Natural Gas futures prics are exploding higher... By now everyone is quite aware of the US climatic conditions so whatever squeeze just took place has nothing to do with fundamentals, and everything to do with someone being Amaranth'd. The only question is who, and who is their counterparty (especially if it is a public company).
- Central Banks Drop Tightening Talk as Easy Money Goes On (BBG)
- More Democrats voice Obamacare concerns as website blame goes around (Reuters)
- Contractors Point Fingers Over Health-Law Website (WSJ)
- Jury Decides Against BofA on 'Hustle' Program (WSJ)
- Credit Suisse to overhaul interest rates trading business (FT)
- Home Builders Target Higher End (WSJ)
- The Many Lives of Iron Mountain (NYer)
- Busy tourist season nudges Spanish unemployment lower (Reuters)
- Morgan Stanley Joins BofA in Broker Recruiting Truce (BBG)
- Ending World’s Longest Nonstop Flight Adds Five Hours (BBG)
The collapse of American society is accelerating. For the moment, much of our social decay is being masked by the tremendous level of affluence that we are experiencing in aggregate. It has been reported that 4 out of every 5 adults in the United States "struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives", but in general Americans still enjoy a debt-fueled standard of living that is far beyond what most of the rest of the world enjoys. When that debt-fueled standard of living permanently disappears, it is going to unleash chaos unlike anything that America has ever seen before. So how can we be so sure that this is going to happen? After all, the United States didn't descend into complete and utter chaos during the Great Depression of the 1930s. Wouldn't an economic depression unfold in a similar manner today? Unfortunately, a lot has changed since then. A lot more Americans were self-sufficient back in those days, and the truth is that the character of our nation has been rotting and decaying for decades.
- Tables turn: Syria asks the United Nations to stop U.S. strike (Reuters)
- More tables: Putin sees chance to turn tables on Obama at G20 (Reuters)
- Obama’s Decision Stirs Doubts About America’s Resolve (BBG)
- Kerry says US tests prove sarin used in Syria attacks (FT) - is this based on more YouTube or Vine this time?
- Italy Coalition Reels as Berlusconi Threatens to Sink Letta (BBG)
- Steinbrueck’s Jabs Fail to Knock Out Merkel in Election Debate (BBG)
- India's crisis within a crisis; finance minister fights on two fronts (Reuters)
- Ikea signals slower expansion (FT)
- US spied on Brazil, Mexico presidents (AFP) - since it spies on its people, is this a surprise?
- What's the Difference Between U.S., Chinese Corruption? (BBG)
- First Strut Default Jolts High-Yield Market: South Africa Credit (BBG)
- Vodafone, Verizon Agree on $130 Billion Deal (BBG)
- UN Insecptors to leave Syria early, by Saturday morning (Reuters)
- Yellen Plays Down Chances of Getting Fed Job (WSJ)
- JPMorgan Bribe Probe Said to Expand in Asia as Spreadsheet Is Found (BBG)
- No Section 8 for you: Wall Street’s Rental Bet Brings Quandary Housing Poor (BBG)
- Euro zone, IMF to press Greece for foreign agency to sell assets (Reuters)
- Brothels in Nevada Suffer as Web Disrupts Oldest Trade (BBG)
- U.S., U.K. Face Delays in Push to Strike Syria (WSJ); U.S., U.K. Pressure for Action on Syria Hits UN Hurdle (BBG)
- Renault Operating Chief Carlos Tavares Steps Down (WSJ)
- Vodafone in talks with Verizon to sell out of U.S. venture (Reuters)
- Dollar Seen Casting Off Euro Shackles as Fed Tapers (BBG)
- Merkel Blames SPD’s Schroeder for Letting Greece Into Euro (BBG)
- U.S. Bank Legal Bills Exceed $100 Billion (BBG)
- U.K. to Request U.N. Action to Protect Syrians From Chemical Weapons (WSJ) - and Russia to veto any decision
- U.N. inspectors in new Syria mission as West prepares to strike (Reuters)
- Emerging-Market Rout Intensifies on Syria Jitters (WSJ)
- Rebels Without a Leader Show Limit to U.S. Role in Syria War (BBG)
- Anger at IRS Powers Tea-Party Comeback (WSJ)
- China has much at risk but no reach in Middle East (Reuters)
- 'London Whale' Penalties Put at $500 Million to $600 Million (WSJ)
- U.S. lawmaker says 'compelling' evidence of Syrian chemical attack (Reuters)
- Bernanke Supports Continuing Stimulus Amid Debate Over QE (BBG)
- Portugal president wants 'salvation' deal, including opposition (Reuters)
- Egypt has less than two months imported wheat left - ex-minister (Reuters)
- A rise in long-term interest rates is creating challenges and opportunities for the largest U.S. banks. (WSJ)
- BoJ says Japanese economy is ‘recovering’ (FT)
- More Chinese cities likely to curb auto sales (Reuters)
- PC Shipments Fall for 5th Quarter (BBG)
- Property Crushes Hedge Funds in Alternative Markets (BBG)
- New aid gives Greece summer respite before showdown (Reuters)
- Rajoy Punishes Exporters Sustaining Spain’s Economy (BBG)
The only thing more ominous for the world than a Hindenburg Omen sighting is a Bilderberg Group meeting. The concentration of politicians and business leaders has meant the organisation, founded at the Bilderberg Hotel near Arnhem in 1954, has faced accusations of secrecy. Meetings take place behind closed doors, with a ban on journalists. We suspect the agenda (how the US and Europe can promote growth, the way 'big data' is changing 'almost everything', the challenges facing the continent of Africa, and the threat of cyber warfare) has been somewhat re-arranged as market volatility picks up and the status quo begins to quake once again. The annual gathering of the royalty, statesmen, and business leaders, conspiratorially believed to run the world (snubbing their Illuminati peers and Freemason fellows), will take place this week at the Grove Hotel in London, England. The Telegraph provides the full list of attendees below - for those autogrpah seekers - including Britain's George Osborne, US' Henry Kissinger, Peter Sutherland (the chairman of Goldman Sachs), the Fed's Kevin Warsh, Jeff Bezos?, Peter Thiel, Italy's Mario Monti, and Spain's de Guindos.
Tesla has been outselling specific Mercedes, BMW and Audi models at similar price/quality points, and Consumer Reports has given the car glowing reviews. Is there a broader meaning in this, other than the introduction of a very well-designed luxury automobile? JPMorgan's Michael Cembalest's suggests that the Tesla’s price and its fossil fuel footprint suggest that it’s a distraction regarding the issue of transportation and related environmental efficiencies.
In a remarkably candid interview, the President and Executive Chairman of CME Group Inc, Terrence Duffy, told Bloomberg TV that today gold buyers "don’t want certificates ... They want the real product".
"What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product."
Nat Gas kissed $4 just after 10:00 EST and then subsequently collapsed to $3.891 before rebounding all the way back. Coupled with Fannie Mae, we're in an Efficient Market! This time, the computers were a full 7 seconds ahead of the release, not the 400 ms we've been seeing.
Depending upon the time frame natural gas is either in a distinct downtrend channel or a parallel trading range.
On January 31, 2013, (thanks to the data experts at Nanex) approximately 400 milliseconds before the official release of the EIA Natural Gas Report, trading activity exploded in Natural Gas Futures and ETFs such as UGZ, UNG and BOIL. Now that the Feds have stated that they don't think there is merit in prosecuting people who get news information earlier than others by milliseconds, is it any wonder?