August 22nd, 2013

Tyler Durden's picture

Market Breaks Again: NASDAQ Halts Listed Securities, Options Trading

First it was BATS self-helping against NYSE Arca, now it's Nasdaq's turn to break. Joking aside, AAPL dipped below $500 literally minutes before the NASDAQ broke. We joked earlier when we said any selling is enough to break the market. Now, we are not so sure...


Tyler Durden's picture

How Soaring Yields Are About To Make A 5 Year Bond Auction Into A 7 Year Reopening


If the auction of the 5-year Treasury notes to be held Wednesday, August 28, 2013, results in a high yield in a range of 1.500% through and including 1.624%, the 5-year notes will be considered an additional issue of the outstanding 1-1/2% 7-year notes of Series P-2018 (CUSIP No. 912828RE2) originally issued August 31, 2011. The additional issue of notes would have the same CUSIP number as the outstanding notes, which are currently outstanding in the amount of $29,886 million. If the auction results in the issuance of an additional amount of the outstanding 7-year notes rather than a new 5-year note, it will be indicated in the Treasury's auction results press release and by a special announcement. Any net long position reporting in this auction should be in regard to the 5-year notes.


Tyler Durden's picture

Meet "BOSS": The Department Of Homeland Security's Facial Scanning Program

Ever heard of BOSS? Didn’t think so. BOSS stands for Biometric Optical Surveillance System, and it is a crowd-scanning program that has been in development by the Department of Homeland Security (DHS) for almost three years now. Did you catch that? This is the DHS, the ridiculously dangerous, cancerous, gargantuan waste of money our “leaders” foolishly created after 9/11 to prevent “terrorism.” Whereas in the beginning most people actually believed the DHS was there to stop cave dwellers with terroristic tendencies, it is now completely clear that its primary mission is to protect the oligarchs and political criminals from domestic dissent.


Phoenix Capital Research's picture

Maintaining the Illusions of Growth For China and the US


The latest policy being implemented by Governments around the world consists of simply making data points up when reality doesn’t conform to their wishes.


Tyler Durden's picture

Obama Talks College (Un)affordability - Live Webcast

Summarizing the entire speech in two words: "charge it"



williambanzai7's picture

JaCKSoNASSHoLeS 2013...

Ezy Shysters!


Tyler Durden's picture

"Tepco Has Lost Control" - What Is Really Happening At Fukushima In Four Charts

After a self-imposed gag order by the mainstream media on any coverage of the Fukushima disaster (ostensibly the last thing the irradiated Japanese citizens needed is reading beyond the lies of their benevolent government, and TEPCO, and finding out just how bad the reality is especially since the key driver behind Abenomics is a return in confidence at all costs), the biggest nuclear catastrophe in history is once again receiving the attention it deserves. This follows the recent admission by TEPCO of the biggest leak reported at Fukushima to date, which forced the Japanese government to raise the assessment of Fukushima from Level 1 to Level 3, even though this is merely the catalyst of what has been a long and drawn out process in which Tepco has tried everything it could to contain the fallout from the exploded NPP, and failed. And today, in a startling and realistic assessment of Fukushima two and a half years after the explosion, the WSJ finally tells the truth: "Tepco Has Lost Control."


GoldCore's picture

U.S. Mint American Eagles Sales Fall In August But Robust For 2013

Premiums on the Shanghai Gold Exchange rose from $21 yesterday to $22.40 (0800 GMT) over London spot showing robust physical demand in China. Demand from the over 2 billion people, rich and poor,  in China and India alone this year alone is set to be 1,000 metric tonnes which is worth over $87 billion or roughly what the Federal Reserve is printing every single month.


Tyler Durden's picture

More DK'ed Goldman Losses? BATS Declares, Revokes And Re-Declares Self-Help Against NYSE Arca

UPDATE: Looks like that Goldman loss may have been a bit bigger than expected. BATS just redeclared self-help against NYSE Arca. There was a time that a red DJIA was needed for the market to break. It has become any downtick.

