Archive - Jun 2009 - Story

By now if you don't know the trajectory that the federal government has set on with monetizing virtually anything and everything, you must be living somewhere deep in the green shoot forest with only enough WiFi/cable coverage to get CNBC. But while the government and its "reserve" are set on a specific course, the fate of individual states in the US is far less certain (for example, if Arnie could print Spearmint Rhino funny money and buy the miles and miles of unwanted inventory in Long Beach harbor, he would; unlucky for the strippers, and lucky for everyone else, he can't.

Spreads were mixed in the US today as HY underperformed IG as credit rallied intraday but ended pretty much unch on the day. Indices generally outperformed intrinsics (single-names were generally wider) with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew, XO's skew increased as the index outperformed, and HY's skew widened as it underperformed.

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Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

The treasury curve just hit a new all time record wide of 278.7 bps.

The treasury curve just hit a new all time record wide of 278.7 bps.

The treasury curve just hit a new all time record wide of 278.7 bps.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

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.

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