• Marc To Market
    12/20/2014 - 12:21
    When the dollar falls, we are told it is logical.  The empire is crashing and burning.  When the dollar rises, the markets, we are told are manipulated.    Well, the dollar is...

Jim Cramer

Tyler Durden's picture

"Fed To The Rescue" - The Plunge Protection Team Makes The Front Page





In October it was Jim Bullard's "QE4" hint that sent the stock market on an all-time record-breaking run of gains, which no lesser institution than the central banker's central bank - The BIS - lamented "the markets' buoyancy hinges on central banks' every word and deed." And then just two days ago, The Fed did it again: by the mere appearance of grandma Yellen (and the words "patient" and "considerable"), US stocks explode to their greatest back-to-back gains in almost six years. So it is perhaps ironic that no more mainstream media publication than USA Today has finally realised, there are no fundamentals anymore...

 
Tyler Durden's picture

The Secular Extinction Of Stock Market Bears





This week's Investors' Intelligence survey responses highlight the unprecedented reluctance of financial advisors to turn bearish...

 
Tyler Durden's picture

The Fracturing Energy Bubble Is the New Housing Crash





Let’s see. Between July 2007 and January 2009, the median US residential housing price plunged from $230k to $165k or by 30%. That must have been some kind of super “tax cut”.

The global oil price collapse now unfolding is not putting a single dime into the pockets of American households - the CNBC talking heads to the contrary notwithstanding.  What is happening is the vast flood of mispriced debt and capital, which flowed into the energy sector owning to the Fed’s lunatic ZIRP and QE policies, is now rapidly deflating. That will reduce bubble spending and investment, not add to economic growth. It’s the housing bust all over again.

 
Tyler Durden's picture

It's Not The Economy; It's The Flow, Stupid





With The Fed due to make some highly amibiguous, always dovish promises this week, we thought a quick look at the world of stocks and bonds through the eyes of the Fed would be useful...

 
Tyler Durden's picture

This Time May Not Be Different After All





... it remains to be seen if market bubblemania on the back of central bank multiple expanion around the world can thrive, especially as corporate cash flow (and revenue, and GAAP EPS) growth trickles to a halt, coupled with an energy and junk bond market implosion, but when it comes to Barron's covers top-ticking the market, it is never different.

 
Tyler Durden's picture

It's Different This Time: The Economy Matters Edition





Just four charts to consider now that The Fed has stepped away, the Shale Oil miracle has been exposed for the debt-fueled mal-investment boom that it is, cold-weather is coming, and stock market bulls are forced to face some awkward truths...

 
Tyler Durden's picture

Duck And Cover - The Lull Is Breaking, The Storm Is Nigh





The central banks are now out of dry powder - impaled on the zero-bound. That means any resort to a massive new round of money printing can not be disguised as an effort to “stimulate” the macro-economy by temporarily driving interest rates to “extraordinarily” low levels. They are already there. Instead, a Bernanke style balance sheet explosion like that which stopped the financial meltdown in the fall and winter of 2008-2009 will be seen for exactly what it is—-an exercise in pure monetary desperation and quackery. So duck and cover. This storm could be a monster.

 
Tyler Durden's picture

Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs





As the sun sets in Athens, we thought a moment of reflection was worthwhile. Greek stocks are now down 13% - the biggest single-day drop since (drum roll please) the crash of 1987... led by total carnage in Greek banks (down 15-25% on the day). Greek bond yields exploded, 3YR +183bps to a new post-bailout high at 8.32% (and inverted to 10Y).

 
Tyler Durden's picture

There Has Never Been A Greater Portion Of America Living On Food Stamps





Friday's jobs data proves it - America is back baby!!! Or is it all totally manipulated statistical shenanigans? A quick glimpse at the following charts two rather uncomfortably 'non-recovery-like' lines - of structural unemployment and the percent of the US population of Food Stamps - would suggest that for much of America, the recovery never happened... and in fact has got worse...

 
Tyler Durden's picture

Total Derivatives Decline By 3% In Q2 To Only $691 Trillion





Who says macroprudential regulation doesn't work: according to the BIS, notional amounts of outstanding OTC derivatives contracts fell by 3% to "only"
$691 trillion at end-June 2014. This is also roughly equal to the total derivative notional outstanding just before the Lehman collapse, when global central banks volunteered taxpayers to pump a few trillion in capital to meet global variation margin calls. Clearly the system, in the immortal words of Jim Cramer, is "fine."

 
Tyler Durden's picture

Just Wait 'Til 2016!!





At the end of 2012, 'economists' looked to 2014 as the year global growth would break out above the 3% trend and the world could rest back in Utopia... that never happened. At the end of 2013, 'economists' looked to 2015 as the year global growth would break out above the 3% trend and the world could rest back in Utopia... that expectation has now collapsed back to a mere 2.88%. And now, at the end of 2014, guess what...

 
Tyler Durden's picture

Jim Grant Sums It All Up In 2 Stunning Paragraphs





"... we seem to have miscalculated..."

 
Bruno de Landevoisin's picture

Uncork the Central Bank Bubbly!





The Federal Reserve and its owners print and party, while the rest of us work and weep..................

 
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