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For Stocks, "Headwinds Are Clear And Seem To Be Strengthening"
If stock markets really do their best to discount earnings six months ahead of time, then it’s beginning to look a lot like Christmas. ConvergEx's Nick Colas' monthly review of analysts’ revenue expectation for the Dow 30 companies finds that hopes for growth in the second half of 2013 continues to diminish. The upcoming Q2 2013 results won’t be much to write home about either, with average top line growth versus last year of just 1.1% and (0.7% ex-financials), the lowest comps analysts have put in their models since they started posting expectations last year.
Back half expected sales growth is down to an average of 3.0 – 3.2%, where these estimates were over 5% just three months ago. If you are hoping for 3-4% revenue growth – the kind that allows profit margins to expand – you’ll have to wait until 2014, at least according to Wall Street analysts.
Via ConvergEx's Nick Colas,
Stock market wisdom says that equity prices discount the economic conditions and profit outlook for public companies 6 months in the future. If investors think corporate profits will peak in two quarters, for example, stocks should decline today. And if the Street’s outlook for earnings in the two-quarter near future become more optimistic, then they should rally. As with any investment guideline – whether it rhymes or not – its actual track record is spotty. Consider the last few major turns in U.S. stocks:
- The now-famous March 2009 intraday low of 666 occurred well after corporate earnings had turned higher. Quarterly earnings for the S&P 500 actually bottomed in Q4 2008 at essentially zero and were already on their way to $10/share for Q1 2009.
- Less tumultuous periods in market history follow the 6-month rule more closely. The March 2000 highs for stocks did a good job of forecasting the fact that Q2 2000 was the peak for quarterly S&P 500 earnings at $14.88. Two quarters later and earnings were running $13, and then $10.73/quarter for Q1 2001. Going back to the turn higher in the early 1990s, market lows around the August 1990 Iraqi invasion of Kuwait accurately reflected that earnings would trough early 1991 (at an average of $4.78/quarter) and head higher after that.
- As of today, S&P is printing expectations for uninterrupted earnings growth over the balance of 2013 and into 2014. The numbers are pretty impressive - $110 for S&P earnings this year, and $123/share for next year. That put stocks at 14.8x earnings for this year, and 13.2x for next year. If you want to jam the bull case for stocks into the smallest possible container, this is it. Stocks valuations are reasonable – if not cheap – by historical standards.
So then what’s up with all the market volatility of late? I lost my “VIX below 18.5” bet with our option desk yesterday, but I don’t really know who to blame (aside from the guy in the mirror). Should I send Ben Bernanke a “WTF?” tweet over the market chatter about the Fed ‘Tapering’ the QE bond buying program? I heard that the Bank of Japan was running out of arrows to fight 20 years of deflation economic stagnation, but Amazon has them listed at 3/$11, shipping included if you are a Prime customer. So that can’t be it… And I have no idea who to blame in Europe. Maybe everybody.
No – if we follow the logic about “Six months ahead” then the market is clearly wondering about how the world will look on December 13. Hanukkah comes early this year – November 27 kicks off the Festival of Lights – so that can’t be it. Allowing for a 2 week fudge factor, you get Christmas. Well, technically you’d be in the heart of Kwanzaa – which goes from December 26 to January 1st - or Boxing Day in the UK. But we’ll go with Christmas out of expediency.
One of the best ways to get a read on Wall Street earnings expectations is to start at the top of the income statement, with trends in revenue forecasts. We do this every month for the 30 companies of the Dow Jones Industrial Average, and the results of that analysis in several tables and charts immediately following this note. The data comes directly from the consensus expectations for quarterly and annual revenue growth between the upcoming Q2 2013 and the end of 2014.
The upshot of the analysis is that analysts are growing more concerned about revenue growth for the remainder of 2013. A few points here:
- Just two months ago, back in April, analysts were forecasting 3.5% sales growth for the Dow companies. Now that number is down to 1.1% year on year growth. Exclude the financials, and the expected Q2 revenue growth rate drops to 0.7%. Now, keep in mind that revenue growth was essentially unchanged in Q1 2013. It looks very much like Q2 hasn’t accelerated from that pace.
- Analysts are clearly also concerned about the pace of revenue growth for the back half of 2013. Back in April they were showing clients financial models which anticipated 5% sales growth for Q3, and 4.5% for Q4. Those numbers are now 3.2% and 3.0%, respectively. Excluding the financial companies of the Dow, revenue growth is now expected to be 3.3% in Q3 2013 and 2.8% in Q4 2013.
