Archive - Apr 2009 - Story

Credit markets are extending their widening trend form late Friday today as single-names are underperforming indices for the first time in over a week. The skew (the difference between index and fair-value) is at its tightest in recent times and we suggest that with equity still significantly rich to credit that we will see equity underperform IG credit in the short-term.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

It may be time to take some profits on Ford's skyrocketing loans (biggest gainer second week in a row). Several other trends continuing from last week.

Source: LPC Loan Connector

Turner Radio Network out with a shocker on what they claim are the leaked Stress results. We paraphrase and can not vouch at all for the truthfulness of the content:

(Update: signs point to potential scammery here. ZH will try to get bottom of this).

• Oracle buys Sun for $9.50/share in cash (PR)
• Bank Of America earns more in Q1 than in all of 2008.
  

• Must read: How Citi made $2.5 billion betting on its own bankruptcy (Daily Reckoning, hat tip Moo)
• Euro falls to one month low on concern ECB split will undermine recovery (Bloomberg)
• Rattner's Quadrangle caught in yet another funding scandal...
  

Bill Miller is patting himself on the back for "burying" quant funds as this just released Bloomberg article notes: its timely appearance is critical as this is easily the most important theme in the current market dislocation, and thus Zero Hedge will post it in its entirety... Bill, after the worst year in his career, may be careful with the timing of his self-congratulations though...

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The “crap rally” accelerated further on Friday, one of the lowest volume options expiration days in recent memory. Gravity defying common equity prices of fundamentally "basket case" businesses advanced further. The move can no longer be described as parabolic. A space shuttle launch trajectory is the most accurate depiction of the move. The only question is if this is mission STS-51-L of Challenger or STS-107 of Columbia. We will know the answer fairly soon.

The “crap rally” accelerated further on Friday, one of the lowest volume options expiration days in recent memory. Gravity defying common equity prices of fundamentally "basket case" businesses advanced further. The move can no longer be described as parabolic. A space shuttle launch trajectory is the most accurate depiction of the move. The only question is if this is mission STS-51-L of Challenger or STS-107 of Columbia. We will know the answer fairly soon.

The “crap rally” accelerated further on Friday, one of the lowest volume options expiration days in recent memory. Gravity defying common equity prices of fundamentally "basket case" businesses advanced further. The move can no longer be described as parabolic. A space shuttle launch trajectory is the most accurate depiction of the move. The only question is if this is mission STS-51-L of Challenger or STS-107 of Columbia. We will know the answer fairly soon.

The “crap rally” accelerated further on Friday, one of the lowest volume options expiration days in recent memory. Gravity defying common equity prices of fundamentally "basket case" businesses advanced further. The move can no longer be described as parabolic. A space shuttle launch trajectory is the most accurate depiction of the move. The only question is if this is mission STS-51-L of Challenger or STS-107 of Columbia. We will know the answer fairly soon.