As we head into the heart of earnings season, amid the drastic slashes in guidance that we have seen in the last few weeks (for example here and here), we thought the following six charts may shed some further light (in addition to this eye-opening chart) on what is going on under the covers of the multiple-expanding, fundamentals-don't-matter, unreality that is the US equity market...
Amid the turmoil in Portugal, the Barcenas-Affair in Spain had dropped to the back-pages of the European press... until now. The illegal party-funding that ex-Treasurer Barcenas is now whistle-blowing on has been linked directly to Spanish prime-minister - despite Rajoy's ongoing denial of everything - via text messages uncovered by Spain's El Mundo newspaper. The opposition leadership is demanding Rajoy's "immediate resignation," noting he "is incapacitated," amid the damage that the texts - which prove an ongoing and direct link to the man at the hub of the funding debacle for at least the last two years (when Rajoy has expressly denied any relationship). "You cannot govern well," another congressman noted, when there is "very clear data" linking Barcenas with the PP (Rajoy's party) and the alleged illegal funding. Only a few screen shots have been released of the dozens of texts that the paper has apparently received...
While the (chemical) dust over Syria has yet to settle, one country is not waiting around before in tried and true fashion it kicks the proverbial hornets nest. Only this time the recipient of Israeli aggression is not some small country that can hardly afford to defend itself against made in the US, state-of-the-art weapons: it is Russia, if only indirectly. Last Friday, July 5, in the fog of the Egyptian coup, a contingent of 50 Russian-made Yakhont P-800 anti-ship missiles at the Syrian port-city of Latakia was destroyed. It has since become clear that the attack was launched by none other than an Israeli Dolphin-class (German-made) submarine according to a report in the British Sunday Times, which in turn contradicts a previous report that the attack had been the work of the Israeli air force. Fast forward one week when we learn that in a perfectly unrelated event, a massive military drill involving naval forces, strategic bomber aircraft, missile-defense teams, tactical and strategic missiles, infantry, and armored vehicles took place in Russia's far east: a perfectly unrelated exercise that just happened to be the largest in the post-Soviet period.
Sometimes it is what is not discussed among the mainstream media that is most critical to understanding the new normal...
While it has become difficult to distinguish fact from fiction from mere propaganda when it comes to events in Syria, the general plot line is a simple one: "X/Y has chemical weapons so the ["free and democratic world"|Russia] has the moral authority to provide military assistance to Y/X." Recently, it was the "free and democratic world" that decided that the general public has forgotten the epic Iraq WMD disinformation campaign, and ploughed into a decision to arm the Syrian rebels who are really nothing more than Qatar-funded mercenaries led by Al Qaeda, as it was finally ascertained that it was the Assad regime that had used chemical weapons. Well, the "free and democratic world" may have some serious explaining to do if the latest news out of Syria is confirmed, namely that the the Syrian army has discovered rebels' storehouse in the Damascus area, where toxic chemical substances, including chlorine, have been produced and kept, State TV reported.
Despite the worst fears of many that this morning America might wake up to a redux of a flaming Compton and Watts, so far there have been no widespread riots or looting, even if vandalism has broken out sporadically among the countrywide angry protests.
Greenwald: "The US Government Should Be On Its Knees Every Day Praying That Nothing Happens To Snowden"Submitted by Tyler Durden on 07/13/2013 19:43 -0400
Edward Snowden may be America's persona most non grata in the entire world, but he has an insurance policy against "accidents": a treasure trove of supposedly damaging secrets about the US that will hit the public domain if something were to happen to the 30 year old whistleblower. A trove is so damaging that according to Glenn Greenwald, Snowden "poses more of a threat to the U.S. than anyone in the country’s history." Well, maybe a threat to the "government" which now only represents the interests of various corporations and Wall Street, but certainly not to what the US was supposed to be before it was hijacked by special interests, lobbies and the creature from Jekyll Island.
"This nigger wants to fight me!" the belligerent man yelled, cops said.... Reddish knocked him out with a blow to the face.
Have you ever seen a disaster movie that is so bad that it is actually good? Unfortunately, we are witnessing something just as ridiculous in the real world right now. In the United States, the mainstream media is breathlessly proclaiming that the U.S. economy is in great shape because job growth is "accelerating" (even though we actually lost 240,000 full-time jobs last month) and because the U.S. stock market set new all-time highs this week. The mainstream media seems to be absolutely oblivious to all of the financial storm clouds that are gathering on the horizon. The conditions for a "perfect storm" are rapidly developing, and by the time this is all over we may be wishing that flying sharks were all that we had to deal with.
With the situation in Egypt continuing to border on sheer chaos, many wonder what approach the US will take, so far having demonstrated its inability to decide how to swallow the humiliation of having a US-backed regime get swept away in a military coup while it continues supporting the country with both money and weapons. But while the State Department dithers, its head busy boating somewhere off the coast of Massachussetts, the US military is not wasting much time, and appears to be amassing a naval presence just off the coast of Egypt. No need to worry, though: Egypt's Ahram reports that "the US Embassy in Egypt denied Saturday that US naval vessels near Egypt's shores are sent in preparation for military action. A top Marine Corps general said Thursday that two US marine vessels approached Egypt's Red Sea shore, raising concerns in the Egyptian media about an imminent military move." "We deny false claims in the Egyptian press that US naval ships are in the vicinity of the Arabian Peninsula and the Suez Canal to militarily invade Egypt," read a statement issued on the US embassy's website.
Latin American Countries Recall Ambassadors From Spain, France, Italy And Portugal Over Snowden "Neo-Colonial" FlapSubmitted by Tyler Durden on 07/13/2013 12:41 -0400
The global fallout from the Snowden affair continues to reverberate following the latest news that four Latin American countries - Brazil, Argentina, Urugay and Venezuela - announced on Friday they would recall their ambassadors from the countries that blocked their airspace to Bolivia's Evo Morales following false rumors he was carrying Snowden, forcing an emergency landing in Austria. The four countries said this incident violated international law. As a result of Obama's "neo-colonial" practices in Europe, as Uruguay's foreign minister Luis Almagro denounces Europe's servile compliance with pax AmericaNSA, the Mercosur ambassadors in Spain, France, Italy and Portugal will be pulled back for consultations.
To our users who used Skype for cybersex with loved ones: thank you. You have spiced up otherwise boring workdays for many NSA analysts.
— Skype Global PR (@SkypeGlobalPR) July 12, 2013