This page has been archived and commenting is disabled.

Tyler Durden's picture

The 'Fragile' Potemkin Stock Market Conceals A Post-Industrial Slum





Money-printing turns out to be the grift that keeps on giving. The US stock markets retraced all their October jitter lines, and bonds plumped up nicely in anticipation of hot so-called “money” wending its digital way from other lands to American banks. Euroland, too, accepted some gift inflation as its currency weakened. The world seems to have forgotten for a long moment that all this was rather the opposite of what America’s central bank has been purported to seek lo these several years of QE heroics — namely, a little domestic inflation of its own to simulate if not stimulate the holy grail of economic growth. Of course all that has gotten is the Potemkin stock market, a fragile, one-dimensional edifice concealing the post-industrial slum that the on-the-ground economy has become behind it.

 
Tyler Durden's picture

Where Is Swiss Gold? – Location, Location, Location





With the Swiss gold stored at the Bank of Canada, now having been transferred out of the Bank of Canada’s Ottawa vault to an unknown location, the Swiss public would be wise to question the SNB on this move. The Swiss gold stored at the Bank of England in London seemingly being ‘actively managed’ one of the world’s largest centres for unallocated gold trading, the Swiss public would also be wise to enquire on this issue. And with significant historical quantities of Swiss gold that were stored with the US Federal Reserve Bank in New York no longer there after the SNB seemingly brought their US vaulted gold holdings to zero, the Swiss public need to question why these particular holdings were targeted for sales from 2000-2005 and not domestically held gold.

 
Tyler Durden's picture

Meet The New Generation Of Futures Traders





Confused about futures trading? Uncomfortable with margin-ing, leverage, and just how much money you can make (or lose) trading derivatives? Have no fear, in a little under 55 seconds, these five- and six-year olds succinctly summarize the meaning of money and investing in corn, equity, and cocoa futures...

 
Tyler Durden's picture

Bill Gross Warns "Global Economy & Financial Markets Are Insecurely Grounded"





"Perhaps sooner rather than later, investors must recognize that modern day inflation, while a necessary condition for survival, is not a sufficient condition for increasing wealth at a rate necessary to satisfy future liabilities associated with education, health care, and a satisfactory retirement. The real economy needs money printing, yes, but money spending more so, and that must come from the fiscal side – from the dreaded government side – where deficits are anathema and balanced budgets are increasingly in vogue. Until then, deflation remains a growing possibility – not the kind that creates prosperity but the kind that’s the trouble for prosperity."

 
Tyler Durden's picture

Not Again! US Trained Syrian "Moderates" Surrender To Jihadists - Hand Over Heavy Weapons





Despite the Obama Administration continuing to insist that its strategy in Syria is "working," The Telegraph reports that two of the main rebel groups receiving weapons from the US to fight both the regime and jihadist groups in Syria have surrendered to al-Qaeda. Rather stunningly, the Syrian Revolutionary Front, one of the largest "vetted, moderate" US-backed rebel forces, has been effectively wiped out; and has handed over all their weapons and bases including US-provided anti-tank missiles and GRAD rockets. Simply out, "as a movement, the SRF is effectively finished," but apart from that US foreign policy is 'nailing it'. As The Telegraph concludes, for the US, the weapons they supplied falling into the hands of al-Qaeda is a realisation of a nightmare.

 
Tyler Durden's picture

Why Housing Is Dead: First-Time Buyers Collapse To 27-Year Lows





The Millennials (one of the biggest generations in US history) are just not getting with the status quo program. As we detailed previously, with lower credit scores, less disposable income, and a soaring number of people living with their parents; so it should be no surprise that The National Association of Realtors (NAR) today admitted that first-time homebuyers plunged to the lowest level in 27 years. The blame - of course - rather than low/no-growth fiscal policies, student debt servitude, and inequality-driving cheap-funding monetary policy, is price comnpettion from 'investors' and too "stringent credit standards," perfectly mirroring FHFA's Mel Watt's Einsteinian insanity desire to dramatically ease lending standards and slash minimum down-payments (as we noted previously). Perhaps NAR accidentally stumbles on the biggest reason no one is buying in their profiling: the typical first-time buyer was 31-years-old, while the typical repeat buyer was 53 - smack in the middle of the Millennial collapse.

