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One Minute Macro Update
US: Equities soft for a second day on geopolitical concerns, which outweighed the mild positive on Jobless Claims observed yesterday. Treasuries are rallying in the early going as a result of higher oil and the rising unrest in Egypt as well as record EM outflows over the past week. We still classify the jobless data as a mild positive as it still has not passed the test of time and still is a long way from progress given that the participation rate has dropped significantly during this recession. Today will see Trade Balance reports for December (-$38.3B prior, -$40.5BE) as well as UMich Confidence for Feb (prelim, 74.2 prior, 75E).
Europe: Relatively quiet in periphery spreads after the move wider over the past two days. UK Jan PPI Input numbers rise 0.7% MoM v 0.3%E, 3.2% YoY v 3.0%E. Increases were led by oil and imported metals as the signs of commodity price inflation continue to permeate the global economy. German Jan CPI revised up to 2.0% YoY v 1.9% originally reported. Spain 4Q10 GDP YoY 0.6% v 0.5%E despite rising unemployment and continued banking issues.
Asia: PBOC reportedly adjusting RRR upwards for smaller banks according to Chinese press. Also reports that software and integrated circuit manufacturers will have a VAT treatment and be granted preferential tax exemptions. Japan Vice Minister of International Affairs Tamaki commenting positively on Japan's support of EFSF bonds. RBA' Stevens stating that zero rate hike expectations are reasonable.
Brian Yelvington of Knight Capital
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rally i said and rally it did.....iv wave almost complete .......LOAD UP on your NIFTY PUTS.::
http://markettechnicals-jonak.blogspot.com/2011/02/iv-wave-almost-comple...
Agreed bizzaro superman universe bad news = good markets.
Tense - Damn i hope you're right!!
Shorted S&P 3 weeks ago my patience is running thin... any reason for the 'pink' down line
Tyler, surprised you have not noted the House young gun GOP tea party types..they are trying to force the old guard GOP elite to cut 100 billion from fed spending..it looks like a real dog fight for once in congress..the impact of cutting 100 bil on PM's, UE, state and local gov is worthy of a ZH article..go for it.
http://thehill.com/homenews/house/143229-under-pressure-from-tea-party-house-approps-delays-funding-bill-scrambles-for-deeper-cuts-
The "mild positive" in the jobless claims, only reflects the inability of filers to get thru the snowpacks, to their UE office! These job-creating clowns are no more proficient at that, then they are foreign affairs and intelligence gathering. See James Clapper, Leon Panetta, and the biggest disgrace of all, Napolitano!
Looks like the Egyptian army is siding with the egyptian president...in other news WTI is up this morning.
ES
If that's a Bull Flag, the "flag pole" says we're going to the moon.
http://99ercharts.blogspot.com/2011/02/es_11.html
http://www.zerohedge.com/forum/99er-charts-0
I had expected a 3 – 4% type pullback. My opinion is shifting. I am now concerned that we will see an actual full blow correction of closer to 10%:
http://www.hedgefundlive.com/blog/friday-market-expectations-i-still-havent-found-what-i-am-looking-for