• GoldCore
    04/24/2014 - 11:48
    Silver coins with the face of Russian President Vladimir Putin are being minted in Russia. The coins weigh one kilogram (1kg - 2.2lb) and are being launched by the Art Grani foundry to mark Crimea’s...

Tyler Durden's picture

Bonds, Gold, And Yen Smash Higher As Stocks Tumble

Well that escalated quickly...



Tyler Durden's picture

US/European Equity Indices Are Tumbling As WWIII Trumps Buybacks

It seems potential WWIII trumps a buyback-driven exuberance in stocks...



Tyler Durden's picture

Russia "Forced" To Launch Drill On Ukraine Border In Response To "NATO Build Up", Will Involve Fighter Jets

Russian Defense Minister Sergei Shoigu says that Russia will begin "defense drills" today, forced to react to the situation in southeast Ukraine and, more improtantly, the NATO build up, the first time Russia has explicitly reacted to the military build up of the military alliance. There are already tanks amassing within meters of the border (as the following clip indicates), and that the military drill will involve airforce planes working near the border. It is now entirelyclear that the "truce" deal is dead as both sides not only escalate but blame each other for the un-de-escalation. Russia's move - after US and NATO's expansions this week - leaves the situation as bad as it has been since tensions began.



Tyler Durden's picture

White House Former Chief Of Staff Joins Hedge Fund Launched By Former JPM Prop Traders

"The amount of experience he has is ridiculous," says former JPM prop trader Galuti, adding "- in a positive way," as he explains why former Clinton Commerce secretary (and Obama chief of staff) Bill Daley has joined the small Swiss-based hedge fund. The revolving door of favors continues as Daley, who The FT reports will be based in Chicago and oversee US expansion (as well as provide macroeconomic and political advice), joins an ever-growing number of former Obama administration officials to have taken jobs in the financial sector.



Tyler Durden's picture

Durable Goods Beat On Surge In Boeing Orders, Capital Goods Orders Ahead Of Expectations

It is oddly appropriate that moments after we reported that capex at Caterpillar (and virtually every other company we have looked at in detail) tumbled by 50% year over year, that the Census Bureau released the latest Durable Goods report. In it we find that unlike previous months, when headline durable goods tumbled because of "harsh weather" in March it apparently not only did it not snow (although the New Homes Sales report may have something to say about that) but the weather so so balmy, that the headline print came in stronger than the expected 2.0%, printing at 2.6%, up from a downward revised 2.1%. The bulk of the margin however was due to Boeing, which reported some 163 new aircraft orders, compared to 74 in February.



Tyler Durden's picture

Initial Jobless Claims Jump Most In 4 Months, Continuing Claims At Best Since 2007

Initial jobless claims surged from 304k to 329k this week, the biggest weekly rise since mid-December. From exuberance at new cycle lows, we swing to the average of the last 8 months. This is the biggest miss to expectations in over 2 months. Continuing Claims dropped further to new cycle lows at 2.68 million (beating expectations) - its lowest since Dec 2007. So this is as good as it gets for continuing claims - America is back at its best!



Tyler Durden's picture

Why Caterpillar Just Blew Away Earnings Expectations

How did CAT succeed in boosting EPS even as its top line was flat at best, and when in reality this is likely just a deferred revenue timing gimmick considering global retail sales in Q1 have crashed compared to a year ago?The answer, which we will merely show without explaining as we have covered this topic time and time and time again, is shown in the chart below (hint: CapEx -50% offset by Buybacks rising by #DIV/0!).



Tyler Durden's picture

Gold Slammed To Fresh 10-Week Lows Below Key Technical Level

What else should you do as Russian and Ukraine forces begin a serious un-de-escalation... sell precious metals with both hands and feet of course. The strength in stocks (whether channel-stuffed or not) is enough to make investors believe that we don't need no stinking Fed and that economy must be doing great all on its own. Gold is back below $1275, which SocGen warns could lead to $1233.



