Boeing

Still confused how Asiana Airlines Flight 214 crashed yesterday, leading to the first fatalities associated with a Boeing 777 airplane? The following just released video from CNN should answer all lingering questions, and also explain why all airport landing systems should always be turned on (especially to assist those who apparently are clueless when it comes to operating without computer assistance, such as 9 out of 10 modern equity "traders").

UPDATE: NBC Reporting 2 Dead, *SF GENERAL HAS '10 TO 12' CRITICALLY INJURED FROM JET CRASH

Just over an hour ago an Asiana plane inbound from Seoul, South Korea, crash landed at San Francisco airport. Given the images below, it is a miracle no one is reported dead (among the 291 passengers and 12 crew). An eyewitness noted:

*AIRLINER TAIL HIT NEAR END OF RUNWAY, EYEWITNESS TELLS CNN,
*AIRLINER SPUN COMPLETELY AROUND ON LANDING, WITNESS TELLS CNN

As far as they know, NBC reports, the pilot made no distress calls prior to landing and Federal officials indicate no indication of terrorism. The San Francisco airport will be holding a press conference shortly.

 Local NBC news is reporting that the plane appeared to power-up as it was landing short and its tail hit the seawall.

• Hilsenrising interest rates Business Feels Pinch of Swift Rate Rise (WSJ)
• Yellen Betting Defies 100-Year Jinx of Fed No. 2 Never Elevated (BBG)
• No sign of cyber leaker Snowden on flight to Cuba (Reuters)
• Back to the Future 2 is finally coming: Honda Sees ‘Flying Sports Car’ Making Profit by Decade’s End (BBG)
• Europe’s Richest Person Kamprad to Move Back to Sweden (BBG)
• Li’s Shock Treatment to China Lenders Evokes Ex-Reformer (BBG)
• In India, Gold-Related Shares Melt Down (WSJ)
• Citigroup Opens in Iraq to Tap $1 Trillion of Oil Spending (BBG)
• France warned on budget deficit  (FT)

The May Durable Goods data released moments ago (which like in previous instances will almost certainly be revised downward subsequently but is enough to trigger kneejerk momentum response algos) was better across the board, printing at a 3.6% increase in May on expectations of a 3.0% rise, down from an upward revised 3.6% in April. Virtually all of the pick up in new orders was due to a surge in Boeing orders, which recorded 232 new plane orders, of which however half were orders (funded by still cheap credit) for planes still in the design phase. Stripping away volatile orders for transports (of which non-defense aircraft and parts exploded by 51% in May), the remaining durable goods orders posted a far more modest 0.7% increase, which too beat expectations of an unchanged print. Will today be the day when good economic news are finally bad market news? Stay tuned.

Meet General Keith Alexander, "a man few even in Washington would likely recognize", which is troubling because Alexander is now quite possibly the most powerful person in the world, whom nobody talks about. Which is just the way he likes it. ... And also meet Bonesaw: "Bonesaw is the ability to map, basically every device connected to the Internet and what hardware and software it is."

What are we supposed to do with all the “Dow 15,000” hats now? Keep them handy for another trip on the “Index Round Numbers Express” or just put them up on eBay in the “curios and collectibles” section?  ConvergEx's Nick Colas suggests one way to think about the question is to deconstruct the Dow into its 30 components and see which stocks got us to these still-respectable YTD levels in the first place.  For example, Colas notes that just seven stocks – MMM, BA, JNJ, AXP, DIS, HD, and HPQ – make up more than half the gains for the Dow in 2013.  Most of these names have a distinctly cyclical flavor, of course. And while the Dow has its share of “Defensive” names, it pays to remember that the top 10 companies by weighting take up 54% of the Average.  And they need a decent economy to grow earnings...

Over the course of decades we have allowed ourselves to be corrupted by the love of material possessions, the lure of a debt based faux wealth, the money for nothing entitlement promises of dishonorable politicians, the evil of currency debasement, the effectiveness of mass media propaganda, and the belief that we could sacrifice freedom and liberty for promises of safety and security made by a cabal of powerful rich men. Power has been concentrated into the hands of the few, who operate in secrecy and despise the people. They don’t want transparency or open debate. Freedom of speech is nothing but a thorn in their side. They believe they are smarter than the serfs and have no morality when it comes to committing illegal acts and disregarding the Constitution. They are not acting in the public interest. Their abuse of power and looting of the national wealth have put us on a path towards a bloody revolution. This is not a time for conformity, obedience or submission. It’s time to stand up and expose the evil doers. It’s time to rally around those who care about this country. Who are the real traitors? You know the answer.

