New York Stock Exchange
The Big Short is a Great Movie, But...
Submitted by rcwhalen on 01/05/2016 11:00 -0500- Alan Greenspan
- Apple
- Arthur Levitt
- Bear Stearns
- Bond
- CDS
- Commodity Futures Trading Commission
- Corruption
- Countrywide
- Credit Default Swaps
- default
- Federal Reserve
- Gretchen Morgenson
- Housing Market
- Institutional Investors
- Lehman
- Lehman Brothers
- Market Share
- Meltdown
- Michael Lewis
- Morgan Stanley
- Mortgage Loans
- NASDAQ
- New Century
- New York Stock Exchange
- None
- OTC
- OTC Derivatives
- program trading
- Program Trading
- Subprime Mortgages
- Wachovia
- Washington Mutual
Derivatives like credit default swaps turned a mere bubble in the US housing market into a global financial catastrophe...
"2016 Will Be No Fun" - Doug Kass Unveils 15 Surprises For The Year Ahead
Submitted by Tyler Durden on 12/29/2015 11:36 -0500- American Express
- Andrew Ross Sorkin
- Apple
- B+
- BAC
- Bank of America
- Bank of America
- Berkshire Hathaway
- Bernie Sanders
- Bill Gates
- Boeing
- Bond
- Book Value
- Capital Expenditures
- Carl Icahn
- Chesapeake Energy
- China
- Citigroup
- Comcast
- Crude
- dark pools
- Dark Pools
- David Faber
- Donald Trump
- Doug Kass
- Dow Jones Industrial Average
- Elizabeth Warren
- ETC
- European Union
- Federal Reserve
- Florida
- Ford
- Fox Business
- France
- General Motors
- goldman sachs
- Goldman Sachs
- GOOG
- Greece
- HFT
- Housing Market
- Janet Yellen
- Joe Kernen
- JPMorgan Chase
- Morgan Stanley
- MSNBC
- NASDAQ
- NBC
- New York City
- New York Stock Exchange
- New York Times
- Nominal GDP
- President Obama
- Real estate
- Recession
- recovery
- REITs
- Sears
- Stagflation
- Unemployment
- Vladimir Putin
- Warren Buffett
- Wells Fargo
- Yield Curve
My overriding theme and the central drama for the coming year is that unexpected events can take on greater importance as the Federal Reserve ends its near-decade-long Zero Interest Rate Policy. Consensus premises and forecasts will likely fall flat, in a rather spectacular manner. The low-conviction and directionless market that we saw in 2015 could become a no-conviction and very-much-directed market (i.e. one that's directed lower) in 2016. There will be no peace on earth in 2016, and our markets could lose a cushion of protection as valuations contract. (Just as "malinvestment" represented a key theme this year, we expect a compression of price-to-earnings ratios to serve as a big market driver in 2016.) In other words, we don't think 2016 will be fun.
Meanwhile, Over At The "New York" Stock Exchange: Even More Lasers
Submitted by Tyler Durden on 12/28/2015 07:54 -0500This, ladies and gentlemen, is what "trading" has become.
"America's Equity Markets Are Broken" Yale CIO Admits "Rigged Markets" Hurt Individuals
Submitted by Tyler Durden on 12/25/2015 13:00 -0500America's equity markets are broken. Individuals and institutions make transactions in rigged markets favoring short-term players. The root cause of the problem is that stocks trade on numerous venues, including 11 traditional exchanges and dozens of so-called dark pools that allow buyers and sellers to work out of the public eye. This market fragmentation allows high-frequency traders and exchanges to profit at the expense of long-term investors. Mr. Lewis was right.
Why 'The Regime' Hates Gold
Submitted by Tyler Durden on 12/24/2015 20:10 -0500There’s only one investment we can think of that many people either love or hate reflexively, almost without regard to market performance: gold. And, to a lesser degree, silver. It’s strange that these two metals provoke such powerful psychological reactions - especially among people who dislike them. Nobody has an instinctive hatred of iron, copper, aluminum, or cobalt. The reason, of course, is that the main use of gold has always been as money. And people have strong feelings about money. From an economic viewpoint, however, money is just a medium of exchange and a store of value. Efforts to turn it into a political football invariably are signs of a hidden agenda, or perhaps a psychological aberration. So, let’s take some recent statements, assertions, and opinions that have been promulgated in the media and analyze them.
