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Frontrunning: September 30

Tyler Durden's picture





 
  • A cynical must-read twofer from Bloomberg: Mystery of Disappearing Proprietary Traders (Michael Lewis) and Save Americans by Sticking It to Them (Jonathan Weil)
  • Someone gets it: Stocks are up only in terms of a declining dollar. In real terms, relative to gold, stocks have gone nowhere.  (Barrons)
  • Ireland faces "horrendous" bank bill, Spain downgraded (Reuters, WSJ)
  • Final bill for Anglo bailout at least €29.3bn (Irish Indepndent) as Lenihan warns Budget will be worse than expected (IE)
  • Pathetic farce of the day: AIG Announces Plan to Repay U.S. Rescue With Stock (Bloomberg) as nobody mentions yet that the CBO, OMB and Treasury project losses on the "aig investment program" in the amount of $36B, $50B and $45B; Taxpayers cant wait to get made whole fast enough
  • Japan and South Korea report output growth (FT), yet stocks are more focused on the 7K claims beat in the US
  • China Says U.S. Yuan Legislation Will Hurt World Economy (Bloomberg)
  • China says U.S. yuan bill could harm ties (Reuters)
  • Gold hits record high as investors eye U.S. policy (Reuters)
  • The Myth And Mistake Of Quantitative Easing (Forbes)
  • Many toxic waste threats are history but Superfund lives on (Reuters)
 


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Thu, 09/30/2010 - 09:17 | Link to Comment Sudden Debt
Sudden Debt's picture

Someone gets it: Stocks are up only in terms of a declining dollar. In real terms, relative to gold, stocks have gone nowhere.  (Barrons)

That will trigger a rally from the stock that didn't follow the rise in gold.

Expect the DOW to rise these next few days

Thu, 09/30/2010 - 09:18 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Japan and S Korea report output drop (not growth)

Thu, 09/30/2010 - 09:21 | Link to Comment Hephasteus
Hephasteus's picture

Silver busted 22.02. Toot toot.

 

Thu, 09/30/2010 - 09:22 | Link to Comment 99er
99er's picture

(Reuters) - China on Thursday warned that a House of Represenatives bill to penalize it for not letting the yuan rise faster could seriously affect bilateral ties.

Thu, 09/30/2010 - 09:25 | Link to Comment wiskeyrunner
wiskeyrunner's picture

Thu, 09/30/2010 - 09:26 | Link to Comment cdude
cdude's picture

Statistiganda + CNBC (dryhumping the aforementioned) + POMO day + ton of shorts in play = meltup

Thu, 09/30/2010 - 09:29 | Link to Comment wiskeyrunner
wiskeyrunner's picture

Just look at the magic futures go, it's like magic how they rise.

Thu, 09/30/2010 - 09:29 | Link to Comment lizzy36
lizzy36's picture

Blue Tits alert.....all that matters is it is a POMO day.

Well and the last day of the month and the last day of the quarter.

Dow 12,000 - giddup!

 

Thu, 09/30/2010 - 09:33 | Link to Comment bigdumbnugly
bigdumbnugly's picture

mark haynes perplexed on how stocks and gold can both be moving up when traditionally they move opposite eachother.  he just wondered outloud which one is right?  lol.

i wonder...

stay tuned mark.  this round of pomo ends oct 6th.

Thu, 09/30/2010 - 09:38 | Link to Comment wiskeyrunner
wiskeyrunner's picture

Yet another gap up in SPY, just like magic. Gap up on the open 4 point rage for 6 hours, yes some things never change.

Thu, 09/30/2010 - 09:39 | Link to Comment Silverhog
Silverhog's picture

It's still following tradition, Gold is going up and stocks are going down, they just won't let us see that.

Thu, 09/30/2010 - 09:39 | Link to Comment dukeness
dukeness's picture

AAPL:GLD  does not look as hot as AAPL to dollars.  Of course, you can't eat an iPad either.

 

http://stockcharts.com/h-sc/ui?s=AAPL:GLD&p=W&yr=3&mn=0&dy=0&id=p1837849...

Thu, 09/30/2010 - 09:41 | Link to Comment Ace Ventura
Ace Ventura's picture

Awesome! AIG is paying back the magically-poofed TARP money with fancy certificates of 'stock'. Great stuff. I hereby declare that I will repay my entire mortgage in full, with newly issued Ace Ventura Bond Certificates of Excellent Awesomeness.

Matter of fact, I'm off to the Ferrari dealership as soon as I get my crappy HP inkjet to crank out enough AVBCEA's. This system kicks ass.

Thu, 09/30/2010 - 09:47 | Link to Comment fuu
fuu's picture

Save ink and time by just adding more zeros to each sheet!

Thu, 09/30/2010 - 09:53 | Link to Comment snowball777
snowball777's picture

Not nearly so fancy as they were a week ago...20% -> 7.9%. Ouch.

Here comes Mongo.

Thu, 09/30/2010 - 14:53 | Link to Comment gillimus
gillimus's picture

Amazing that our government has come to this "agreement" with AIG.  I am reminded of Blimpie (who was a friend of Popeye and not a sandwich store) who said, "I'll gladly pay you Tuesday for a hamburger today."

Thu, 09/30/2010 - 09:42 | Link to Comment viator
viator's picture

"A highly damaging — and deeply anonymous — piece of analysis started making the rounds on Wednesday. Sent from a specially-created Gmail account, with no named author(s), it explores “discrepancies” within published Spanish GDP figures.

It questions Spain’s official GDP statistics for the period between 2007 and 2009, suggesting the national statistics office may have understated the country’s decline in growth by as much as 14.2 per cent.

We’ve excerpted it below — and while it certainly seems to highlight what appear to be some interesting incongruities — the fact that it’s been published anonymously means it must be treated with kid gloves. Still though, it’s not the kind of thing Spain wants floating around the market this week.

The central premise is that certain indicators and components of Spanish GDP don’t quite stack up with reported national accounts data"

http://ftalphaville.ft.com/blog/2010/09/30/356201/an-anonymous-tip-off-r...

 

Thu, 09/30/2010 - 09:45 | Link to Comment cnbcsucks
cnbcsucks's picture

What the hell just happened at 09:42???

 

Thu, 09/30/2010 - 09:47 | Link to Comment unum mountaineer
unum mountaineer's picture

silver

Thu, 09/30/2010 - 10:15 | Link to Comment Hephasteus
Hephasteus's picture

Big deposit to customer inventory and big withdrawal over at comex. OUCH.

Thu, 09/30/2010 - 10:17 | Link to Comment Ace Ventura
Ace Ventura's picture

you forgot the second part: .....biiiizzznatchezzz!!!

 

Thu, 09/30/2010 - 13:17 | Link to Comment LauraB
LauraB's picture

Breaking news: "A massive international cybercrime scheme that relied on Internet viruses to loot millions of dollars from U.S. and foreign bank accounts has been broken, federal law enforcement officials said. ..."

FBI Charges Dozens in Global Virus Scam: http://www.foxnews.com/scitech/2010/09/30/fbi-charges-dozens-global-viru...

Sat, 10/09/2010 - 09:39 | Link to Comment senthil456
senthil456's picture

There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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