- If you want to see the type of revenue growth that more typically generates earnings growth, you’ll have to wait until 2014, at least according to the Wall Street analysts who cover the Dow companies we’re talking about here. Only then will you see the average 4% type of revenue expansion which drives meaningful upside earnings surprises.
Analysts are clearly worried about the trends for revenues and – eventually – profits as we move through the year. Yes, corporations have does great work at generating record profits on the back of far-less-than record economic data. But for all the chatter about a second half expansion of economic activity, analysts clearly are not hearing that kind of macro optimism from either their companies or their own field checks and due diligence. Next year still looks good, but that is a long way off.
The bottom line is that this data provides a less-discussed reason for all the recent stock market volatility. It is actually a pretty straightforward story – as expectations catch up with a still-soft economic reality, are all those lofty earnings expectations really defensible. We’ll have to wait and hear what companies have to say in a few weeks, of course. But the headwinds are clear, and they seem to be strengthening.
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I just hope Jennifer Aniston is happy.
Well, she did just do that chicken coop upgrade and finally hid the stripper pole, sooo...
I hope she's happy too; I have no idea who she is. I just need to report on my trades which I anounced here when I put them on; if you want to follow me; go ahead; it's a little lesson in how to make the maket pay you; consistently, year after year. So, my ES contract, short the S&P500 is up $5900 for a pair of contracts; my short British Pound contract is making money; my short Euro contract is making money, and Orly, I did tell you when to short the Euro, so don't blame me if you didn't do it; and I'm now in profit on my long Cattle and Feeder Cattle contracts; Once again; I post the positions here when I put them one; feel free to follow me. I always report results. You need to close your stock market account and open a futures trading account. Then you'll be ready to go. It's a lot more fun to make the muppets pay you dollars that you can spend, then it is to whine about the manipulated markets. Feel free to follow my reccommendations; if you need a stop loss, I'll tell you; if the trade goes sour I'll tell you to get out. Right now; everything I have on is making money with more to come. So feel free; this is my socially useful function. You might as well get some benefit from my 35years of experience and my mentors; before I die. Cheers.
website? newsletter? blog? thanks
I reckon you oughta get yours now, before the Fed's teats dry up.
Headwinds ara clear?
What, the "ctrl" & "P" buttons broke on all the keyboards in the Mariner Eccles building?
Being the ' FIAT' retard I am, and knowing criminals(elected representatives) will always keep (fungible fiat) available , to do Muppet transfers to "so called" wealth?
Please enlighten me fellow Z/Hers
I may not be reading you right, and I've had a few drinks... And that's why I think I can help! A person can have a giant pile of cash, and be totally miserable. This is quite often the case, as said pile takes a lot of sacrifice to amass... Think of money as nothing more than 'cab fare' - hear me out - It's the only way to get where you need to go in this current society. (In my example, you don't have a drivers license) - It's only real use is to get YOU where you need to go, to be... Invest in yourself (which I'm sure you have, to an extent) by figuring out ways you won't (feel you) need so much. Money is worth less every day, so if you can need less to thrive (garden, own your vehicles, if you have a mortgage & a wad of cash pay it off, boycott $12 / lb steak - find a local farmer & have him raise a cow for you at $5 lb, prep some if you have that big a stack) you'll be better off. Money is the red fucking cape the bull runs at, there's someone else in the ring... Life. - I wonder if this was helpful...
I been rich and I been poor; and honey, rich is better. Marian Anderson.
its the smell of the fellow rich man which is the stench I can't stand; hubris on the rocks, shaken lightly like a cocktail where the slings and arrows of slave living have been sterilised out like in a "white roomed" palace. A prison inside, to keep out the feared prison of real living things full of microbial threats.
Stay where there is fresh air, where the windows are wide open and the natural sunlight creates warmth and sense of freedom like nothing else on earth and where honest men live simply and share whatever they glean; as that is the honey of happiness.
Don't live like Robinson Crusoe, don't live like Citizen Cain. Don't believe in people who make collective living a choice between bad and worse.
Bad, sad dialectics, sign of the PAx Americana age in total morph, to dwarf its worst enemy.
Rosebud
In my experience it's easier to be totally miserable when you're flat broke; like selling blood at the clinic to pay your week's rent on your ghetto rooming house broke; which I have done.
Be the matador... Control the situation.
Thinking out.loud? Let me share an idea with you. I would surmise that you're my junior. I've owned just about everything you can aquire, but I still thank God every night.