Tyler Durden's picture

Frontrunning: April 24

  • Ukraine forces kill up to five rebels, Putin warns of consequences (Reuters)
  • Obama to Russia: More sanctions are 'teed up' (AP)
  • Vienna Banks Bemoan Russia Sanctions Testing Cold War Neutrality (BBG)
  • GE’s $57 Billion Cash Overseas Said to Fuel Alstom Deal (BBG)
  • GM posts lower first-quarter profit after recall costs (Reuters)
  • Apple Stock Split Removes Obstacle to Inclusion in Dow (BBG)
  • U.S. regulators to propose new net neutrality rules in May (Reuters)


Tyler Durden's picture

Putin Says "Use Of Force In Ukraine Will Have Consequences" As Column Of Military Vehicles Seen Heading Toward Border

As expected, Russia has responded to the latest "anti-terrorist" escalation in Ukraine both diplomatically and militarily.



Tyler Durden's picture

Futures Creep Toward All Time Highs Again

While events in Ukraine have once again broken out into lethal fighting, and in a surprise development the Chinese Yuan crossed the 6.25 line for the first time in two years threatening to accelerate the unwind of carry trades which have a 6.25-6.30 point of max pain, futures remain completely focused solely on the strong after-hours results from Apple and Facebook which have helped push Spoos overnight to near record levels once again. The biggest push was given to NASDAQ futures which are back up 1% with optimism for US tech returning with the material earnings beats from both Apple ($11.62 EPS vs Est $10.17 EPS) and Facebook ($0.34 Adj EPS vs $0.24 forecast). Shares in both companies rose in afterhours trading with Facebook up +5% and Apple up more than +7% (supported further by the announcement that the company was expanding its share buyback plan to $90bn from $60bn). Not even the Nikkei being down 1%, the SHCOMP down 0.5% and the USDJPY once again treading water could put a dent in the tech-driven euphoria, which somehow also managed to slam gold and silver to month lows.



Tyler Durden's picture

Flash Boys Has Been Dethroned At The Top Of The Amazon Bestseller List By This Book

The "developed world" has finally come full circle.



Tyler Durden's picture

Fighting Breaks Out As Ukraine Deploys Tanks, APCs, Troops In Slavyansk: Deaths Reported

A day after the acting government in Kiev announced the Geneva agreement is void and that it would once again send special forces to deal with "terrorists" in east Ukraine, it had made good on its promise and over the past few hours, Ukrainian tanks, APCs and other special forces troops took control of a checkpoint north of Slavyansk on Thursday, following what numerous reports confirm was an exchange of gunfire.



Tyler Durden's picture

Groupthink Or Black Swan Rising? Not A Single 'Economist' Expects An Economic Downturn

This doesn't happen very often. Marketwatch reports that Jim Bianco points out in a recent market comment that the 67 economists taking part in a regular Bloomberg survey have a unanimous forecast regarding treasury bond yields: they will be higher 6 months from now... and a separate poll of economists recently showed that exactly zero expect the economy to contract. This is an astonishing degree of consensus thinking, but it perfectly mirrors the complacency we see in stock market sentiment and positioning data. The probability that such a unanimous view will turn out to be correct is traditionally extremely low. The economy is likely resting on a much weaker foundation than is generally believed. This is not least the result of massive monetary pumping and deficit spending, both of which tend to severely weaken the economy on a structural level, even though they can create a temporary illusion of 'growth'.



Tyler Durden's picture

Hoisington On The End Of The Fed's (Mythical) "Wealth Effect"

As we noted earlier, The Federal Open Market Committee (FOMC) has continuously been overly optimistic regarding its expectations for economic growth in the United States. A major reason for the FOMC’s overly optimistic forecast for economic growth and its incorrect view of the effectiveness of quantitative easing is the reliance on the so-called 'wealth effect'. However, "There may not be a wealth effect at all. If there is a wealth effect, it is very difficult to pin down..." Since the FOMC began quantitative easing in 2009, its balance sheet has increased more than $3 trillion. This increase may have boosted wealth, but the U.S. economy received no meaningful benefit. Furthermore, the FOMC has no idea what the ultimate outcome of such an increase will be or what a return to a ‘normal’ balance sheet might entail. Given all of this, we do not see any evidence for economic growth as robust at the FOMC predicts. Without a wealth effect, the stock market is not the “key player” in the economy, and no “virtuous circle” runs through the stock market.



Do NOT follow this link or you will be banned from the site!