An utter VIXnado (below 12.25 in the last 30 mins) sparked a late-day buying panic in stocks ahead of tomorrow's all-hopeful ECB meeting (because nothing makes more sense than lifting all protection ahead of a potentially massive market event) although the last few minutes closed weak. On the day high beta Trannies (despite higher oil) and Small Caps surged once again (as the market ignored PMI and ADP and loved ISM) as Monday's 'excessive' selling of "most shorted" names has been face-ripped back the last 2 days. Treasury yields at the long-end fell back today after 2 days higher (with 30Y back below 3.0%) but <7Y were 0-2bps higher. The dollar roseonce again as EUR dropped to 1.2301 (-17 handles from Draghi's first hint). Depsite USD strength, gold (over $1210) and oil (over $67) pushed higher but silver and copper slipped. In summary, buy back all your hedges, buy stocks, buy bonds, buy dollars, buy gold, buy oil, bye bye sanity.
Grand Jury Fails To Indict White NYPD Cop; Protesters Block Roads, Tunnels In NYC, Multiple Arrests - Live FeedSubmitted by Tyler Durden on 12/03/2014 15:28 -0400
Just 15 months after Detroit's Black Out 2013 debacle, spokespeople for the city and DTE Energy confirmed at around 11:00 a.m. local time on Tuesday that most of Detroit’s municipal grid is offline:
*DETROIT CITES 'MAJOR CABLE FAILURE' FOR POWER OUTAGE
*DETROIT: OUTAGE IS AFFECTING ALL CUSTOMERS ON THE PLD GRID
The outage is preventing power from being delivered to police stations, schools, traffic lights and other city-run facilities and services.
Since 2006,MRAPs, helicopters, machine guns, and night-vision-goggle have been increasingly evident across America as the good ol' yankee copper morphs into a full-metal-jacket-looking killer (even as the FBI admits the threats to police have not escalated as much as the media would like). So it isjust 'lucky' that Ferguson has reignited a narrative that enables President Obama "to discuss federal programs and funding that provide equipment to the state and local enforcement agencies," in a series of meetings today at The White House. We suspect funding will increase (for your own protection) and a new SWATification Tzar will be unveiled.
Did Icahn just cover? Cramer's view: "that's silly" And no - there's no catalyst - this is your most liquid efficient stock market in the world at work...
There’s probably no other place more enthralled with its own state of being today than Silicon Valley. Now probably more than ever the tech capital just might be believing their own hype more now, than in the “glory days” of the 90’s.
There's more than meets the eye...
A little over a year ago, we presented a "Yellow" asset, which was "the best performer of the past year." It wasn't gold: it was yellow cab medallions. As we wrote then, "the best returning asset class traded in the NY Metro area is yellow but doesn't change hands on Wall Street.... over the last 12 months New York City taxi medallions have risen 49% in price, besting the relatively humdrum returns of the S&P 500 (up 21%), the NASDAQ (22%) and the Dow (18%). Medallions – essentially the right to operate a for-hail taxi in New York City – now trade for as much as $1.3 million, an all-time record." In retrospect it was also the perfect time to cash out on the "yellow" euphoria. According to the NYT, "the average price of an individual New York City taxi medallion fell to $872,000 in October, down 17 percent from a peak reached in the spring of 2013, according to an analysis of sales data. Previous figures published by the city’s Taxi and Limousine Commission — showing flat prices — appear to have been incorrect, and the commission removed them from its website after an inquiry from The New York Times."
About Those Eyeball-Based Valuations: "Half Of Twitter Accounts Created In 2013 Have Already Been Deleted"Submitted by Tyler Durden on 11/28/2014 11:44 -0400
Still paying a #Div/0 valuation for Facebook or Twitter based on expectations of exponential growth in eyeballs, or rather "eyeballs"? Then perhaps read this first. ".. many of the “users” on social media sites aren’t real people at all – they’re celebrity staff tweeting on behalf of their employer, or PRs promoting a company, or even fake accounts for people that don’t exist at all. In fact, half of all Twitter accounts created in 2013 have already been deleted."
This looks like the tip of the golden iceberg...
Recently we posted the following article commenting on the impact of USD appreciation and dollar circulation among oil exporters, as well as how the collapsing price of oil is set to reverberate across the entire oil-exporting world, where sticky high oil prices were a key reason for social stability. Following today's shocking OPEC announcement and the epic collapse in crude prices, it is time to repost it now that everyone is desperate to become a bear market oil expert, if only on Twitter...
NATO To Deploy Tanks In Eastern Europe Shortly After VP Of Europarliament Says Ukraine-Russia War ImminentSubmitted by Tyler Durden on 11/27/2014 09:52 -0400
Just when global financial markets had shrugged off Ukraine as yet another 'storm in a teacup', it appears events are escalating rapidly once again. This morning saw European Parliament's Vice President Saryusz-Wolski warn "Russia's pressure on Ukraine is mounting high, further war imminent," to which Ukraine's President Poroshenko rapidly responded (via Twitter) rather ominously that a "third world war does not scare us," having noted earlier than Ukraine needs to achieve NATO membership. This then prompted NATO's top military commander to warn, he is "very concerned" that Russia's military build-up in the annexed Crimean region could be used as a launchpad for attacks across the whole Black Sea region; leaving the alliance confirming that NATO plans to deploy tanks in Eastern Europe.
With friends like this, who needs Republicans. President Obama may be turning over in his golf cart this Thanksgiving weekend as no lessor Democrat than Chuck "get back to work, Mr. Chairman" Schumer said Tuesday night that Democrats acted wrongly in using their new mandate after the 2008 election to focus on the issue rather than the economy at the height of a terrible recession. As National Journal reports, Schumer exclaimed, we "blew the opportunity the American people gave [us]." Little late to distance yourself from this cluster-tax chucky boy...
It's not a bubble. Until it is...
- National Guard, police curb Ferguson unrest as protests swell across U.S. (Reuters)
- Ferguson Reaction Across U.S. Shows Complex Racial Split (BBG)
- Democratic senator Schumer: Democrats Screwed Up By Passing Obamacare In 2010 (TPM)
- Veto threat derails Reid tax deal (Hill)
- Justice Department Investigating Possible HSBC Leak to Hedge Fund (WSJ)
- Merkel hits diplomatic dead-end with Putin (Reuters), and yet...
- Merkel Said to Reject Ukraine NATO Bid as Rousing Tension (BBG)
- HSBC, Goldman Rigged Metals’ Prices for Years, Suit Says (BBG)