 
Tyler Durden's picture

ISM Manufacturing Surges To 3 Year Highs; Ignores PMI, Construction Spending Plunge





US manufacturing both declined (PMI) and rose (ISM) in October as the divergence  between the two soft-survey-based data streams is as ridiculous as it was in the second half of last year. ISM printed a cycle high 59.0 (highest since March 2011) smashing the 56.1 expectations (the biggest beat since July 2013). While the headline print was exuberant, New orders fell, as did new export orders. Construction spending fell for the 2nd month in a row, dropping 0.4% against expectations of a 0.7% rise.

 
Tyler Durden's picture

GM Channel Stuffing Surges Most Since November 2013





Moments ago, GM was pleased to report that its dealers delivered 226,819 vehicles in the United States in October leading to "the company’s best October sales in seven years." But it could have been much worse if GM had not resorted to its favorite sales "boosting" gimmick: channel stuffing. Indeed, as GM reported, in October, total units at dealer lots, rose to 792,489, or a whopping 94 days supply, up from 753, 928 (81 days) in September, and up a whopping 8.9% from the 728K in October of last year, when, again, sales were only 0.2% lower.  This was the biggest one month jump in "dealer stuffed" vehicles since November of 2013.

 
Tyler Durden's picture

Solar Vortex? US PMI Misses For 5th Month, Slides To Lowest Since July





But, but, but the US is the cleanest dirty short that has decoupled from the rest of the world and is the engine of global growth... right? Well with residential investment having plunged, and now manufacturing PMI slumping, we are going to need a better meme. US Manufacturing PMI printed 55.9 final for October, missing expectations fo 56.2 (for 5th month in a row), sliding to its lowest since July. Markit gingerly admits, "the latest figures indicate that the recovery has lost some intensity at the start of the fourth quarter." So, in summary, the US is decoupling from the rest of the world and US GDP is decoupling from both domestic housing and manufacturing?

 
Tyler Durden's picture

US Stocks Play Vertical Catch Up To USDJPY's Overnight Surge





Just as we 'forecast' this morning, on no news whatsoever...

 
Tyler Durden's picture

Russia Conducts Full "Nuclear Triad" Drill, Launches Topol-M ICBM





While east Ukraine, aka the Donetsk Republic, was voting over the weekend in what the west pre-emptively classified as another sham vote as its outcome would merely push east Ukraine even closer to the Kremlin, Russia was busy conducting its most comprehensive Nuclear preparedness drill in recent history, one involving the entire "nuclear triad" consisting of strategic bombers; submarines and an the ICBM shown below on Saturday morning.

 
Tyler Durden's picture

Lack Of Daily Central Bank Intervention Fails To Push Futures Solidly Higher, Yen Implosion Continues





While it is unclear whether it is due to the rare event that no central bank stepped in overnight with a massive liquidity injection or because the USDJPY tracking algo hasn't been activated (moments ago Abe's deathwish for the Japanese economy made some more progress with the USDJPY hitting new mult-year highs just shy of 113.6, on its way to 120 and a completely devastated Japanese economy), but European equities have traded in the red from the get-go, with investor sentiment cautious as a result of a disappointing the Chinese manufacturing report. More specifically, Chinese Manufacturing PMI printed a 5-month low (50.8 vs. Exp. 51.2 (Prev. 51.1)), with new orders down to 51.6 from 52.2, new export orders at 49.9 from 50.2 in September. Furthermore, this morning’s batch of Eurozone PMIs have failed to impress with both the Eurozone and German readings falling short of expectations (51.4 vs Exp. 51.8, Last 51.8), with France still residing in contractionary territory (48.5, vs Exp and Last 47.3).

 
Tyler Durden's picture

Gartman "Astonished" By How Wrong Investors Have Been, Himself Included





"Wrong" again. Just two days ago we mentioned how world-renowned wrongness appears to be a pre-requisite for selling investing newsletters as Dennis Gartman unleashed his Nikkei 25,000 prediction on the world. Crucially though, it appears the great Gartman has taken the first step on the path to rejuvenation by 'admitting' his wrongness (though appears to have fallen short of making amends) as he told CNBC this morning, "I went neutral on stocks and I actually turned quite bearish for a couple of days – clearly that was wrong." What is clear - just as was proved by no lesser investing dynamo than Whitney Tilson - investing prowess is inversely proportional to the frequency of appearance on financial media... trade accordingly.

 
Tyler Durden's picture

How FX Algos Saw The Overnight Chaos





"Crash" is the new normal in FX markets it would appear. As the following charts show, first we had AUD turbulence, then EUR crashed, and now JPY is continuing its cataclysmic carry-trade-driven push for hyperinflation as it pushes to 114 - a stunning 6 handles collapse since the FOMC statement...

 
Do NOT follow this link or you will be banned from the site!