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That Ain't No Margin Debt: THIS Is Margin Debt

We find it amusing how many people try to read into the tealeaves when looking at the NYSE margin debt, when the real action is half way around the world. Because, in the imortal words of Crocodile Dundee, "That is not margin debt. This is margin debt."



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Building Explodes, Collapses In Manhattan, Multiple Injuries Reported - Live Webcast

While it is unclear at this moment if this is merely the latest casualty of below normal Capex (or was the result of a gas leak), or if there was foul play involved, moments ago the NYC scanner was lit up with reports that a building had collapsed, following an explosion, on 7th street and 2nd avenue, in the East Village in Manhattan.



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Yemen Ground Invasion By Saudi, Egyptian Troops Imminent

Moments ago AP reported that Egyptian military and security officials told The Associated Press that the military intervention will go further, with a ground assault into Yemen by Egyptian, Saudi and other forces, planned once airstrikes have weakened the capabilities of the rebels. "The assault will be by ground from Saudi Arabia and by landings on Yemen's Red and Arabian Sea coasts. The aim is not to occupy Yemen but to weaken the Houthis and their allies until they enter negotiations for power-sharing, the officials said."



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What Would Happen If ETF Holders Sold All At Once? Howard Marks Explains

What would happen, for example, if a large number of holders decided to sell a high yield bond ETF all at once? In theory, the ETF can always be sold. Buyers may be scarce, but there should be some price at which one will materialize.  But we can’t get away from depending on the liquidity of the underlying high yield bonds. The ETF can’t be more liquid than the underlying, and we know the underlying can become highly illiquid.... no investment vehicle should promise more liquidity than is afforded by its underlying assets. Do these recent promises represent real improvements, or merely the seeds for subsequent disappointment?



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CSX Cuts Outlook Despite CEO Saying "Expects No Impact From Low Oil Prices"

When CSX CEO Michael Ward arrogantly strode onto CNBC six weeks ago and proclaimed, he has "not seen any changes," suggesting everything's fine down to $30-35 oil and "expected no impact on crude shipments," we carefully suggested he was being a little careful with the truth. So, when today, the company issued the following statement:

*CSX DOESN'T EXPECT TO REACH HIGH END OF CRUDE-BY-RAIL FORECAST

We could not help but wonder just how rapidly the deterioration had occurred or if, once again, a CEO had come on business media and lied through his teeth.



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Putin Says Attempts To Tip Nuclear Balance Don't Scare Russia, Moscow Will Uncover "Schemes"

Russia is once again ratcheting up the rhetoric, this time to a fever pitch. Just a day after Putin’s Security Council posted a remarkably accurate and amusingly concise assessment of US foreign policy aims on its website, a spokesman for the Russian Foreign Ministry as well as President Putin himself are out with strong condemnations of both the NATO presence in Eastern Europe as well as US plans to arm Kiev.



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Thank You, Fed - Warren And Jorge Are Thrilled By Another Play Day In The Casino

So what has transpired is another day and another play in the casino. This ketchup and mac merger could not be more emblematic of how the Fed’s destruction of honest financial markets has fatally deformed American capitalism. Warren and Jorge are understandably singing Janet’s praise. Everyone else should be getting out the torches and pitchforks.



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10Y Treasury Yield Tops 2.00% Following Consecutive Weak Auctions

Following a 0.9bp tail in yesterday's 5Y auction and 1.1bp tail in today's 7Y, 10Y yields have snapped 12bps higher and broken back above 2.00% for the first time since The FOMC meeting last week...



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Following A 1-Week 17% Client-Muppeting, Goldman Removes Sandisk From Conviction Buy List

Update: We remove SanDisk from the Conviction List post the negative preannouncement this morning. Our positive call has clearly been wrong and the timing was particularly poor.

If you liked it at $83, you'll love it at $66... is apparently the message from Goldman Sachs as last week's transition of Sandisk to the company's "Conviction Buy" list has left clients with a Cramer-esque muppet-hole of around 17% (and rising). One wonders if it is still a conviction buy... or if Goldman should be convicted for selling it to clients...



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Beyond Iran And Pakistan: 7 Nuclear Wannabes

While fear still lingers of a nuclear catastrophe on a similar scale as Fukushima, or earlier accidents such as Three Mile Island or Chernobyl, that hasn’t stopped a slew of countries from moving forward on plans to develop nuclear plants as an adjunct to existing power sources like hydro, coal, natural gas and good ol’ oil. Especially in developing countries that lack access to fossil fuels, nuclear is seen as a viable and cost-effective form of baseload power.



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Ugly, Tailing 7 Year Auction Prices At Lowest Bid To Cover Since May 2009

If yesterday's 5 Year auction was ugly across the board, today's 7 Year was even uglier.



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US CEO-Worker Pay Gap Is Widest In Developed World

Further proof that the disparity between America's bosses and the country's non-supervisory workforce is widening at an alarming rate...



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Meet The "Surveillance State Repeal Act" – A Bipartisan Bill To Kill The Patriot Act

"Revelations about the NSA’s programs reveal the extraordinary extent to which the program has invaded Americans’ privacy. I reject the notion that we must sacrifice liberty for security — we can live in a secure nation which also upholds a strong commitment to civil liberties. This legislation ends the NSA’s dragnet surveillance practices, while putting provisions in place to protect the privacy of American citizens through real and lasting change." – Rep. Mark Pocan on the Surveillance State Repeal Act



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Putin Is Becoming A "Vulture" Bond Investor

With Washington throwing its full faith and credit behind a new Ukrainian bond issue, it appears it’s time for Moscow to play spoiler to current debt restructuring talks between Kiev and its creditors. Russia holds some $3 billion of Ukraine's debt and doesn't think it should have to incur losses as part of any deal because Vladimir Putin is no average joe private creditor.



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