These Are The Junk Bond Trades That "Obliterated" Traders In 2015
Submitted by Tyler Durden on 12/23/2015 13:20 -0500When the word 'bloodbath' just doesn't quite sum it up, distressed debt investors's bonuses have been obliterated in 2015. Despite seeking safety away from oil and coal companies, one trader exclaimed, the pain is "like cancer, it's spreading throughout the body," as every industry from materials to retail and industrials has collapsed... though, as Bloomberg reports, some investments stood out in their awfulness.
2015 Year In Review - Scenic Vistas From Mount Stupid
Submitted by Tyler Durden on 12/19/2015 20:35 -0500- Alan Greenspan
- Albert Edwards
- Ally Bank
- Apple
- Baltic Dry
- Bank of America
- Bank of America
- Bank of England
- Bank of International Settlements
- Bank of Japan
- Barry Ritholtz
- Bear Market
- Ben Bernanke
- Ben Bernanke
- Bill Gross
- Black Friday
- Black Swan
- Bob Janjuah
- Bond
- Book Value
- Brazil
- Bridgewater
- Capital Expenditures
- Carlyle
- Cato Institute
- Central Banks
- Chicago PMI
- China
- Chris Martenson
- Chrysler
- Citadel
- Cliff Asness
- Counterparties
- CRAP
- Credit Conditions
- Creditors
- Crude
- David Einhorn
- David Rosenberg
- default
- Demographics
- Department of Justice
- Deutsche Bank
- Dumb Money
- Equity Markets
- ETC
- European Central Bank
- Eurozone
- Federal Reserve
- FINRA
- fixed
- France
- Futures market
- GE Capital
- Germany
- Glencore
- Global Economy
- Global Warming
- Gluskin Sheff
- Greece
- Gundlach
- Hayman Capital
- Holiday Cheer
- Hyperinflation
- Illinois
- India
- Iran
- Iraq
- Israel
- Italy
- Janet Yellen
- Japan
- Jeff Gundlach
- Jeremy Grantham
- Jim Cramer
- Jim Reid
- Jim Rickards
- Joe Saluzzi
- John Hussman
- John Maynard Keynes
- Kazakhstan
- Ken Griffin
- KIM
- KKR
- Kyle Bass
- Kyle Bass
- Larry Summers
- LBO
- Lehman
- Mark Spitznagel
- Market Manipulation
- Maynard Keynes
- McKinsey
- Mervyn King
- Mexico
- MF Global
- Michigan
- Middle East
- Milton Friedman
- Monetary Policy
- Money Velocity
- Morgan Stanley
- Natural Gas
- New York Fed
- New York Stock Exchange
- Nikkei
- None
- Norway
- Paul McCulley
- Paul Tudor Jones
- Paul Volcker
- Precious Metals
- Quantitative Easing
- Rahm Emanuel
- Random Walk
- Ray Dalio
- Real estate
- Recession
- recovery
- Rick Santelli
- Robert Shiller
- Rosenberg
- Sovereign Debt
- Sovereigns
- St Louis Fed
- St. Louis Fed
- State Street
- Stephen Roach
- SWIFT
- Swiss National Bank
- Switzerland
- Themis Trading
- Transparency
- Treasury Department
- Unemployment
- University of California
- University Of Michigan
- Value Investing
- Wall Street Journal
- Warren Buffett
- Wholesale Inventories
- Willem Buiter
- Yield Curve
“To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything.” ~Edward Abbey
Ben Bernanke's Employer Citadel Alleges That "Leveling The Playing Field" Will Actually Hurt Stock Markets
Submitted by Tyler Durden on 12/05/2015 14:53 -0500The market is now officially so broken, that the biggest HFT-player no longer even makes any sense.