It's happened again... Judging by the speed with which the latest NYSE Arca market failure was resolved, we can only assume the amount of Goldman Sachs losses that are about to be DK'ed is 'only' in the 10 million range at most...


Tyler Durden's picture

Bad News For Chelsea E. Manning: US Army Won't Provide Hormones, Sex-Reassignment Surgery

Some bad news for Pvt. Bradley Chelsea Manning, who was sentenced to spend 35 years in male prison:


Well, there goes that approach: it seems Chelsea's debut was short-lived.


Tyler Durden's picture

Guest Post: The Source Of Systemic Crisis: Risk And Moral Hazard

There are all sorts of candidates for the root cause of the systemic global financial crisis, but if we separate the wheat from the chaff we're left with risk and moral hazard. Pointing to human greed and cupidity as the cause doesn't identify anything useful about this era's crisis, as human greed, self-interest and opportunism are default settings. Programs that backstop banks and social insurance systems like Medicare are not like fire or life insurance because they are effectively open-ended in terms of costs and in exposure to risk. A system which pools risk without distributing it to the participants and eliminates the causal connection between risk and consequence introduces moral hazard on a grand scale.


Tyler Durden's picture

BLS, We Have A Problem: Polled Unemployment Soars To March 2012 Levels

Gallup tracks daily the percentage of U.S. adults, aged 18 and older, who are underemployed, unemployed, and employed full-time for an employer, without seasonal adjustment. Due to the lack of Arima-X 'magic' the results are specifically not comparable to the BLS data, but, as the chart below suggests, the correlation is high. What is most worrying about the latest data is the rapid rise in both unemployment and underemployment that the Gallup poll finds (to 8.9% unemployment and 17.9% underemployment. Unemployment rates have jumped notably in the last month to their highest in 13 months. Will the Fed 'allow' this data to filter into the BLS data and 'avoid the Taper' or are there non-economic reasons (G-20, deficits, technicals, sentiment) that the Fed needs to SepTaper.



Tyler Durden's picture

So Far 1.3x Greeces Have Been Bailed Out... And More Is Coming

Schaeuble and Merkel have very recently confirmed what was leaked a month ago - that Greece will likely get yet another 'helping hand' aid program. Some have noted that this may be financed using EU funds instead of additional loans from EU-area countries (or the IMF) yet Merkel's comments (perhaps playing to her electioneering needs) appeared to dismiss this - prompting talk of a 'bail-in' based on the new normal 'template' applied to Cyprus. Greece has so far received two bailout packages totaling EUR240 billion (with about EUR22 billion still to be released) which is 130% of Greece's GDP (which stands at EUR186.2 billion) and while the thord package appears smaller (for now) at EUR10.9 billion (based on IMF funding gap forecasts), this covers only the period through 2015 (and we know how accurate the IMF has been in the past with its hockey-sticks). Greece remains  mired in the sixth year of a recession with more than 6 out of 10 young people unemployed.


Tyler Durden's picture

Initial Claims Rise To Highest Since July 19, Biggest Miss In 6 Weeks

While largely noise in the context of the big picture, last week's multi-year low in initial claims of 320K (revised upward as usual to 323K), driven in big part by the specific furlough situation at the automakers, reversed and rose by 13K to 330K, or 6K higher than expectations. This was the highest claims number since July 19, the biggest miss to expectations and also the largest weekly jump in 6 weeks. Notably, the entire move was due to seasonal adjustments: the unadjusted claims number declined even more, dropping from 283K to 279K, although with the market at a point where bad news is desperately needed to provide even the tiniest bounce to risk, the adjustment is now meant to distort the underlying data lower not higher.


Tyler Durden's picture

Are You A "Confident Consumer"? It Depends How Rich You Are

Consumer confidence for those who earn $50,000 or more per year has recovered entirely to pre-Great Recession levels while lower income groups continue to lag. It seems, as Bloomberg's Rich Yamarone points out, money (or credit) really can buy happiness.

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