Do yourself a favor and buy a thick book, and castaway on a deserted Island for a few weeks. You completely missed the (subject matter) of my rhetorical question. Your comment/reply is delusional at best.
You're obviously some passive aggressive nut job that uses several unrelated topics to baffle with your "Bull Shit".
For example; Your hypocritical comments about having currency, yet speaking about the rewards of hard work in monetary terms. Take a small piece of advice, and don't drink while you're posting on Z/H.
Read it wrong for sure... Sorry.
I think what you are talking about is the main point.. What is the difference between money and wealth? Most can't answer that. Best secure your wealth now and worry bout the money later... http://tinyurl.com/n8hmfya
maybe QE is designed (for the long term) to support Boomer retirements (pension funds, divy's, IRAs etc) preventing the gov from taking on so much more debt? it may have many purposes yet known? Musing
Meaningless:
I have awoken this morning feeling most depressed and saddened. Nothing specific but I fear that what is going on in the World today, led by the US, is taking civilization to that when Stalin ruled Russia. Worse, Stasi Germany.
Your posts this morning hint at the similar feeling but my feeling is emotional and in the pit of my stomach. Insanity, needless, and leaving one to ask why?
Why is there such need for control, to impose hardship on people who do no harm. To elect a "State" that cannot produce enough to eat. A State that will eat its own. For what purpose? For what joy? For what?
Everything spoken is a lie or figment of a distored mind. Truth and honesty are unacceptable and must be destroyed. Logic becomes pornography, right is imprisoned and joy denied. Financial markets are propped up by printing money out of nothing; where is the First Law of Thermodynamics? Corruption has replaced Law; a thorn by another name.
Law trumped Reason,
Power trumped Law,
Corruption trumped Power,
Chaos emerges Supreme.
I would willingly lie down this morning, and will myself to die, but for my Daughter.
I feel the reach of the stench in the air, over the radio, the TV, The political message is an iron fist and this fist is supported by the cheers and screams of approval from those that will soon become its victims. I can feel the rots in my computer; the glitches, the suden windows flickering; the video camera switching on and off; the odd voices in the speakers. It is like a giant funghi Candidi oozing its evil puss into every vacant space and observing; quantitatively making note; recording, categorizing, grading and prioritizing for action.
It is not just here it is everywhere and everywhere it is all consuming.
We have gome from humanity to caniverous fungus, it seems, overnight. We have lost our humanity; we no longer matter; we have lost our souls and now we eat the flesh of our own. And this has all occured before as Julian Jaynes wrote; "We have lost our Gods" Circa 1300 BCE.
Can we not overcome? Are we so defenseless; our "leadership" so pliable and corruptable; Is there no love left? No respect? No dignity? No intellect? No will?
That which is happening to humanity on the planet is not fought with drones, guns, bombs, genocide, torture, lies and corruption, that is, all that which is being throuwn at it today. It is confronted with science and the mind of the intellect - not academia; the tacit intellect of accomplishment of Mind; of Man.
I am saddened this morning...
Ho hum
Look at the bright side.....In the long run we are all dead.
Looking at the glass half empty. Things are bad but not that bad, one day the sheeple will wake up, it only takes a few million to change our corrupt and immoral government. That day may not be far off.
Actually, it only takes one person. Hopefully one person will emerge from all this, with strenght to walk a new path for the better of humanity. Where people will follow.
Meaningful:
Aquarius – I feel your torment and your words tug at my heart because of my empathy for my fellow man. As well as my recognition too of where we are and where it will surely go.
The bright spot for me is that the situation has caused me to totally refocus my attention on the truly important things in life: my family and my faith in God. I am so much happier for it.
I’m not sure if you are religious and I’m sure many ZH’ers are not. And I don’t want to be the preacher, but you know the willingness to lie down, but for your daughter? It’s a sign that you are in tune to the fact that there is more than the physical world around us. There is another world, and it is so much more powerful. It is the truth.
The belief in Christ as the link between man and God, between the material and this other world is a tough one to swallow for non-believers (I don’t know if you are one), but similar to the activation energy in a chemical reaction, it just takes the necessary (and achievable) Work to overcome a barrier, and then… never-ending chain reaction
I fear that a lack of foundation in The Faith is too much of an activation barrier for most who were not raised in this tradition.
