Lehman

Tyler Durden's picture

Glencore Implodes: Stock Plunges Most Ever, CDS Blow Out To Record Up On Equity Wipeout Fears





Update: And there it is: GLENCORE DEBT INSURANCE COSTS SURGE TO RECORD HIGH; 5-YR CREDIT DEFAULT SWAPS RISE 207BASIS POINTS FROM FRIDAY'S CLOSE TO 757 BASIS POINTS

Those who listened to our reco to buy Glencore CDS at 170 bps in March 2014 can take the rest of the year off. As of this moment, GLEN Credit Default Swap were pushing on 600 bps, 4 times wider, and on pace to take out the 2011 liquidity crunch highs. After that, it's smooth sailing to all time wides and the start of a self-fulfilling prophecy which leads to the Companys's IG downgrade and the collapse of trillions in derivative notionals as what may be the trading desk of the biggest commodity counterparty quietly goes out of business.

 
Tyler Durden's picture

Biotechs Battered For 7th Straight Day - Longest Losing Streak In 7 Years





Not since October 2008 (cough post-Lehman cough), has The Nasdaq Biotech index dropped for 7 straight days. The 18% close-to-close drop in the last 7 days is the largest since Lehman.

 
Tyler Durden's picture

Wholesale Money Markets Are Broken: Ignore "Perverted" Swap Spreads At Your Own Peril





At the height of the financial crisis, the unprecedented decline in swap rates below Treasury yields was seen as an anomaly. The phenomenon is now widespread, as Bloomberg notes, what Fabozzi's bible of swap-pricing calls a "perversion" is now the rule all the way from 30Y to 2Y maturities. As one analyst notes, historical interpretations of this have been destroyed and if the flip to negative spreads persists, it would signal that its roots are in a combination of regulators’ efforts to head off another financial crisis, China selling pressure (and its impact on repo markets) and "broken" wholesale money-markets.

 
Tyler Durden's picture

Jim Grant Explains How To Hedge Against The Coming Money Paradrop





"This is a monetary moment... we are looking at the beginning of the world’s reappraisal of the words and deeds of central bankers like Janet Yellen and Mario Draghi. You see monetary disorder manifested in super low interest rates, in the mispricing of credit broadly and you see it in the escalation of radical monetary nastrums that are floating out of the various central banks and established temples of thought: Negative real rates, negative nominal rates and the idea of helicopter money. So you need some hedge against things not going according to the script and that makes gold and gold mining equities terrifically interesting now."

 
Tyler Durden's picture

The Table Is Set For The Next Financial Crisis





Some people will never learn... ever. What is happening today is nothing more than rearranging the deck chairs on the Titanic. The iceberg has been struck, we’re taking on water, and this sucker is going to sink. Game Over.

 
GoldCore's picture

Premiums Rise and Delivery Delays Increase on Silver Coins and Bars





Fed credibility questioned and Yellen sick - Palladium surges 8% - Russia and central banks buy gold - Smart money rebalancing and selling overvalued assets to buy depressed assets especially silver

 
Tyler Durden's picture

Welcome To The Newer Normal: Your Complete Guide To A World In Which The Fed Is No Longer In Control





For those who have had the nagging feeling that something in the market has changed dramatically in the past few months, you are absolutely correct. Here is the full explanation.

 
Tyler Durden's picture

Following Public Fury, Jim Cramer-Trained CEO Who Raised Price Of Drug By 5000%, Agrees To Lower The Price





Following the biggest plunge in biotech stocks in 2015 - some have speculated that the real goal of Shkreli's actions was to profit by shorting the biotech sector ahead of the selling which his action would have unleashed - and an epic public outcry against the diminutive "hedge fund" manager, NBC reported moments ago that "the pharmaceutical company boss under fire for increasing the price of the drug Daraprim by more than 5,000 percent said Tuesday he will lower the cost of the life-saving medication."

 
Phoenix Capital Research's picture

The End Game Has Begun





In short, the next round of the great crisis is beginning.  It will take time to unfold, but we have reached Peak Central Bank Intervention. When Central Banks loosen policy and the markets fail to respond, you're in the End Game.

 
 
Tyler Durden's picture

"Doomsday" Cometh For Glencore: Mining Giant's Default Risk Just Exploded Higher





Today's Glencore implosion is a far greater risk to the capital markets and the global economy than Volkswagen: a few executive resignations, a few bribes to US Congress, and the scandal will be promptly snuffed. For Glencore, however, which suddenly the entire world realizes is - as we said in March 2014 - the way to trade China, it may now be too late.

 
Tyler Durden's picture

The Biotech Pricing Scandal Explained By Taiwanese Animators





If anyone is still confused by the trigger that caused the biggest selloff in biotech stocks in 2015, here are the Taiwanese animators with "all you need to know."

 
Tyler Durden's picture

"Blood In The Casino Like Never Before" - Riding ZIRP Into Monetary Central Planning's Dead End





What the Fed really decided Thursday was to ride the zero-bound right smack into the next recession. When that calamity happens not too many months from now, the 28-year experiment in monetary central planning inaugurated by a desperate Alan Greenspan after Black Monday in October 1987 will come to an abrupt and merciful halt. Yellen and Co should be so lucky as to only face torches and pitch forks.

 
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