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Frontrunning: January 10

Tyler Durden's picture

  • ECB buying every sovereign bond it can find. Seriously
  • Obama Eyeing Internet ID for Americans (CBS)
  • US Banks Face Fresh Stress Tests (FT)
  • SNB Clarifies Stance On Portuguese Bonds (WSJ)
  • Evans-Pritchard: Deepening crisis traps America's have-nots (Telegraph)
  • Demanding the Mark Back: Opposition to the Euro Grows in Germany (Spiegel, h/t Mark Mansfield)
  • Trade War Looming, Warns Brazil (FT)
  • Yellen Speech May Offer `Proxy' for Planned Unwinding of Fed QE (Bloomberg)
  • Paul Krugman Channels Jimmy Carter, and The Club of Rome (Forbes)
  • Portugal under pressure to seek EU/IMF aid (Reuters)
  • China City Set to Tax Residential Real Estate (WSJ)
  • "Illusory Prosperity" - Ludwig von Mises on Monetary Policy (Hussman)
  • Queensland Floods Within Insurers' Capacity Deluge Worsens (Bloomberg)
  • U.S. and China say deeper military ties needed to avoid missteps (Reuters)
  • Cameron Sees Threat From Rising Inflation (FT)
  • How High Can Stocks Go? (Ciovacco Capital)
  • Sarkozy Seeks US Backing To Reform Monetary System (FT)

European economic highlights:

  • Euro-Zone Sentix Investor Confidence for January 10.6 - lower than expectedConsensus 11.8. Previous 9.7.
  • France Industrial Production for November 2.3% m/m 6.0% y/y - higher than expected.Consensus 1.0% m/m 4.0% y/y. Previous -0.8% m/m 4.5% y/y.
  • France Manufacturing Production for November 2.2% m/m 5.1% y/y higher than expected. Consensus 0.8% m/m 3.6% y/y. Previous -0.9% m/m 4.4% y/y.
  • Italy Deficit to GDP (ytd) for Q3 5.1%.Previous 6.1%.
  • Norway CPI for December 1.1% m/m 2.8% y/y - higher than expected.Consensus 0.5% m/m 2.3% y/y. Previous 0.2% m/m 1.9% y/y.
  • Norway CPI Underlying for December 0.2% m/m 1.0% y/y – in line with expectations. Consensus 0.2% m/m 1.0% y/y. Previous 0.1% m/m 1.0% y/y.
  • Norway Producer Prices incl.Oil for December 4.6% m/m 23.9% y/y - higher thanexpected. Consensus 2.5% m/m. Previous 3.5% m/m 17.9% y/y.
  • Switzerland Retail Sales (Real) for November 2.5% y/y - higher than expected. Consensus0.9% y/y. Previous 3.5% y/y.

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Mon, 01/10/2011 - 09:22 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Obama Eyeing Internet ID for Americans (CBS)


George Orwell apologizes, posthumous, for the slight delay.


In other breaking news: Paul Krugman does 'full-retard,' U.S. banks may get yet another round of pretend-stress tests, and goverments around Europe underreport inflation.

Mon, 01/10/2011 - 09:23 | Link to Comment Chappaquiddick
Chappaquiddick's picture

That's exactly what I honed into - anonymity on the web allows for a better dialogue - look at ZH for  an excellent example.  They'll track your every syllable and no doubt be using it against you at some point further down the line.  What a fucking nightmare.

Mon, 01/10/2011 - 09:28 | Link to Comment Salinger
Salinger's picture

and that is why ZH allows for anonymity (as long as you register and provide an email)

Mon, 01/10/2011 - 13:31 | Link to Comment Popo
Popo's picture

Yeah.. b.s. email addresses are really tough to come by.

Mon, 01/10/2011 - 13:31 | Link to Comment Popo
Popo's picture

Yeah.. b.s. email addresses are really tough to come by.

Mon, 01/10/2011 - 09:27 | Link to Comment LeBalance
LeBalance's picture

Time to lay our own cable.  Internet Generation Next.

Mon, 01/10/2011 - 12:37 | Link to Comment hbjork1
hbjork1's picture

How about coded transmission.  That should help the jobs market. 

I wonder how many government workers could be employed decoding US internet transmissions.

Mon, 01/10/2011 - 09:16 | Link to Comment absinthejo
absinthejo's picture

From the Forbes article about Krugman : “Scarcity”, or “finite” supplies of commodities are mythical notions, and Krugman should know this.


Mon, 01/10/2011 - 12:44 | Link to Comment hbjork1
hbjork1's picture

What he is thinking is that if grain prices go up, farmers will produce more grain, etc. Supply/demand response curve will increase employment.

But, some folks will be in serious pain along the way. 


Mon, 01/10/2011 - 09:24 | Link to Comment Cdad
Cdad's picture

Front Jogging 1/10 

1.  The equity market will be all bummed out today as Europe prepares to purchase all the souls in another Piig country.  Folks in Portugal will be all down with indentured servitude because they won't really understand the issue until it is too late.

2.  Shares of the world's coolest aerospace company will give cdad a scare this morning but will still show Mark Zuckerberg what productivity really looks like...and exports too!...despite how L. Blankfein hearts Mark Zuckerberg.

3.  Shares of Apple will fall today because everyone in the entire world already owns them...which is the signal for criminal syndicate Wall Street bankers to break out the long knives.