The only suggestion I can think of is to open The Book. Matthew is a great starting point for those feeling desolate and hopeless. He gives himself to God and finds reward and peace.
http://www.usccb.org/bible/scripture.cfm?bk=Matthew&ch=
Matthew 19 (with allusion to your namesake, Aquarius):
[Jesus said] “Again I say to you, it is easier for a camel to pass through the eye of a needle than for one who is rich to enter the kingdom of God.” When the disciples heard this, they were greatly astonished and said, “Who then can be saved?” Jesus looked at them and said, “For human beings this is impossible, but for God all things are possible.” Then Peter said to him in reply, “We have given up everything and followed you. What will there be for us?” Jesus said to them, “Amen, I say to you that you who have followed me, in the new age, when the Son of Man is seated on his throne of glory, will yourselves sit on twelve thrones, judging the twelve tribes of Israel. And everyone who has given up houses or brothers or sisters or father or mother or children or lands for the sake of my name will receive a hundred times more, and will inherit eternal life. But many who are first will be last, and the last will be first.”
"the source field investigations" by david wilcock
To Aquarius:
I completely share your despair my friend...(that and I share the happenstance of your handle with my birthsign..weird)
I also share Big Slick's ideas as well. You would not know it from many of my posts....my personal thorn in the side is my potty mouth....but hell's bells it completely drives me literally mad to see such stupidity and constipated thinking in the world and sometimes on this site from far too many people for me to accept.
So be it....my cross to bear....but my apologies to anyone who is offended (but no promises of immediate reform....my spiritual journey is just that....a journey in which sometimes I get lost in the battle between my better and lesser angels). But I would like to also add something to the conversation without being too preachy and/or pendantic.
This is from the Old Testament Book of Ecclesiastes 1. It is King Solomon in a powerful lament exactly the same as yours....and mine.....and millions of others.
The Futility of Wisdom
13 And I set my mind to seek and explore by wisdom concerning all that has been done under heaven. It is a grievous task which God has given to the sons of men to be afflicted with.
14 I have seen all the works which have been done under the sun, and behold, all is vanity and striving after wind.
15 What is crooked cannot be straightened and what is lacking cannot be counted.
16 I said to myself, “Behold, I have magnified and increased wisdom more than all who were over Jerusalem before me; and my mind has observed a wealth of wisdom and knowledge.”
17 And I set my mind to know wisdom and to know madness and folly; I realized that this also is striving after wind.
18 Because in much wisdom there is much grief, and increasing knowledge results in increasing pain.
I know that this may bring no comfort to you for there are no answers in it. In fact, it is simply affirmation of what we all know deep in our hearts but are afraid to admit.....and the ones like us who DO look into that dark pit of truth despair as we do.
I simply would like you to know that if King Solomon....the reported wisest man who ever lived....felt this way at the pinnacle of his power thousands of years ago, you should at least find comfort that you are not alone. And if Solomon had not felt this way....then you are still not alone.....for I feel the same way you do my friend. I completely understand.
But I will leave the answer up to what Big Slick hinted at above. As a believer I am concerned with anyone's state of the soul. As a anarcho-libertarian there is a part of me which does not care. You're a big boy.....you can make up your own mind. You have all the tools available....hopefully. A mind, curiosity, a willingness to explore knowledge and truth....and every possible translation of the Bible for free online or for purchase. And an embarrasment of rich commentary to help you form your own opinion and/or believe and/or faith.....
....and me.
I follow the example of Christ....."Ask, and you WILL receive....Knock, and the door WILL be opened." But Christ did not kick down my door and compel me....nor did he drive any of his tenets down my throat before I asked.
But if you ask me......I'll be there.
Thanks, a great post and very true.
I'll tell you this. I am not a believer of "God" in a sense as it is described through religion. BUT, I live my life on premise that there is something beyond this physical world. And that our time here, in our physical bodies, is only temporary.
Some people understand what I talk about, some don't. Most don't. For me, I really don't care. Those who listen they listen. The rest are too pre-occupied with new cars, new jobs, more money, new house, new clothes etc. None of the things that will ever leave with them when the time comes.
I respect you for what you are saying, as I do believe in what you are saying. Only that I am not looking at it from a religious view. Thanks.
One last thing. People have hard time believing in something they can't see. Unless it is proven with something they can see, feel or touch, it is not real. I feel sorry for people like that. Most of the time we can feel more from withing then ALL the things we can see, touch, feel, smell or taste. I am true believer of the things to come after this life.