• China cash crunch deepens as PBOC withholds funding (FT), just a week behind ZH
• Platts in hot manipulated crude again: Traders Try to Game Platts Oil-Price Benchmarks (WSJ)
• Kabul Suspends Security Talks With U.S., jeopardizing plans to maintain a U.S. military presence (WSJ)
• Afghan government irked over U.S. talks with Taliban (Reuters)
• BOJ Kuroda: BOJ to Adjust Policy If Japan Econ Changes (MNI)
• Google Considering Private-Equity Alliances (BBG)
• Korean Air Buying 747-8s to End Boeing’s Sales Drought (BBG)
• Syria's Islamists seize control as moderates dither (Reuters)
• SEC considers policy shift on admissions of wrongdoing (FT)
• U.K. Banker Bonuses Face Decade Delays in Industry Overhaul (BBG)

• Obama prepares for chilly talks with Putin over Syria (Reuters)
• G8 opens amid dispute on Syria arms (FT)
• Economists Blame Fed for Higher Bond Yields (WSJ) - wait... what? Isn't the "stronger economy" to blame?
• What a novel concept - In the Czech Republic, a spying scandal has forced the PM to resign (BBG)
• Rigged-Benchmark Probes Proliferate From Singapore to UK (BBG)
• Economists Wary as Fed's Next Forecast Looms  (Hilsenleak)
• Banks Balk at New Rules for Small Loans (WSJ)
• Sporadic clashes in Turkey as Erdogan asserts authority (Reuters)

• Global shares pummeled, dollar slumps as rout gathers pace (Reuters)
• Hong Kong to Handle NSA Leaker Extradition Based on Law (BBG)
• Lululemon chairman sold $50 million in stock before CEO's surprise departure (Reuters)
• Companies scramble for consumer data (FT)
• Traders Pay for an Early Peek at Key Data (WSJ)
• When innovation dies: Apple looking at bigger iPhone screens, multiple colors (Reuters)
• Washington pushed EU to dilute data protection (FT)
• Japan-U.S. drill to retake remote island kicks off (Japan Times)
• EM economies in danger of overheating, World Bank says (FT)
• Don't forget the Indian crisis: Chidambaram seeks to quell concerns over rupee (FT)

A Roundup of What's REALLY Going On ...

• Citigroup Facing $7 Billion Currency Hit on Dollar, Peabody Says (BBG)
• World has 10 years of shale oil, reports US (FT)
• ECB prepares to defend monetary policy in German court (FT)
• European Stocks Sink to Seven-Week Low as Treasuries Fall (BBG)
• Fitch warns on risks from shadow banking in China (Reuters)
• Obama administration to drop limits on morning-after pill (Reuters)
• ACLU asks spy court to release secret rulings in response to leaks (MSNBC)
• SEC Nets Win in 'Naked Short' Case (WSJ)
• SoftBank Raises Offer for Sprint to $21.6 Billion (WSJ)
• Chinese rocket launch marks giant leap towards space station (FT)

Top NSA Official: Government Tapping CONTENT, Not Just Metadata … Using Bogus “Secret Interpretation” of Patriot Act

• Reports on surveillance of Americans fuel debate over privacy, security (Reuters)
• Apple to Yahoo Deny Providing Direct Access to Spy Agency (Bloomberg)
• Misfired 2010 email alerted IRS officials in Washington of targeting (Reuters)
• Spy vs Spy: Cyber disputes loom large as Obama meets China's Xi (Reuters)
• When NSA Calls, Companies Answer (WSJ)
• How the Robots Lost: High-Frequency Trading's Rise and Fall (BBG)
• Japan's Pension Fund to Buy More Stocks  (WSJ)
• ‘Frankenstein’ CDOs twitch back to life (FT)
• China’s ‘great power’ call to the US could stir friction (FT)
• Toyota Tries on Corolla Look That’s Just Different Enough (BBG)

• Whale of a Trade Revealed at Biggest U.S. Bank With Best Control (BBG)
• ECB backs away from use of ‘big bazooka’ to boost credit (FT)
• Turkish unions join fierce protests in which two have died (Reuters)
• Europe Floods Wreak Havoc (WSJ)
• Beheadings by Syrian Rebels Add to Atrocities, UN Says (BBG)
• RBA Sees Further Rate-Cut Scope as Aussie Remains High (BBG)
• China’s ‘great power’ call to the US could stir friction (FT)
• J.C. Penney Continuing Ron Johnson’s Vision on the Cheap (BBG)