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Frontrunning: December 22

Tyler Durden's picture

  • IMF announces it has concluded its gold sales (IMF)
  • Euro helped by report China will buy Portugal's debt (Reuters)
  • Huge South Korea Drill Likely to Infuriate North (Reuters)
  • And wristslaps for all: Deutsche Bank to Pay $554 Million in Tax Shelter Case (Bloomberg)
  • Another proposal to use a firehose to kill those pesky CDS speculators: Derivative Blitz Needed to Tame Anarchic Bonds (Bloomberg)
  • China Inflation Risk Leads to Asia's Worst Bond Returns (Bloomberg)
  • Does a Low VIX Signal Danger? (Barrons)
  • Anglo Irish Bank Wins Restructuring Support (FT)
  • Banks Best Basel as Regulators Dilute Capital Rules (Bloomberg)
  • The eurozone needs more than discipline from Germany (FT)
  • When fat cats talk . . . Team O listens -- at last (Gasparino)
  • Chrysler Financial Value Jumped 33% After Treasury's Exit (Bloomberg)
  • China's Risk-Weighting Rule May Cut Banks' Capital, Profits, Barclays Says (Bloomberg)

Economic Highlights

  • Germany Import Price Index for November 1.2% m/m 10.0% y/y higher than expected Consensus 0.5% m/m 9.3% y/y Previous -0.2% m/m 9.2% y/y.
  • Italy Consumer Confidence Ind. sa for December 109.10 higher than expected Consensus 108.3 Previous 108.5.
  • Sweden PPI for November 0.8% m/m 2.20% y/y higher than expected Consensus 0.3% m/m 1.7% y/y Previous -0.7% m/m 2.3% y/y.
  • Norway Unemployment rate(AKU) for October 3.6% higher than expected Consensus 3.5% Previous 3.5%.
  • UK Total Business Investment for Q3 3.1% q/q 8.9% y/y higher than expected Consensus -0.2% q/q 4.6% y/y Previous -0.2% q/q 4.6% y/y.
  • UK GDP for Q3 0.7% q/q 2.7% y/y lower than expected Consensus 0.8% q/q 2.8% q/q Previous 0.8% q/q 2.8% q/q.
  • UK Current Account (BP) for Q3 -9.6B lower than expected Consensus -8.5B Previous -7.4B.

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Wed, 12/22/2010 - 09:23 | Link to Comment wiskeyrunner
wiskeyrunner's picture

It's about time for the great economic data to be released, and then the gap up on the open for SPY. Gap up on open sideways in 2 point range for 6 hours.

Wed, 12/22/2010 - 09:23 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Someone should do a VIX/BDI correlation.

I sense the result would be quite startling.

2008 would be a good test case.

They hit their  lows together (August 2008 I think), then?

We all know, eh?


Wed, 12/22/2010 - 09:33 | Link to Comment kornholio
kornholio's picture

With the topic of POMO being such a massive subject discussed here on zerohedge, why do the business channels like CNBC never talk about it?

Wed, 12/22/2010 - 09:42 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

The first rule of ponzi finance is you don't talk about ponzi finance.

Wed, 12/22/2010 - 11:21 | Link to Comment TheProphet
TheProphet's picture


Third rule: when the Treasury taps out, the PONZI is over

Fourth rule: only two Central Banks to a PONZI

Fifth rule: only one PONZI at a time, fellas

Sixth rule: No TIPS, no PMs

Seventh rule: Ponzis will go on as long as they have to

Eighth rule: if this is your try at finance, you have to PONZI

Wed, 12/22/2010 - 10:28 | Link to Comment rickA
rickA's picture

cnbc also forgot to mention the fed balance sheet hit $1T yesterday for pomo'ing their own treasuries

Wed, 12/22/2010 - 09:41 | Link to Comment AccreditedEYE
AccreditedEYE's picture

@ Bloomberg CDS story... Great, the ECB becomes the next AIG. Brilliant!

Wed, 12/22/2010 - 10:40 | Link to Comment Careless Whisper
Careless Whisper's picture

front run this too:

Lindsay Lohan reported drunk at Betty Ford Clinic

Lindsay collects on lawsuit against etrade for calling baby Lindsay a "milk-a-holic"

Lindsay Lohan fans called on to Crash JP Morgan Buy Silver

Wed, 12/22/2010 - 11:17 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

The IMF reported that the final gold sale was made to a wee bank in Mobile AL

Wed, 12/22/2010 - 11:39 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

What did the IMF do with the proceeds?

Ronan Ryan (Town Bar and Grill): “We’re the first people to get money from the IMF,” when officials visited earlier this month. “I was going to bill them for 85 billion euros, but decided against it.”

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