan, JPM SPY Trader. That's fucking ingenious, if I understand it correctly. That's a Swiss fucking watch.

DUDE: Terrific, JPM SPY Trader. But you haven't told me how we run the market up as it looks weak this morning?

JPM SPY TRADER: That's the simple part, Dude. I start buying the SPYs, I grab shorty and beat his shares out of him.

JPM SPY Trader: ...Huh?

DUDE: Yeah. That's a great plan, JPM SPY Trader. That's fucking ingenious, if I understand it correctly. That's a Swiss fucking watch.

The following is a speech "A Preliminary Assessment Of The TALF" presented by NY Fed President William Dudley to a SIFMA PPIP summit today. Overall, not too exciting, but Bill is either being disingenuous, patronizing or flat out stupid with this line of thought:

• Bernanke urged lawmakers to commit to reducing ~$2trillion budget deficit.
• Oil rises to near $67 in Asia as 3-month rally resumes after heavy selloff.
• Private sector jobs in the U.S.