Sorry. This has nothing to do with economy, but I have this urge inside me that wishes that ALL of the humanity understands this :-( It seems futile :-/
Thanks once again. I actually copy/pasted your last quote from Matthew so I can read it on my laptop.
Some neuroscientists say that the reports of people who have near death experiences can be explained by low levels of oxygen in the brain -- essentially illusions of dying brain cells. Therefore the whole body of literature is dismissed by these scientists and doctors.
However, having been there -- twice, I can say that it's a convincing trip that leaves a powerful impression that there is more to life than just this plane of existence. I'm not a religious person but I am a spiritual one. I was before these experiences too, but I was changed on a profound level, as I imagine anyone would be. (Perhaps not.)
My takeaway from them? Everything matters. (Take that how you will.) Also, life is for the living, as long as we're alive.
Also, neuroscientists don't know everything and neurologists tend to be limited in their scope as well. I wish they had more intellectual curiosity but I know enough to never discuss my experiences with anyone in those specialties.
Haven't had the experiences you've had, but I see we think similiar. I believe strongly in the spirtiual part of human beings and also that life is to be lived as long as we are here.
Well, there is some good in the world.
When those loosing (or seeing the unfairness) far exceeds those benefiting something must give and no amount of control will work. It will only take a few to turn the world upside down. Attempts at control can have reverse consequences. That don't depress or sadden me, it concerns me.
Why not just come up with some statistical trick to fix profits?
eight!
Shaky estimates lead to shaky conclusions. My guess is this is pricing in an over reaction to the "taper". The huge Nikkei run up seems to have been based on a wrong guess about the size of Abenomics and now there is a correction back to actual numbers. Guessing which side of the bed Benny gets up on seems somewhat pompous. My guess is there will be a lot of debt to monetize, no taper. But then again I'm just an old fool.
In my opinion...and it is just that...it is not growth but VALUE that is being destroyed here. Growth in fact is being ENHANCED by these polices since clearly there is not only an inflationary bias...but a STATED inflationary bias. The only way to "monetize" such a Regime (and QE is ABSOLUTELY a Regime as you so clearly state...making you no fool indeed) "is by having a top shelf management team who's goal is to grow the business and will in fact do just that." For how amazing Warren Buffet is...and i hate to call him "simply a value guy"...Warren Buffet is simply a value guy. Here's the greatest money manager of all time in my view: http://en.wikipedia.org/wiki/John_Templeton. This guy invented an entire industry that we take for granted today "as a way to make a fortune." But obviously he was on the side of management and trusted them implicitly to "know how to know what to do." From the 1930's to the 1950's "there is no question that was the case." All the kibbutzers wouldn't "come of Age" until the 70's. Unfortunately "they're still kibbutzing even today." Now is the time to be AGGRESSIVE "old but not foolish"...capital is plentiful, interest rates have never been lower and the USA...fortuitous though clearly it is...is just as clearly "Going Forward." One must Go Forward with it.
EKM technically, (understands the game) .
It's all about the POMO.
"Next year still looks good, but that is a long way off."
How can you sleep at night?
Did you miss the part where every other sentence of your article precludes "next year looks good?"
Do you understand that bullshit is part and parcel to why we are here?
Never mind the head winds; and don't go short now; it's too late. What was the most important factor telling you to short the top of the rally in the stock market, (with a futures contract, and not with an ETF), ?? The record high margin loans that were reported here twice. What happened this year that was enormously significant and that told you to short the highs in the stock market? The long Bond was at 149 a few months ago, it's now at 139; that's ten thousand dollars a contract; that was your heads up; Do not trend follow; it's just a complicated way to go broke. Sell tops of rallies and buy bottoms of dips. All the experts are standing in line waiting to shout at you; don't pick tops and bottoms. I'm telling you get your next big move signal, up or down, and then sell the top or buy the bottom. But I'm the only one who's going to tell you this. 90% of the time a price chart breaks out; it reverts. You can't make any money doing that. Do not follow trends; pick tops and bottoms. How much chart reading should you do? not much. look for double and triple tops and or bottoms; look at the trading channel defined by the highs and lows of the market; check your day chart readings with weekly chart readings; that's about it. there are no "Waves"; they are a figment of the imagination. And once again; do not follow trends. Wait patiently for an excess of muppet enthusiasm and counter punch.
"Wait patiently for an excess of muppet enthusiasm and SUCKER punch." - Fixed it - makes you no better than a central bank, IMO...
