• Marc To Market
    09/20/2014 - 17:02
    The world may be a big conspiracy and civilization as we know it may end soon, but if you care what the dollar may do next week, take a look at this post.
  • Capitalist Exploits
    09/20/2014 - 11:12
    There is no perfect system or place on our blue planet, so spare me your pious lectures about poverty in the 3rd world until, say, you've fixed your own f***ing Detroit!

Tyler Durden's picture

Goldman's Yellen Press Conference Post-Mortem: "Few Surprises"

Having confirmed yesterday that China's "Stealth QE" is absolutely uber-bullish (despite PBOC playing it down themselves), Goldman is out after the close (having seen stocks give all their post-FOMC gains back) to confirm the "Fed is still dovish" meme...



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House Votes To Fund Arms To Moderate (For Now) Syrian Rebels (And Ex-Im Bank) - Live Feed

*HOUSE HAS VOTES FOR U.S. AID TO SYRIAN REBELS; VOTE CONTINUING

Those sneaky politicians... The House has just begun voting on whether to amend the US Spending Bill to enable funding for Obama's grand strategy of training "moderate Syrian rebels.

  • *SYRIAN REBEL AID IS PROPOSED AS AMENDMENT TO U.S. SPENDING BILL
  • *HOUSE BEGINS VOTE ON U.S. AID TO SYRIAN REBELS SOUGHT BY OBAMA

However, what few have also noticed is that the bill also includes an extension for funding the Export-Import bank.



Tyler Durden's picture

Stocks Give Up Post-FOMC Gains; Dollar, Bond Yields Surge

Obviously, today's market was all about the Fed. some brief stop-running early on took out yesterday's highs only to fall back before Yellen... then the fireworks began. The initial kneejerk reaction was to sell stocks, sell bonds, and buy USDs. Then came the re-reaction - VIX was slammed below 12, the S&P 500 surged to near intraday record highs, bond yields accelerated higher, EUR and JPY weakness sparked USD bid, and PMs slipped lower as Yellen meandered uncomfortably through a two-faced press conference. By the close, the USD had hit fresh 4-year highs (USDJPY over 108), stocks had roundtripped to unchanged from FOMC, Treasury yields were notably higher, VIX back over 12.5, Trannies surged.



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How To Game A Rigged Market

"it may make sense to stay invested, but we have reached a point where protection against an untidy denouement to the present market phase should be built into the construction of a portfolio. It is not enough to rely on a protection that will be executed in response to price signals."



Tyler Durden's picture

Got (Record-High-Priced) Milk?

Hot on the heels of yesterday's low PPI and this morning's falling CPI, we thought it worth noting (given The Fed's pre-occupation that inflation is running too low) that the price of milk - that staple of the American diet - just hit an all-time high. Nope, no inflation here...



Tyler Durden's picture

The Fed's Laughable GDP "Forecast" Just Got Even Funnier

What in January 2012 was a 2014 GDP forecast range of 3.7%-4.0% collapsed to 2.1%-2.3% in June (because clearly the Fed couldn't possibly forecast snow in the winter), and three months later is now 2.0%-2.2%. In short, a 43% forecasting error. That is all.



Tyler Durden's picture

VIX Slammed Under 12, S&P To Record Highs As Yellen Starts To Speak

UPDATE: Stocks have roundtripped again since she started...

Having oscillated in a wide range immediately after the FOMC statement's release, stocks have decided that up is the way to go and the S&P 500 just hit new all-time record intraday highs (helped by a VIXnado collapse under 12 and surge in USDJPY). Treasury yields are higher, USDdollar is higher (but fading back from its initial spike), and gold and silver and unchanged.



Tyler Durden's picture

Janet Yellen's "Double-Dissent, Exit Strategy" FOMC Press Conference - Live Feed

Having used the most words ever in an FOMC statement to describe the total shenanigans that they have created, Janet Yellen prepares to 'meet the press' to explain how 'considerably' well things are going and yet how much 'considerably' more is needed to be done... For now the meme is that this statement is more dovish than the previous one; we suspect she will want to walk that back a little.



Tyler Durden's picture

The "Dots" Chart - Then And Now

Perhaps the one most important, if completely meaningless chart (because it will as usual revised countless times in the next year and the final outcome will be anything but what the Fed is predicting) that everyone was looking for in today's FOMC forecast materials, is the so-called "dots", so here it is.



Tyler Durden's picture

FOMC Keeps "Considerable" Wealth Effect Dream Alive, More See First Hike In 2015; Two Dissent - Full Statement Comparison

Perhaps not surprisingly - following Hilsenrath's 'leak' - the FOMC has decided to keep the "considerable time" language alive-and-well in its latest statement, supporting the uber-dovishness rate guidance as QE is tapered as expected:

  • *FED TO END QE PROGRAM AT NEXT MEETING IF OUTLOOK HOLDS, RELEASES EXIT STRATEGY GUIDELINES
  • *FIRST RATE RISE SEEN IN 2015 BY 14 FED OFFICIALS VS 12 IN JUNE (FISHER, PLOSSER DISSENT)
  • *FED KEEPS `CONSIDERABLE TIME' PLEDGE FOR LOW RATES POST-QE

Record high stocks, record low corp yields, surging GDP, PMIs soaring, housing and consumer sentiment exuberant, jobless claims at lows, JOLTS at highs, and the Apple iPhone 6 - if that doesn't draw Yellen to the middle, we don't know what will... but we are sure she'll explain in the press conference. Full redline below...

Pre-FOMC: S&P Futs 1992.00, 10Y 2.56%, Gold $1235, WTI $94.20, USDJPY 107.50



Tyler Durden's picture

Dramatic First-Person Video Of Attempted Gunpoint Robbery Courtesy Of GoPro

What happens when a camera on a stick captures an Argentinian gun-yielding thug on a bike? This.



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Abenomics Crushes Sony: Electronics Giant Forced To Cancel Dividend For First Time Ever

Minutes ago the Yen hit another multi-year low against the dollar, which sure enough, is great for the nominal value of Japanese stocks, if horrible for the actual Japanese companies, the Japanese middle class, and pretty much everyone except for a few superrich people. Such as Sony. Because the (now former) electronic giant, which once upon a time was the target of an activist campaign by none other than Dan Loeb who mysteriouly saw value in the company, once again stunned everyone when it reported overnight that it expects its annual loss to swell to $2 billion, but, far worse, canceled the payment of its dividend for the first time ever after writing down the value of its troubled smartphone business.



Tyler Durden's picture

President Obama Delivers More Remarks - Live Feed

Another day, another Presidential address. We wonder, popcorn-drooling-mouth agape, what the warmonger-in-chief will be talking about today as he delivers remarks at MacDill Air Force Base... Will it be a Fed hint (economy's doing great but we need to do more), Scottish DEpendence support, Anti-ISIS coalition propaganda, Ray Rice, Ebola-battling benefits, or standard vote-grabbing populist rhetoric? We will have to wait and see...



Tyler Durden's picture

BofA Stopped Out Of EURUSD Short: Stolper 2.0 Strikes Again

There is no point in lamenting the disappearance of the gospel of that god among FX gods, Goldmans' Tom Stolper, whose fades generated anyone who did the opposite of his recos nearly 15,000 pips in profits over the years. It is time to move on... and start doing the same to his peer at Bank of America, the firm's head chartist, MacNeill Curry, aka Stolper 2.0, who incidentally was just stopped out of his EURUSD short.



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