The Week That Was: March 23-29th 2013

Tyler Durden's picture

Succinctly summarizing the positive and negative news, data, and market events of the week...


  1. Cyprus tried to calm market jitters, as it agreed to a last minute deal with the Troika. The deal secures a $13 billion dollar lifeline, as well as ensuring continued access to the ECB's emergency lending program. The plan falls under a “bank restructuring”, as to avoid a vote, and claims that all deposits under 100 thousand Euros are safe (for now).  Post Mortem here…
  2. Kuroda said that the BOJ would look to abolish a self-imposed rule that limits the amount of government bonds his central bank can buy. He also indicated they would look to purchase further out on the curve. As a result, U.S. equities could be impacted as investors chase yield using the Yen as their funding currency of choice.
  3. Average home prices in February increased 8.1% YOY according to Case-Shiller's 20-city composite index.
  4. U.S. durable goods orders in February jumped 5.7% MoM, following a January decline. However, as we point out here, true CapEx has yet to make its 'recovery'.
  5. Minneapolis Fed's Kocherlakota said that there is a need for 'more accommodation than is currently being provided' by the Fed. He also went on to say that there is little evidence that the Fed's monetary policies are generating any significant financial stability problems at this time. However, it's unclear as to how he defines 'significant'...
  6. The S&P closed at its all-time high to end Q1 on Thursday - and it only took ~$8 trillion to get there.
  7. Citi announces the all clear with new Synthetic CDO offerings.
  8. The Final UMich Consumer Confidence number beat expectations.
  9. US Spending and Income data came in better than expected.



  1. Just when everything was all 'fixed' again, Eurogroup head Jeroen Dijsselbloem created turmoil after he said that the Cyprus 'bail-in' agreement could become a model for the future. However, after the market reminded him that he should be using the 'Juncker rule', (just to lie when it gets serious), he promptly retracted and deflected as a good Eurogroup head should.
  2. U.S. Consumer confidence took a dive in March, as a print of 59.7 was put up vs. an expected 68 print (and down from 68 in February).
  3. New home sales in the U.S. fell 4.6% MoM in February…
  4. Italian consumer confidence (unsurprisingly) dropped in March to 85.2 - unclear as to why savings to insolvent bank equity swaps are not viewed favorably by the Italians…
  5. Moody's says the risk of a Euro exit by Cyprus is 'substantial', and could lead to large losses for investors.
  6. They're baaack: Egan-Jones downgrades the UK from AA- to A+ (a non-NRSRO rating of course)...
  7. Spain announced that their 2012 budget deficit will actually be smaller bigger than first thought. Somewhere Spanish bank CEO's are scrambling to figure out how many spiderman towels they have in inventory in order to fund even more government debt purchases…
  8. EuroStoxx 50 closes Q1 in negative territory
  9. February Chicago PMI plunges to 52.4, far below expectations of a 56.5 print.
  10. Final Q4 GDP print comes in at a meager .37%.
  11. Weekly jobless claims come in at 357,000, up from last week's revised figure of 341,000… Steady as she goes
  12. Personal Savings Rate is at the second lowest since 2007 and real disposable income is lower than it was in December 2006.

(H/t @ZH_Crown)

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Go Tribe's picture

Thinking next week belongs to silver finally. More accommodation needed, indeed.

Lost Wages's picture

I've been thinking that since December of 2011. Not really sure why I still bother. Obviously the right answer was shitcoins. It is always the worst possible thing you can think of.

flacon's picture

My biggest fear is if they crash the paper price of gold and silver for longer than I have enough paper money to survive. Fortunately I have no debt and I have 5 years of dehydrated food... but still.... going Amish might be tough. I think I need to stock up on Johnnie Walker Black Label now. 

LongBallsShortBrains's picture

Keep thinking.... We dip below 27 this week high teens to come.

ShortTheUS's picture


13. The neandersheeple of Cyprus prove how unwilling people are to resisting central planning, thus paving the way for future confiscation of financial and physical assets in the months and years to come.

Brindle702's picture

... best comment of the day IMHO ...

1835jackson's picture

And now for my fav quote...

"You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out!" Andrew Jackson 1832 said to a delegation of central bankers. 

PAWNMAN's picture

If there was still any doubt how irreversably rigged the markets are. Just so happens on a day of absolutely lousy maco news, the "market" hits an all time high. Oh, and it also just happened to be the end of the quarter. A nuclear bomb could've went off in Central Park yesterday morning and the S&P still would've closed green. I'm disgusted beyond words at what a banana republic this once great nation has become.

sitenine's picture

Silver prices? WTF?

Positive or Negative?

Or how about just an explanation? Something looks fucked here to me..

PAWNMAN's picture

Just like the stock market has become a fixed con game, so have the PM's. How else could you explain physical demand up drastically in the face of lower prices? These markets are much smaller. therefore easier to manipulate. The Central Bankers have a vested interest in low PM prices to not compete with their fiat. The only thing thats real is the physical you can pull out of your safe, mattress, etc. Your right, we ARE F*#@ked!

NotApplicable's picture

Those charts are pretty much always meaningless on non-market weekdays.

"They killed Jesus. Those bastards!"

NotApplicable's picture

Then again, these are paper metals charts, so they're actually meaningless every other day as well.

The only price that matters is at your local coin shop.

ich1baN's picture

Gainesville coins was showing a spot silver price at the opening of the Asian markets yesterday, after the New York Close of $29.05 an ounce.... it quickly eviscerated away on Gainesville coins to $28.46 an ounce, what it currently is. 

Rogue algo time. 

PUD's picture

consumer confidence both soars and plummets...yep

mberry8870's picture

Want to see a "real" up day on the markets, nuke DC, when they're in session. Short time frame I know but just a thougt/hope.

Go Tribe's picture

DC, LA, Chicago. That would send the Dow, S&P, PMs and Bonds to all-time highs.

Yen Cross's picture

    Long live the...  The is dead...

LongBallsShortBrains's picture

Maybe more government is needed.....