Archive - Jun 6, 2011 - Story

• US data chief warns on employment - "Probably the most notable thing about [the jobs report] is there isn’t anything notable about it,” said Keith Hall, commissioner of the Bureau of Labor Statistics (FT)
• Geithner May Support Lagarde for IMF to Keep U.S. Leadership of World Bank (Bloomberg)
• Obama Is Focusing on Tax Incentives, Subsidies to Spur Jobs, Goolsbee Says (Bloomberg)
• Socialists ousted in Portugal election (FT)
• Sino-Forest to provide details of tree ownership (Daily Mail)
• New data suggests Iran military link-UN atom chief (Reuters)
• Rain quenches thirst of areas hit by drought (China Daily)
• Obama nominee withdraws from Fed race (FT, Reuters)
• Thousands protest against Greek austerity (FT)
• Plan Focuses on Rescheduling of Greek Debt (FT)
• Iran to send caretaker oil minister to OPEC (Reuters)

Find the outliers in below's SAC Capital monthly performance chart. By the way, wasn't there some SAC porn taskforce or something that was focused on looking at funds that constantly beat the market come rain or shine... Perhaps a fund that has had just 3 down months in the past 29 may be worth a red flag or two?

Absolutely nothing on the US economic docket today means stocks will fluctuate based on liesflow out of Europe, and Greece. Since today's 13th consecutive protest in Athens is expected to commence at around noon, it should be in full swing by the time NYSE circuit breakers are turned off around 2:30 pm EDT.

It seems that some Germans are finally realizing that the way the second Greek bailout package is proposed, will likely never work due to the required voluntary acceptance of 100% of bondholders which gives an essentially infinite value to the nuisance factor of holding out. We were thus not surprised to read overnight that Germany has now once again directly contradicted Juncker's comment from Friday that Bailout #2 was agreed upon "in principle." As Goldman explains: "CDU/CSU floor leader Kauder said in an interview with Bild Zeitung that "it has not been decided yet whether there will be another help package or not". CSU head Seehofer said over the weekend that the approval of the Bundestag was not a given; though it is not even clear whether the Bundestag has to approve another package, depending on which sources are tapped for the program." Look for many more such headline whipsaws as one after another piece of news comes out, now that the troika realizes its last ditch house of cards has finally toppled.

A snapshot of the European Morning Briefing covering Stocks, Bonds, FX, etc.
Market Recaps to help improve your Trading and Global knowledge