Agency MBS

The First Two Rules Of Zero Hedge...

...have been broken. However the end result is welcome as I present to you the first Zero Hedge recruit, Cornelius. Cornelius has an exciting and very pertinent background, packs a mean financial punch, and will focus on a space that I have not been able to devote much time or attention to: global macro with a focus on FX and commodities.

Please welcome him to the club.

The Currency Week In Review
By Cornelius

Reasons For Today's Rally

With the ugly economic data in the morning, the market action today was paradoxical to say the least. There are probably five main arguments that can shed some light on the 3%+ rally in all major indexes, and the market being what it is, all of them are likely wrong.

Objective Insight

Sometimes Mike O'Rourke pins the events of the prior day just that little bit better than anyone else. Today is a case in point. We present his letter to clients in all its unadulterated glory and hope he won't sue... One can only hide behind the whole DMCA thing so long...