Archive - Jun 2009

• ADP May private job losses: 532,000, April revision higher by over 50K to 545K! (Reuters)
• Germany's Angela Merkel has had it with the Fed insanity (FT and WSJ)
• Mutiny: Labour MP's seeking signatures for Gordon Brown ouster, to
  

In what could become the first stone David has cast at Goliath, the U.S. Court of Appeals for the Second Circuit has decided to hear the appeal of the Indiana Pensioners. The WSJ reports that the Second Circuit will hear oral arguments on Friday the 5th, which will make bankruptcy emergence this week (as Chrysler and Obama had hoped) an impossibility.

Everyone, and Bernanke especially, knows that the highly objective UMich CONsumer CONfidence index is a wonderful leading and lagging indicator to the market, which is why lately it has been getting the rose colored glasses treatment. Curiously, the other consumer index, the ABC Consumer Index staged a major trend reversal this week with the one thing it should be mostly fond of - the market. While the market has kept on going higher as more retail investors look at the Con Con and figure all is hot, the weekly ABC index begs to differ.

Everyone, and Bernanke especially, knows that the highly objective UMich CONsumer CONfidence index is a wonderful leading and lagging indicator to the market, which is why lately it has been getting the rose colored glasses treatment. Curiously, the other consumer index, the ABC Consumer Index staged a major trend reversal this week with the one thing it should be mostly fond of - the market. While the market has kept on going higher as more retail investors look at the Con Con and figure all is hot, the weekly ABC index begs to differ.

Everyone, and Bernanke especially, knows that the highly objective UMich CONsumer CONfidence index is a wonderful leading and lagging indicator to the market, which is why lately it has been getting the rose colored glasses treatment. Curiously, the other consumer index, the ABC Consumer Index staged a major trend reversal this week with the one thing it should be mostly fond of - the market. While the market has kept on going higher as more retail investors look at the Con Con and figure all is hot, the weekly ABC index begs to differ.

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Particularly notable are slides 63 and 64 for all who care to see beyond the propaganda.

Spreads were tighter in the US as all the major indices improved (with HY and IG making new contract tights once again). Indices typically underperformed single-names with skews widening in general 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's skew widened as it underperformed.

When the green shots have wilted, it is time to take out the hard core propaganda shoots.

Now that's some hot error checking at CNBC.

When the green shots have wilted, it is time to take out the hard core propaganda shoots.

Now that's some hot error checking at CNBC.

When the green shots have wilted, it is time to take out the hard core propaganda shoots.

Now that's some hot error checking at CNBC.

WSJ reports that George Noble and former Tudor superstar Jim Palotta will close their hedge funds, return cash to investors. Will be interesting if the insane market closing action over the past two days is related to their unwinds.