• Pivotfarm
    04/17/2014 - 17:08
    You know when you want to read that last page of the book just before you fall off into the Land of Nod and the Sandman comes and sandbags you to fall asleep?

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Equity Rallies Are Corrective, Downside Risks Remain, BofAML Says

As the second algo-crazy spike in stocks in 2 days draws to a close, it is perhaps worth considering BofAML's Macneil Curry's perspective on the S&P 500 - despite the potential for further near-term strength, equity gains are corrective and downside risk remain... or put a different way "sell the f##king rips." Just as growthless-ly, Curry advises 5s30s flatteners in Treasuries as the slowing trend is set to continue.



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Bomb Squad Arrives At Boston Marathon Finish Line To Investigate Unattended Bags

On the one year anniversary of the Boston Marathon Bombing (which oddly enough the NSA did not prevent, even before its expansive anti-terrorist exploits were revealed by Edward Snowden) it was practically unavoidable that there would be some echos of that tragic day. Sure enough as CBS reports, "the area near the finish line of the Boston Marathon was evacuated Tuesday night after two unattended backpacks were left at the finish line. Police tape has been put up around the photo bridge on Boylston Street. WBZ-TV photographers on scene say they saw a person with the backpack screaming “Boston Strong” before police cleared everyone from the area."



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Putin Tells Merkel "Ukraine On The Verge Of A Civil War" As Germany Agrees To Re-Sell Russian Gas To Ukraine

A day after Putin called Obama to warn him that only the US president can prevent bloodshed in Ukraine - something which Obama failed at based on this morning's reports out of east Ukraine - German Chancellor Angela Merkel had a follow up phone call with the Kremlin a few hours ago, in which Putin told her that "The sharp escalation of the conflict puts the country, in essence, on the verge of a civil war".



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This Is How Free Americans Really Are

Today is tax day in the Land of the Free – the deadline for roughly 150 million individual tax returns to be filed. Of course, those who refuse will be hauled off to prison at the point of a gun (we’ve advanced beyond swords). And everybody knows it. It seems completely incongruent for a nation that is supposed to stand for the ideals of freedom and justice to be world famous for its medieval prosecution of tax policy. And there’s one clear example that we want to share with you today.



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Venezuela's Socialist Leader Maduro Doing His Best Obama Impersonation

Because apparently all great socialist thinkers went to the same school:

VENEZUELA SHOULD OBTAIN MORE TAXES FROM WEALTHY, MADURO SAYS
MADURO SAYS HE PROPOSES FISCAL ‘REVOLUTION’

And, as Bloomberg reports, "I will call on the people to launch an economic offensive superior to the one in November and December"... "Economic actions to focus on production, supply and fair prices"



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The One Condition Under Which The US Treasury Permits Korea To Manipulate Its Currency

" The Korean authorities should limit foreign exchange intervention to the exceptional circumstances of disorderly market conditions" - US Treasury



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Over 40% Of The S&P 500 Is In Correction Mode

The S&P 500 is down around 4% from its highs (outperforming the high-beta hangovers of Nasdaq and Russell 2000 that were down almost 10% from their highs at today's lows). But under the surface, the S&P is ugly with the 500 index members down 10.5% on average. 213 members of the S&P 500 are down over 10% (in correction mode). Only 72 member of the 500-stock index are 'beating' the index... this is not just a small-cap growth-hype selloff... it's spreading...



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Soaring Food Inflation Full Frontal: Beef, Pork And Shrimp Prices Soar To Record Highs

We previously noted that both beef and pork (courtesy of the affectionately named Porcine Epidemic Diarrhea virus) prices have been reaching new all time highs on an almost daily basis. It is time to update the chart. Below we show what a world in which the Fed is constantly lamenting the lack of inflation looks like for beef, pork and shrimp prices.



