Archive - Apr 1, 2015

This is true going back even to 1870.

After missing expectations in a dismally weak February print, March turned out even worse. Despite Mark Zandi's reassurances that Feb was a weather-related blip, March ADP employment change was a mere 189k (against expectations of 225k) dropping to its lowest since January 2014. Large business hiring was the worst, adding a mere 19k. Zandi said in Feb that "jobs growth is strong but slowing," but now it appears weak and accelerating lower. And the now recurring punchline: manufacturing jobs -1,000.

* Silver surges 6.5% in dollars and 19% and 12% in euros and pounds *Oil and most commodities declined on economic concerns in the quarter (see table)  *U.S. stocks eked out minor gains to new record highs and look toppy *Gold performance impressive given strength of dollar and equities, oil collapse and negative sentiment

"The time may have come to seek a solution to the drop in liquidity that is a side effect of the BOJ's large-scale JGB purchases," BofAML says.

• Oil holds around $55 as Iran nuclear talks drag on (Reuters)
• Bob Diamond’s African Banking Venture Runs Into Problems (WSJ)
• Iran Nuclear Talks Resume With Lavrov Saying Deal at Hand (BBG)
• Wal-Mart Ratchets Up Pressure on Suppliers to Cut Prices (WSJ)
• Renegades of Junk: The Rise and Fall of the Drexel Empire (BBG)
• Explosion at Yemen factory kills at least 25: residents, medics (Reuters)
• Macerich Rejects Simon Property’s $16.8 Billion Takeover Bid (WSJ)
• Reckoning Arrives for Cash-Strapped Oil Firms Amid Bank Squeeze (BBG)

It has been another whiplash, rollercoaster, illiquid session which saw US equity futures tumble early overnight driven by a bout of USDJPY and Nikkei selling, only to regain all losses as European, and BIS, traders walked in, and promptly BTFD. In fact at last check, it was as if all the fireworks that took place just a few short hours ago and sent the ES as low as 2037, and below what has become the key support level, the 50-DMA never happened.

Long has the government waged war on the privacy and freedom of its citizens. Government has an insatiable appetite for more power and control. This is ultimately how it expands itself and exerts its dominance and ability to tax / steal the wealth of its people.

Too dream the impossible dream...