Archive - Nov 2014
November 26th
Misery Mounts As Airline Delays & Cancellations Surge On East Coast
Submitted by Tyler Durden on 11/26/2014 12:46 -0500As of 1220ET, 505 flights have been cancelled in the US today (and 1,731 additional flights are subject to delays) as airlines both pre-emptively and reactively prepare for the worst case nor'easter due to hit the East Coast any hour now. Chicago O'Hare is subject to the most flight delays, followed by New York's JFK. Newark, Laguardia, and Philadeplhia airports are seeing the most cancellations currently. "In most cases, the worst time to travel in the mid-Atlantic and New England due to the storm will be on Wednesday and Wednesday night."
Global Gold Demand Will Overwhelm the Manipulators
Submitted by Sprott Money on 11/26/2014 12:35 -0500Precious metals have taken a horrible beating over the past month. They were suppressed to levels not seen since 2010. The result of this price depression was a massive increase in demand from individual investors and nations alike.
For The World's Largest Rig Operator, The "Recovery" Is Now Worse Than The Post-Lehman Crash
Submitted by Tyler Durden on 11/26/2014 12:24 -0500The last time the world's largest oil and gas drill operator, Seadrill, halted its dividend payment was in 2009, shortly after Lehman had filed and the world was engulfed in a massive depression. Retrospectively, this made sense: the company was struggling not only with depressionary oil prices, but with a legacy epic debt load as can be seen on the chart below. So the fact that the stock of Seadrill collapsed by 20% today following a shocking overnight announcement that it had once again halted its dividend despite what is a far lower debt load than last time, indicates that when it comes to energy companies, the current global economic "recovery" - if one believes the rigged US stock market - is actually worse than the Lehman collapse.
"It's All Good, Right?"
Submitted by Tyler Durden on 11/26/2014 11:57 -0500It really isn’t hard to connect the dots and see the real economy in the real world, outside Wall Street, is a disaster and getting worse by the hour. Below are a bunch of dots that have been issued in the last 24 hours. Here are the facts.
Most Indirect Bidders For 7 Year Paper Since US Downgrade Means Lowest Yield In Over A Year
Submitted by Tyler Durden on 11/26/2014 11:48 -0500After describing this week's prior two bond auctions as "blistering" and "scorching", we were concerned we would run out of hyperbolic adjectives to describe today's last for the week 7 year auction. As it turns out, our concerns were unfounded, because moments ago the Treasury announced it sold $29 billion in 7 Year paper at a 1.96% yield, a small 0.4 bps tail to the When Issued in an auction that was just modestly weaker than the prior two, relatively speaking, even if in absolute terms the high yield, down from 2.02% last month, was still the lowest since October 2013, and as can be seen on the chart below, is continuing to drop. The Bid to Cover also showed a substantial pick up in interest, jumping to 2.635, the highest since February, and well above the 2.54 TTM average.
PLaNeS, LaMeBRaiNS AND BaNKSTeR SCHLeMieLS...
Submitted by williambanzai7 on 11/26/2014 11:40 -0500Happy Pre-Thanksgiving in Zero Hedgetown!
The Mystery Of Surging Q3 GDP Explained And Why Americans Are Suddenly $80 Billion "Poorer"
Submitted by Tyler Durden on 11/26/2014 11:33 -0500In order to "suggest" that the US economy had grown by a far greater than expected run-rate, the BEA was forced to revise away personal income, and "assume" these had instead been invested in the US economy, in the form of a surge of durable goods purchases. Sure enough, while both incomes and savings tumbled, spending magically surged: So if that "statistical" amount of money you thought you had saved in the BEA's savings.xls spreadsheet just dropped by 10%, fear not dear Americans: it was all used for a good cause: to fabricate a much stronger than expected Q3 GDP number.
Something Is Wrong With This Chart
Submitted by Tyler Durden on 11/26/2014 11:11 -0500Israel's leader Benjamin Netanyahu said this morning "we will rectify this absurdity." We suspect he was talking about this chart!!
California Housing Market Cracks in Two, Top End Goes Crazy
Submitted by testosteronepit on 11/26/2014 11:07 -0500Fed’s wealth effect kicks in: “Mind-blowing” how the luxury market has been “completely on fire.” The rest, well….
Gold “Price” Spikes to $1,467.50/oz on Computer Glitch?
Submitted by GoldCore on 11/26/2014 11:02 -0500Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage in what appears to have been some form of computer glitch. It was not manipulation, a short squeeze, or a modern Chinese or Russian ‘Goldfinger’ sending a pointed message to Washington.
The New Home Sales Farce: Department Of US Economic "Data" Revisions Full Frontal
Submitted by Tyler Durden on 11/26/2014 10:22 -0500Moments ago the Census Bureau reported that 458K new homes were sold in October (with a 16.5 error confidence), which missed expectations of a 471K increase from last month's 467K print, but that's ok, because last month's number was also revised substantially lower from 467K to 453K, which in turn will allow the mainstream propaganda to tout that New Home Sales jump in October to match the highest print since October 2013. There is one problem: here is what the update chart of New Home Sales data looks like on a historical basis... and as revised. It sure puts that 458K "increase" in a slightly different light.
UMich Confidence Misses By Most In 13 Months
Submitted by Tyler Durden on 11/26/2014 10:04 -0500Following the Conference Board's tumble in confidence, Bloomberg's consumer comfort index surged this morning (rather aberrationally) to highs not seen since 2007. However, while UMich consumer confidence rose from last month to its highest since July 2007, it missed expectations by the most since October 2013. It would seem the survey respondents in UMich and Bloomberg confidence are stockholders, and Conference Board respondents are not... UMich data is dominated by a surge in current conditions with the outlook flat.
Chicago PMI Suffers 4th Biggest Drop Since Lehman
Submitted by Tyler Durden on 11/26/2014 09:54 -0500Having surged to last October's highs last month, Chicago PMI tumbled back to mediocrity in November, missing extrapolatedly exuberant expecatations by the most since July. As 60.8 (against 63.0 expectations) this is barely above the levels of Q1's polar vortex as New Orders, Employment, and Production all fell (with only 2 components rising). This is the 4th largest MoM drop since Lehman but MNI remains confident that "the trend remains positive..."
OPEC's Prisoner's Dilemma
Submitted by Marc To Market on 11/26/2014 09:14 -0500Is the oil cartel impotent? Is the price of oil going to fall further? What to expect from tomorrow's OPEC meeting.
Prosperity Amidst the Ruins
Submitted by Tyler Durden on 11/26/2014 09:10 -0500All the blather about "growth" and GDP is just propaganda to misdirect our attention from the real problem: the total domination of governance and finance by a class of vested interests and mega-wealthy cartels/oligarchies.