4. Bank shares will quietly drift lower today as criminal syndicate Wall Street bankers quietly unload those shares that were used to pump the Roach Motel [SPY] in December...all of them pretending that the poor price action in the group has nothing to do with the fact that the CFTC is about to put a fire hose on all of their commodity traders AND all of them are about to rediscover what "haircut" means. 

5.  Little Miss Euro will stumble towards a halfway house on her way to 1.2599/USD.  Ben Bernanke will be nowhere in sight [God be praised].

6. The completely morally depraved stud man USD will have his way with anything that moves, ultimately stealing the show as criminal syndicate Wall Street bankers watch their equity positions hosed by algorithms that are totally into adult USD action.

7.  Gold falls today because of the USD even though gold is the only long trade that makes sense anymore in the Broken United States.

8.  Chinese Communist Central Planners will begin appearing in public wearing crash helmets as they prepare for impact causing Ben Bernanke will get acquainted with the inside of his coat closet, experimenting with piling coats upon himself, as his secretary shows him spreadsheets indicating just how many hungry Chinese people hate his guts for causing food inflation.   

9. The ride at the L. Blankfein Wildest Dreams Park [oil futures] will be interesting as Loyd's crew will try to instantly arbitrage to death any PERCEIVED gain in future consumer strength resulting from 105,000 folks that supposedly just got jobs in the US [lol] by draining those PERCEIVED new earnings away from those new workers at the pump before their first new paychecks even arrive in the mail...using some nominal headline about supply disruption as their excuse.

10. Despite Robo's best attempts posting twelve month charts depicting how Tyler Durdens have been falling for exactly twelve months...folks notice how Durden RSI actually turned up over a month ago and the volume chart shows December capitulation.  Byron Wien experiences an instance of incontinence when Durden's drawn picture causes geeks everywhere to swoon.

 Good luck navigating this travesty of a market on our inexorable march towards "Z Day"...which is the day that Iphone 4 users, stumbling through malls in search of the white model, will finally discover their curious penchant for human flesh.


Mon, 01/10/2011 - 09:34 | Link to Comment Manipulism
Manipulism's picture


Mon, 01/10/2011 - 09:54 | Link to Comment velobabe
velobabe's picture

still like your jogging†

Mon, 01/10/2011 - 09:58 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Cdad, I recommend you to be a poster on ZH. Great humor along with "seeming" knowledge of what you are speaking of.

In fact, you can be ZH's resident Jon Stewart (hey, you aren't JS are you, per chance?). Make people laugh at the very things that are killing them. Ironic humor, the tonic for the times it seems.

Good stuff. You even have Velo's heart man!


Mon, 01/10/2011 - 10:59 | Link to Comment Cdad
Cdad's picture

Thanks ORI [despite the ear punch "seeming"]  We should fight sometime.

I am trying to figure out how to include, in one article: The Roach Motel, "Open Bar," creation units machines, L. Blankfein Wildest Dreams Park, Little Miss Euro drinking mojitos and stud man USD making movies, criminal syndicate Wall Street bankers, Durden charts, The Arcade [IWM], and Z Day [oh, plus $9-$11 burritos]...all observed from the back of my coat closet under a pile of coats.  When I can do that, I might make a submission.

No, I am not JS, but I would very much like to write his financial jokes for some sweet trading dough.  If anyone knows him, please rec me there, too.

As for velobabe, she really ripped me in days gone by.  And while I cannot imagine how I won her heart, I agree that something significant has happened there...although I have no idea what the significance of it is as I am still a ZH greenhorn.

Good luck, man...because the equity market is about to behave like a fellow that just used Novartis products to relieve himself of the burden of one of those burritos.



Mon, 01/10/2011 - 12:27 | Link to Comment velobabe
velobabe's picture

DeJa Vu. i just have a crush on you† you remind me of someone i thought i knew. i get all tingy when you spell out my name, Cdiddy!

Mon, 01/10/2011 - 12:56 | Link to Comment hbjork1
hbjork1's picture

Wisdom for warriors,


"Keep your own clock." 

BUT, be carefull about overdriving your headlights.

Mon, 01/10/2011 - 12:32 | Link to Comment velobabe
velobabe's picture

your the reason i cancelled my atnt cell phone account on my, "O L D" iphone! good riddens.

Mon, 01/10/2011 - 10:03 | Link to Comment Careless Whisper
Careless Whisper's picture

Nigel Farage Unplugged


Mon, 01/10/2011 - 10:50 | Link to Comment 99er
99er's picture

David Stockman on Budget: Point of No Return

The Obama administration's $78 billion cut to US defense spending is a mere "pin-prick" to a behemoth military-industrial complex that must drastically shrink for the good of the republic, a former Reagan administration budget director recently told Raw Story.

"It amounts to a failed opportunity to recognize that we are now at a historical inflection point at which the time has arrived for a classic post-war demobilization of the entire military establishment," David Stockman said in an exclusive interview.

"The Cold War is long over," he continued. "The wars of occupation are almost over and were complete failures -- Afghanistan and Iraq. The American empire is done. There are no real seriously armed enemies left in the world that can possibly justify an $800 billion national defense and security establishment, including Homeland Security."

Short of that, he suggested, the United States has "reached the point of no return" with its artificial creation of wealth, and will eventually face a sharp economic decline.


Mon, 01/10/2011 - 14:03 | Link to Comment AnAnonymous
AnAnonymous's picture

Hogwash. Diversion talks...

Watch for military budget increase, because it is coming...

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