SAT800: you were just talking about sacrificing your own blood to survive... It's quite a trip to see you evolve so quickly (sacrificing the blood of others for your own personal gain) on the matter.
http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/...
just another opinion but seems to be more in-depth than Cramers venal efforts.
regards
I have now cashed in the S&P contracts; why? because the lower the price goes the more likely it is to rally. Always be too early; and put the money in the bank; (until it's time to buy silver with it).
"Headwinds are clear and seem to be strengthning"; and of course, that's when you take profit on your shorts. when the situation becomes clear to a journalist; it;s late; real late.
You'll have to wait until 2034 for any real growth, and that is after the "pruning"!!!
Loose monetary policy is here to stay for the time being in Europe. Just read the monthy report of the ECB. They deem it to be a success. So don't underestimate the wall of money which keeps entering the stock market.
Don't kid yourself. You don't have real growth. You have financialization (fraud) growth. So whatever numbers such as 1-3% growth...just subtract 20 percent from them and that is the real growth in wealth. You can't use fraud to predict what will happen in the future other than fraud will lead to total collapse of a fraudulent system.
So you can take these numbers and shove them up an analyst's ass until he feels good. I ain't buying it.
How does one reconcile such divergent views on whats up ahead as expressed in MSM :
http://www.businessinsider.com/stock-market-pe-relative-to-growth-2013-6
http://www.businessinsider.com/deutsche-bank-sp-500-target-of-2000-2013-6
http://www.businessinsider.com/bob-janjuah-why-the-fed-will-taper-2013-6
Hype, more hype, plenty of tripe that the market is ripe...but for what??
This seems to summarise the general feeling amongst the banksta "wise guy" clique :
http://www.businessinsider.com/societe-generale-black-swan-risk-chart-20...
Stronger Headwinds up ahead ???
Not as seen by these guys!
You can't have a philosophical nor rational discussion with the gov't/central bank Apparatchik.
so all these banker economists are CB apparatchiks?
You thro a very wide net fisherman!
Banks are anti government, until they own government, in which case the CB does what they want them to say. I think we could say we are there today. The banks run the politicians.
But for media people to be so hugely biased would mean that in the USA today, everybody is a whore : congressmen, bankers and media commentators. That's some testimony against the land of the free, way down to its professional classes!
It makes USA like the Greeks today, totally clueless or worse, totally trueless!
Here is a interesting long cycle perspective that sees the current bear market stay that way to 2017.
http://www.businessinsider.com/what-if-the-secular-bear-market-is-not-ov...
Congressmen, politicians, bankers, the MSM, corporate heads, I regret to tell you, are all whores of the worst kind. At least a good whore will give you momentary pleasure in exchange for whatever you mutually agree upon is value - drugs, money, a fleeting belief that someone somewhere might care for them.
Our particular whores give no pleasure, give no warmth, give you no illusions of human contact. They do not use the value you give them for their subsistence, they use what value you give them to destroy you.
It would be tantamount to deliberately searching for a whore who is deeply infected with a resistence strain of AIDS or TB then handing over what you value for a roll in a leech-infested filthy bed. Self-destruction becomes patriotism, self-identity becomes groupthink, and critical thinking is only done by those who are enemies of the state.
Someone [gee I can't quite think who] said "Truth is treason in the empire of lies." Welcome to the empire.
I laugh at ANY DATA/ANALYSIS posted by SocGen:) SocGen will be the first BANK going under closely followed by ALL French Banks:):)....that is if Deutsche Banks Derivative portfolio leverage ratio does NOT blow up first.
I thought we would see a story on the MSM interpretations of DB's leverage profile...actually would require a few pages of space here on Hedge....so far crickets!
I know the Hedge has covered DB....don't let Reuters and CNBC take the lead on the storyline.....refresh the wise ZeroHedgians!
Something is "up".....seems to be a lot of Soveriegn CYA in recent days in regards......! Best wishes....the Chaos will at least be "REAL":)
They will just lower the earnings and revenue expectations so they can beat them.
We beat expectations AGAIN - buy buy buy!
/sarc
http://news.yahoo.com/chrysler-freezes-pension-plan-8-193652429.html
Gee, I wish my company even had a pension plan and health plan. What a luxury.
What an outrage! And after the taxpayers were forced to bail out their unions!
You mean we CAN'T print our way to eternal bliss and prosperity? How DARE anyone suggest that!
Who needs jobs? Who needs an economy? We have PRINTED prosperity now!
Who needs earnings? We have PRINTED prosperity now!
Thanks to central crimin... I mean bankers!