It's Official: Allergan, Pfizer To Combine In Biggest Ever Tax-Inversion, Defy Jack Lew
Submitted by Tyler Durden on 11/23/2015 07:02 -0500As was extensively reported over the weekend, the Pfizer-Allergan tax-inverting, reverse-merger (in which the far smaller Allergan would end up "buying" Pfizer, courtesy of fungible debt which doesn't care where it ends up as long as there are cash flows) would be announced this morning, and sure enough, moments ago the long-awaited press release finally hit.
Frontrunning: November 18
Submitted by Tyler Durden on 11/18/2015 08:02 -0500- Security jitters drive European investors back to safe havens (Reuters)
- Global Anti-ISIS Alliance Begins to Emerge (WSJ)
- Merkel says cancelling soccer match was 'responsible' decision (Reuters)
- Paris attacker may have had accomplice on journey through Balkans (Reuters)
- Drop Assad demands if you want to unite against Islamic State: Russia to West (Reuters)
- Putin sets up commission to combat terrorism financing (Reuters)
Global Stocks Break 5 Day Losing Streak As Poor Chinese Data Sparks Hope For More Stimulus
Submitted by Tyler Durden on 11/11/2015 07:00 -0500- Apple
- Aussie
- Bank of England
- BOE
- Bond
- China
- Copper
- CPI
- Credit Crisis
- Crude
- Crude Oil
- default
- Equity Markets
- fixed
- Gambling
- goldman sachs
- Goldman Sachs
- Government Stimulus
- headlines
- Hong Kong
- Insider Trading
- Investment Grade
- Italy
- Jim Reid
- New York Stock Exchange
- NFIB
- Nikkei
- Portugal
- Precious Metals
- Price Action
- RANSquawk
- Rating Agency
- recovery
- Shenzhen
- Unemployment
- Wholesale Inventories
For the third day in a row, China dominated the overnight newsflow with the latest industrial output data, which printed at 5.6% missing expectations of a 5.8% increase, and was tied with March for the lowest print since late 2008.
CME Direct Trading Platform Down Since Pre-Open After Upgrade Glitch; Now Fixed
Submitted by Tyler Durden on 11/02/2015 12:49 -0500Update: CME DIRECT ISSUES NOW RESOLVED, EXCHANGE SAYS
CME Group's online trading platform CME Direct will be unavailable until further notice due to a technical issue, the exchange said in a member notice this morning sent at 0857ET. While volumes look largely unaffected, Reuters reports that the outage came on the first day that CME migrated many users of its EOS Trader platform over to CME Direct, and also coincided with an upgrade to CME Direct's technology, sources familiar with the matter said.
Meanwhile, In Front Of The NYSE, They Are Celebrating The "Recovery"
Submitted by Tyler Durden on 10/21/2015 08:26 -0500Short Squeeze, Liquidity, Margin Debt & Deflation
Submitted by Tyler Durden on 10/13/2015 10:31 -0500- AIG
- B+
- Bank of America
- Bank of America
- Bear Market
- Bond
- China
- Consumer Prices
- Crude
- default
- Duct Tape
- Eurozone
- Glencore
- Global Economy
- Japan
- Lehman
- M2
- Milton Friedman
- Money Supply
- Money Velocity
- NASDAQ
- New York Stock Exchange
- Nominal GDP
- recovery
- Repo Market
- Reverse Repo
- Russell 2000
- Turkey
- Tyler Durden
Some things you CAN see coming, in life and certainly in finance. Quite a few things, actually. Once you understand we’re on a long term downward path, also both in life and in finance, and you’re not exclusively looking at short term gains, it all sort of falls into place. Of course, the entire global economy has been hanging together with strands of duct tape for decades now, but hey, it looks good as long as you don’t take a peek behind the facade, right?
Spoofer Complains About Spoofing, Is Ignored, Starts Spoofing, Gets Busted
Submitted by Tyler Durden on 10/08/2015 15:54 -0500This is the story of a veteran NYSE specialist who noticed manipulation in the NYSE market open Imbalance, loudly complained to the NYSE, was ignored, then decided to profit from said manipulation himself... and got busted. And that's where the story begins...




