Bond
Happy New Year: Global Stocks Crash After China Is Halted Limit Down In Worst Start To Year In History
Submitted by Tyler Durden on 01/04/2016 06:46 -0500- Australia
- Bond
- Carry Trade
- Chicago PMI
- China
- Circuit Breakers
- Copper
- Crude
- Crude Oil
- Equity Markets
- Eurozone
- Federal Reserve
- Ferrari
- fixed
- Flight to Safety
- Germany
- headlines
- High Yield
- India
- Initial Jobless Claims
- Iran
- Jim Reid
- KIM
- Markit
- Meltdown
- Middle East
- NASDAQ
- Nikkei
- RANSquawk
- Saudi Arabia
- Shenzhen
- Swiss Franc
- Yen
- Yuan
It all started off relatively well: oil and US equity futures were buoyant on hopes Iran and Saudi Arabia would break out in a bloody conflict any minute boosting the net worth of shareholders of the military industrial complex, and then, out of nowhere, like a depressed China in a bull shop, the "mainland" crashed the party and it all well south very, very quickly...
Puerto Rico Is Greece, & These 5 States Are Next To Go
Submitted by Tyler Durden on 01/03/2016 22:10 -0500As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.
Unmanageable Money: Hedge Funds Keep Losing (And Closing) - Why It Matters
Submitted by Tyler Durden on 01/03/2016 20:00 -0500Main Street is vulnerable to leveraged trading algorithms and Brazilian bonds because it’s not just exotica that is overleveraged. Risk-off, in short, is no longer just a temporary swing of the pendulum, guaranteed to reverse in a year or two. As amazing as this sounds, we’ve borrowed so much money that as hedge funds go, so goes the world.
Fed Vice Chair Explains Why The Fed Is Still Obsessing With Negative Interest Rates
Submitted by Tyler Durden on 01/03/2016 14:52 -0500Another possible step would be to reduce short-term interest rates below zero if needed to provide additional accommodation... Could negative interest rates be a policy response that the Federal Reserve could choose to employ in a future crisis? ... these are transitional problems, but they might be sufficient to make a move to negative rates difficult to implement on short notice.
The Battle Between Manufacturing And Services
Submitted by Tyler Durden on 01/03/2016 14:00 -0500As we start the new year, there is a debate raging within the market. No the debate isn’t whether there is weakness in the manufacturing economy, that is taken as a given, especially after Friday’s awful Chicago Purchasing Manager number of 42.9. Instead, the debate boils down to this: 'bears' believe the manufacturing economy and the service economy act in conjunction with each other – that one cannot turn, without the other; 'bulls' view each segment of the economy as relatively independent and they highlight the size of the service economy relative to the manufacturing. The answer lies in the missing cog - the 'wealth' economy.
From $500,000 To $170 Million In A Few Months: The Next "Subprime Trade" Emerges
Submitted by Tyler Durden on 01/03/2016 09:37 -0500Ever since it started making complicated bets against some leveraged ETFs, Miller’s Catalyst Macro Strategies Funds has since grown from $500,000 in assets at the start of the year to about $170 million. It achieved a more than 50 percent return this year, placing it far ahead of its competitors.
The Incredible Shrinking Benefits Of Massive Japanese Money Printing
Submitted by Tyler Durden on 01/02/2016 21:20 -0500Something is wrong with this picture...
What Does The Future Hold For Negative Rates In Europe? Goldman Answers
Submitted by Tyler Durden on 01/02/2016 20:00 -0500While the market might have been disappointed by the ECB’s “underdelivery in December, it came as a relief for the Riksbank, the SNB, the Norges Bank, and the Nationalbank who are effectively forced to cut each time the ECB eases or risk seeing upward pressure on their respective currencies. That dynamic has led to a veritable race to the Keynesian bottom with Norway as the last man standing in terms of conducting monetary policy with rates above zero. As we enter the new year, a number of questions remain regarding Europe's headlong plunge into NIRP-dom.