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Prince Bandar bin Sultan, Head Of Saudi Intelligence, Has Been Sacked

In the aftermath of the disastrous, for both the US and Saudi Arabia, false flag campaign to replace the Syrian regime with one which would be amenable to allowing a Qatari gas pipeline to pass underneath the Al-Qaeda rebel infested country, there were numerous rumors that the reign of Saudi's infamous former ambassador to the US and current intelligence chief, Prince Bandar "Bush" bin Sultan - the man who we suggested was the puppetmaster behind the entire failed operation - had come to an end. Some two months ago, Shia Post reported that "News sources announced that the chief of the Saudi spying apparatus Bandar bin Sultan has been dismissed." Moments ago, in a tersely worded statement from the Saudi Press Agency, it was indeed confirmed that, perhaps in response to his failed handling of the Syrian conflict, Prince Bandar has indeed been sacked.



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The Futures Of Countries: A Look At The Secession Movements Around The World

In much of the world, small countries are hoping to retain their independence, whilst portions of larger countries are trying to establish their independence. Understandably, they're meeting with resistance, as it's usually the areas that are the net-contributors to the larger economy that seek independence, whilst the areas that are the net-recipients wish to take the conglomerate approach (and to continue to eat their neighbour's lunch). This is evident even in the US, where those states that are net-contributors are experiencing the same frustration as Venetians and are making noises about secession. And, although no major changes have taken place recently, early rumblings can be heard all over the world.



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Ukraine Reality Ignored As Stocks Close At Highs On Hopes of More Japan Easing

Another day, another epic ramp. Any "investor" watching the last two days of totally manic market behavior must be open-mouthed at the total lack of fundamental sanity behind any of the moves. Even the mainstream media is stunned by the moves embarrased into mere commentary and afraid to opine on any reason. The reason for today's rip - an economic assessment downgrade for Japan which smahed USDJPY higher and through magic of carry, lifted US equities. There was no let-up in Ukraine, no data to confirm growth hype, no US news... but the Russell and Nasdaq managed a 2.5% bounce in a stright line after the Japan headline. Away from the idiocy in stocks, precious metals were rammed lower early on but leaked back higher all day. The USD pushed higher but FX was relatively quiet aside from the idiotic moves in JPY. Treasuries rallied at the long-end on the day (despite the surge in stocks). "unrigged"



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Ukraine To Issue "Military" Bonds To "Increase Combat Readiness Of Armed Forces"

When it comes to funding itself, US guarantee or no US guarantee, troubled Ukraine, which by most accounts is on the verge if not already embroiled in a civil war, appears unable to gain much traction. Some headlines from today confirming this:

UKRAINE FAILS TO SELL 3-MONTH USD NOTES AT AUCTION
UKRAINE FAILS TO SELL 9-MONTH UAH NOTES AT AUCTION: MINISTRY

So what is the desperate for cash nation to do? Why pull a page straight out of Uncle Sam's war playbook: play to people's patriotism and issue "military" bonds, of course.  Interfax reports that the Ukrainian Finance Ministry is to make issues of two-year government "military" bonds with worth 1.1 billion hryvni at an annual interest rate of 7%.



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This Is Your Market; This Is Your Market Without Tuesdays - Redux

The more things change, the more things stay the same. Almost exactly a year ago, we remarked on the massive bifurcation that was occurring in US equity markets based on the crucial fundamental factor known as "day of week." The Dow Jones Industrials average is down 2% in 2014... but absent the crucial day we call "Tuesday", the Dow would be down almost 8%. On average, the Dow is up 0.4% each and every Tuesday this year (and every other day of the week is red on average)... lots of unriggedness here we are sure...



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Trading Made Simple

As stocks once again flip-flop from manic depressive to manic impressive; heading into the last few hours of the day, we thought we would simplify the art of trading a little with the following flowchart...



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"It's The Weather, Duh"

Earlier today, the NAHB released its latest builder confidence report. Something stood out to us, namely the following data, which shows that while confidence picked up modestly in the Northeast in April, it tumbled in the West and Midwest. What's the explanation for this ongoing deterioration in housing market sentiment in states that had, not only were not impact by the "vortex" but if anything, were "crushed" by the balmy March atmospheric conditions? Why, "it's the weather, duh."



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