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Frontrunning: July 23
- US Initial Jobless Claims (Jul 18) W/W 554K vs. Exp. 557K (Prev. 522K, Rev. to 524K)
- "If there's a blue pill and a red pill, and the blue pill is half
the price of the red pill and works just as well, why not pay half
price for the thing that's going to make you well?"- Obama (Washington Examiner) - Zero Intelligence trading closely mimics stock market (New Scientist)
- Jonathan Weil: Accountants gain courage to stand up to bankers (Bloomberg)
- Obama's Fed Risk Regulator plan fading as lawmakers back council (Bloomberg)
- Looks like that CIT bankruptcy will still happen after the soon to be failed bond exchange offer (Bloomberg)
- Michael Milken, 60,000 deaths, and the story of Dendreon (Deep Capture)
- Ford burns $1 billion, earns $2.3 billion, accountants everywhere highfiving on a job well done(WSJ)
- NPR: Bin Laden's son may have been killed by U.S. missile in Pakistan (Bloomberg)
- Thoughts on U.S. personal consumption (David Malpass, Enicma Global)
- Bond market leadership: what does that tell us (Green Faucet)
- Howard Marks: stem those fees (NY Post)
- Ignoring watchdog report, treasury gives three major banks sweetheart deals (HuffPo)
- Wendelin Wiedeking gets €50 million departure gift for destroying Porsche (FT)
- FINalternatives Survey: High-Frequency trading has a bright future (FINalt)
- Fed's exit strategy: a deft and fortunate fed (Global Commentary, Northern Trust)
»
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I took the red pill along with the blue pill; things are WAY better than expected.
Obligatroy: http://xkcd.com/566/
If this hasn't been reported since last night:
Brazil cuts interest rate 50 bps (as expected) to record low... 8.75% !
http://www.reuters.com/article/usDollarRpt/idUSN2212139020090722?sp=true
Last week's initial claims were 522k and the expectations for this week were 557k. If things are getting better, shouldn't the expectations have been for something less than 522k? I guess that would make it harder to beat expectations.
Another week, another half a million jobs lost... Take the blue pill indeed, mr. president *sigh*
Everyone should note, that the number isn't for that week, it is basically the number * 4.
That's why the 4 week moving average is always quoted - it is more representative of a complete month.
There have been a total of ~ 7 million jobs lost since the beginning of 2008.
we got phucked again on the warrants.
nice job Geithner
Edward Jones pulls the plug on Leveraged ETFs
http://seekingalpha.com/article/150571-edward-jones-discontinues-sale-of...
The David Malpass piece left much to be desired. "There is no doubt the Fed will be able and has the tools to unwind the massive monetary stimulus in place at the present time." How so again? I would love to have seen that proven, but alas, he changes the subject. So BB can just write WSJ op-eds and it will be taken as fact? He took his blue pill before writing this.
The Q's have gone vertical...12 straight up days!
Yes, nobody has the patience to wait until 3:55 anymore to start the ramp. That is so yesterday. Now, we open flat to slightly down, then at 9:31 the ramp starts. The pattern of entry of the large buy orders repeats each day and it has become an easy trade. Also a crowded trade.
Undoubtedly I will be proven wrong and far too pessimistic in this world of better than expected horrendous data and earnings, but this morning's melt-up reeks of buy capitulation. I'm out.
posted this yesterday. worth a read. Talbott and Simon Johnson via Salon
http://www.salon.com/opinion/feature/2009/07/22/economic_crisis_part_one/
shorted at 966. will short again later this morning when spx hits 995.
quite a remarkable spike i must say.
what blue pill was Obama talking about? the little blue pill?
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ZH, I keep geeting this error in the CAPTCHA
QUESTION: ?? times 19 equals -456
ANSWER: -24
ERROR: Math question cannot be longer than 2 characters but is currently 3 characters long.
Markets running up nicely today and possibly tomorrow for the "mysterious correction" over the next two weeks.
Treasury Auctions: http://market-ticker.denninger.net/