2015 Year In Review: "Terminal Phase" Excess & Peak Cognitive Dissonance
Submitted by Tyler Durden on 01/02/2016 19:20 -0500- Bank of Japan
- Bear Market
- Bond
- Brazil
- Central Banks
- China
- Cognitive Dissonance
- Commercial Real Estate
- Copper
- Corporate America
- CPI
- Crude
- Currency Peg
- Deutsche Bank
- Donald Trump
- Eastern Europe
- ETC
- Global Economy
- Hong Kong
- Japan
- Mexico
- Middle East
- Morningstar
- Real estate
- Renaissance
- Shadow Banking
- Sovereign Debt
- Sovereigns
- Swiss National Bank
- Turkey
- Unemployment
- Volatility
- Wall Street Journal
- Yuan
Important pillars of the bull case evaporated throughout 2015. Global price pressures weakened, the global Credit backdrop deteriorated and the global economy decelerated. The huge bets on central bank policies left markets at high risk for abrupt reversals and trade unwinds – 2015 The Year of the Erratic Crowded Trade. Indeed, a global bear market commenced yet most remain bullish. Serious and objective analysts would view this ominously.
On The Trail Of Dubai's Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail Emerges
Submitted by Tyler Durden on 01/02/2016 16:23 -0500The deeper we dig into the story of Dubai's vaporized gold, the more skeletons just tumble out of the closet on what may be the world's biggest gold smuggling ring ever, one involving not just Turkey and Iran, but the mother of all gold smuggling: China itself...
A "Witch's Brew" Bubbling In Bond ETFs
Submitted by Tyler Durden on 01/02/2016 12:00 -0500We believe the Credit Cycle has turned and with it will come some massive unexpected shocks. One of these will be the fall out in the Bond Market, centered around the dramatic growth explosion in Bond ETFs coupled with the post financial crisis regulatory changes that effectively removed banks from making markets in corporate bonds. It is a ‘Witch’s Brew’ with a flattening yield curve bringing it to a boil.
"Not Transitory" - The Year In Junk Bonds
Submitted by Tyler Durden on 01/01/2016 19:00 -0500The most important story of 2015 had to have been the junk bond reversal. It is not your typical market behavior; not at all the “wall of worry” that represents healthy skepticism and functional fundamental discounting but rather a “get the hell out of Dodge” and stay out. Not transitory at all, then, rather a paradigm shift that isn’t yet even close to a new steady state. Welcome to 2016.
A Year Of Living Technically: Charting The Markets Of 2015
Submitted by Tyler Durden on 01/01/2016 15:30 -0500- Advance-Decline
- B+
- Baltic Dry
- Bond
- CRB
- CRB Index
- Dow Jones Industrial Average
- Fail
- Fibonacci
- Gold Bugs
- High Yield
- MACD
- Market Internals
- NASDAQ
- Nasdaq 100
- NASDAQ Composite
- Reality
- Rydex
- Smart Money
- SPY
- Swiss Franc
- Swiss National Bank
- Technical Analysis
- Testimony
- Unemployment
- Value Line
- Volatility

Russian Imperialism Meets Illusions Of Ottoman Grandeur
Submitted by Tyler Durden on 12/31/2015 20:40 -0500Earlier in 2015, President Recep Tayyip Erdogan said that he found it difficult to understand what Russia was doing in Syria, since "it does not even border Syria." By that logic, Turkey should not be "doing anything" in the Palestinian territories, Somalia, Egypt, Pakistan, Afghanistan or any of the non-bordering lands into which its neo-Ottoman impulses have pushed it.
Chinese Company Blames Upcoming Default On Gangsters, Mysterious Loss Of "Important Documents"
Submitted by Tyler Durden on 12/31/2015 12:34 -0500The latest Chinese company to mysteriously "misplace" its books and as a result be unable to make an upcoming bond payment is China Shanshui Cement: "a former director of Shandong Shanshui, together with a group of gangsters, barged into the Headquarters by force on 27 December 2015, destroyed the properties in the offices therein and assaulted the employees of Shandong Shanshui."


