• 03/29/2015 - 10:03
    Do our childish minds really think those whom we blindly empower will scurry away like cockroaches exposed by the refrigerator light and leave us be after the fall? Really? Are we serious?

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Dow Breaks Below Key "Bullard Bounce" Trendline

Paging Jim Bullard...



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Three Triggers That Will Send Oil Crashing Again

Oil prices bounced back on March 24 on a sliding U.S. Dollar, and then again overnight on Middle East turmoil, but the pain may not be over yet.



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US Services PMI Surges To 6-Month Highs, Decouples From Hard Data Reality

Who could have seen that coming? Markit reports that US Services PMI surged to 58.6 in March (considerably better than the 57.0 exp) and the highest in 6 months. Despite the total collapse in US Macro data, the survey says... everything is awesome.



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S&P Tumbles Into Red Year-To-Date, Gold Goes Green

With Trannies now down almost 6% year-to-date, the S&P just fell back below the red-line for 2015, joining The Dow. Small Caps and Nasdaq remain up 2% for now. Bonds, gold, and silver are back in the green for 2015.



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Lufthansa CEO Press Conference - Live Webcast

Having now discovered more of the disturbing facts about the last 30 minutes of the Germanwings flight, the Lufthansa CEO holds a press conference...



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Middle East Proxy War: Presenting The Massive "Decisive Storm" Coalition

On one side of the latest proxy war in the Middle East are Yemen's Shiite Houthi rebel forces and their prominent backer, Iran. On the other side are the Suuni states led by Saudi Arabia and henceforth dubbed as the "Decisive Storm" coalition. Here they are.



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Bonds & Crude Dump, The Dollar & Stocks Jump As Top Houthi Leaders Reportedly Killed

After overnight strength in oil (post-Yemen) and bonds and gold (and weakness in stocks), the last few minutes have seen some of this reverse as chatter crosses the wire of the death of top Houthi leadership in Yemen. Oil prices are tumbling, the dollar is surging, and bond yields are spiking. Stocks are starting to creep off the lows...



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What Will End the 34-Year US Treasury Bond Bull Market?

The collapse of phantom-wealth bubbles could occur in the next year or two, or be delayed for another 5 to 6 years. But the implosion of phantom-wealth bubbles is assured by the internal dynamics of bubbles.



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Initial Jobless Claims Drop Back Below Dreaded "300k" Level

After last week's initial jobless claims drop - which nevertheless held the 4-wk average above 300k - this week saw the number drop once more. Against expectations of 290k, claims printed 282k, leaving the 4-week average at 297k, conveniently below the 300k mark. This means that since the end of QE3, initial jobless claims are unchanged as the trend of improvement has clearly stalled.



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Saudi Arabia Imposes Naval Blockade On Red Sea Strait, Deploys 150,000 Troops As Iran Condemns Military Action

As noted earlier, the biggest significance of any Yemen conflict has little to do with its own domestic oil production, which at 133,000 bpd is negligible, but due to its location, which not only shares a border with Saudi Arabia, but more importantly due to the Bab el-Mandeb strait which connects the Red Sea with the Gulf of Aden: it is the fourth-biggest shipping chokepoint in the world by volume (3.8 million barrels a day of oil and petroleum products flowed through it in 2013) and is just 18 miles wide at its narrowest point. It’s located between Yemen, Djibouti, and Eritrea, and connects the Red Sea with the Gulf of Aden and the Arabian Sea. And since to Saudi Arabia preserving the logistics of oil supply is critical, it is hardly surprising that as Egypt's Ahram Gate reported earlier, the Saudi-led Firmness Storm coalition imposed a naval blockade on Bab El-Mandab strait earlier today. The Saudi navy's western fleet has also secured Yemen's main ports including Aden and Midi.



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Futures Tumble As Yemen War Starts; Oil, Gold Surges

In a somewhat surprising turn of events, this morning's futures reaction to last night's shocking start of a completely unexpected Yemen proxy war, which has seen an alliance of Gulf State launch an air, and soon land, war against Yemen's Houthi rebels, is what one would expect: down, and down big. This is surprising, because on previous occasions one would expect the NY Fed, or its pet hedge fund, Citadel, or the BOJ or ECB (via the CME's "Central Bank Incentive Program") to aggressively buy ES to prevent a slide, something has changed, and for the BTFDers, that something may be very fatal with the e-Mini rapidly approaching a 1-handle yet again. The offset to tumbling stocks, as previously observed, is oil, with WTI soaring over 6% in a delayed algo response to the Qatar headlines.



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Frontrunning: March 26

  • Saudi Arabia, allies launch air strikes in Yemen against Houthi fighters (Reuters)
  • Pilot on Crashed Jet Was Locked Out of Cockpit, NY Times Says (BBG)
  • Why Bombing This Tiny Oil Producer Is Roiling the Energy Market (BBG)
  • U.S.-led coalition, Iraqis pound Islamic State in Tikrit (Reuters)
  • Munger Says Prepare for Harder World as Buying Power Slides (BBG),Mocks Greek ‘Idiotic Idea’ You Can Vote Yourself Rich (BBG)
  • The Central Banker Who Saved the Russian Economy From the Abyss (BBG)
  • Bank of Canada says foreign buyers complicate housing market (Reuters)
  • Investors Scoop Up Companies’ Bonds (WSJ)
  • Espirito Santo Probe Turns Mariana Mortagua Into Portuguese Star (BBG)


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Another Middle East War Breaks Out: Saudis Begin Bombing Yemen, US Military Taking Action

Update: *OBAMA AUTHORIZED LOGISTICAL AND INTELLIGENCE SUPPORT TO GULF, U.S. MILITARY TAKING MILITARY ACTION TO DEFEND SAUDI BORDER, TO DEFEND AGAINST HOUTHI VIOLENCE (so US weapons are being used on both sides)

John McCain - "This is as bizarre as it is misguided – another tragic case of leading from behind.

Earlier today we reported that, on very short notice, Saudi Arabia had moved heavy military equipment including artillery to areas near its border with Yemen, "raising the risk that the Middle East’s top oil power will be drawn into the worsening Yemeni conflict." In other words, Saudi Arabia was preparing for war. Moments ago all these warnings were borne out when Al-Arabiya reported that the latest middle-east war is now official after Saudi Arabia and Arab Gulf States had launched a bombing campaign against Yemen.



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33 Strange Facts About America That Most Americans Would Be Shocked To Learn

Did you know that about one-fourth of the entire global prison population is in the United States?  Did you know that Apple has more money than the U.S. Treasury?  Did you know that if you have no debt and also have 10 dollars in your wallet that you are wealthier than 25 percent of all Americans?  Did you know that by the time an American child reaches the age of 18, that child will have seen approximately 40,000 murders on television?  There are some things that are great about the United States, and there are definitely some things that are not so great.  Once upon a time we were the most loved and most respected nation on the entire planet, but those days are long gone.



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Presenting The Theater Of War; Who Controls Yemen?

Curious to learn more about Yemen, and why over just 24 hours it has become the location of the latest war in the middle east? Then the following brief summary on the balance of power, or lack thereof, in Yemen from Stratfor should provide some useful background information.



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