Friday, January 22, 2016

Freeport McMoran Is Collapsing (Despite Copper Surge)

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Barclays Rigged Its OIL ETN By Limiting New Creation Units

Despite Larry Fink's relentless efforts to convince everyone how safe ETFs are, these products and their bastard offspring - ETNs - continue to demonstrate exactly how rigged financial markets have become. Barron's uncovered the cause of the huge anomaly in the OIL ETN: The wide premium developed after Barclays limited how many new shares could be created, inhibiting the normal mechanism that keeps an ETN's price in line with its index.

Transports Can't Afford To Travel Any Lower

The beleaguered Dow Jones Transportation Average has dropped to a key support level.

"Perma-bears" 1 - BofA Economist 0

Eight months ago, Bank of America chief economist Ethan Harris triumphantly declared victory over the "perma-bears." Today, the "perma-bears" get the last laugh.

"Is The Bottom In?" - BofA Answers The Question Everyone Is Asking

The one question on everyone's lips, is whether aside from a "interim low", was Wednesday's flush the market's lows for the foreseeable future, and certainly for the first quarter.Bank of America responds.

Why The Oil Price Crash Is Killing The NHL

With oil prices dipping below $30 and dire forecasts for the already-low Canadian dollar, the National Hockey League (NHL) is taking a hit that would normally lead to a mass exodus of players to Russia - if the ruble wasn’t tanking as well.

PMs Join The Party - Silver Spikes As Gold Jumps Above $1100

With hope spewing that the world's central banks will unleash moar "stimulus", it should be no surprise that precious metals are finally on the move...

Pentagon Chief Says "Boots On The Ground" Part Of "Accelerated" Strategy For ISIS Fight

"We're looking for opportunities to do more, and there will be boots on the ground — I want to be clear about that — but it's a strategic question, whether you are enabling local forces to take and hold, rather than trying to substitute for them."

December Existing Home Sales Surge Most In History After November Collapse

Following November's collapse in existing home sales (-10.5% - worst since July 2010), December saw home sales soar 14.7% (the biggest MoM jump ever). Don't get too excited as this is simply the new (know before you owe) mortgage rules delayed sales coming back. All in all it was a wash over the 2 months and NAR is careful to warn not to expect 2016 to be as good as 2015 for sales.

US Manufacturing PMI Bounces Despite Drop In Employment Index

US manufacturing PMI printed a preliminary 52.7 for January, boucing from the 38-month lows of December and above expectations as output and new business improved (somewhat aberrantly given every other indication). This is still the 2nd lowest print for US manufacturing since October 2013. It's not all great news though as job creation dropped to 4-month lows "softer overall employment growth reflected a wait-and-see approach to staff recruitment at the start of the year and, in some cases, the need to focus on efforts to reduce costs."

American Depress

AMEX is crashing, down over 9%, following lower revenues and weak guidance...

“Policing For Profit”: Cops Claimed Couple Had Drugs, But They Were Really Looking for Cash

by Mac Slavo, SHTFPlan:
There’s no doubt that many abuses have become entrenched in the devastating war against drugs – in which rights have been tossed aside and police have been trained to become thugs.
The most recent episode released via dashcam video proves the point.
This couple were stopped while returning from a family members’ funeral by Tennessee cops who were part of the 23rd Judicial District Drug Task Force, who badgered them to allow police to search their vehicle – despite the fact that they had done nothing to garner police attention other than having an out of state license plate.
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Why Isn’t Hillary Clinton in Prison?

Because being a handpicked minion of the elite has its privileges
from Infowars:
It should be obvious by now Hillary Clinton is not only guilty of having classified and top secret information on her unsecured home email server, but she also lied about it.
If anybody but a handful of select people did this, they would be arrested, indicted and locked up in prison for a long time. “The fact that she [Clinton] failed to safeguard that, that she put it on a non-secured, non-government server after she swore an oath, the same oath that General Petraeus did to secure it makes her a prime candidate for prosecution,” said Judge Andrew Napolitano on Wednesday.
“The government does not have to show that she intended to treat them negligently. The government does not have to show harm. It only has to show negligent treatment. The evidence is overwhelming,” said Napolitano.
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Hollande’s Socialist Wonderland

by Pater Tenebrarum,
Everything’s an Emergency
If memory serves, France remains in a state of emergency on account of the terror attack in Paris in last November. As terrible as terror attacks are, they are a statistically insignificant cause of death and injury in developed nations. It is also worth noting that the countries that seem most prone to suffering terror attacks are the ones that are most active in intervening militarily in foreign countries. This is probably no coincidence. Just saying.
We also imagine that a state of emergency is a costly exercise (France’s government immediately exempted itself from meeting the Maastricht deficit target in the wake of the attack, so we can conclude this by inference). Moreover, the recurrence of such attacks shows that ubiquitous snooping on everybody’s digital communications is a wasted effort, if the goal is indeed to keep such attacks from happening (which is doubtful, but that is a topic for another day).
Read More…

If This ISN’T the Start of the Crisis, Just Imagine How Bad the REAL Crisis is Going to Be

from Sovereign Man:
Chances are you’ve never heard of William White. You might have heard of the organization that he used to manage—the Bank of International Settlements (BIS).
The BIS is often called the central bank of central banks; their role is essentially to facilitate international financial transactions among the world’s central banks. So they are a major component in the international financial system, just like the IMF and World Bank.
William White is a central banker who used to be on the BIS management committee. And this makes him a key member of the global financial establishment.
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Who is Morgan Stanley and Why Its $31 Trillion in Derivatives Should Concern You

by Pam Martens and Russ Martens, Wall Street on Parade:
According to a report from one of the regulators of national banks, the Office of the Comptroller of the Currency, as of September 30, 2015, insured U.S. commercial banks and savings associations had exposure to $192.2 trillion notional (face amount) of derivatives.  (Yes, that’s trillion with a “t”.) The report goes on to terrify with the revelation that only four banks hold 90.8 percent of all derivatives: Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America.
But that’s far from an accurate picture. Buried deep in the report is Table 2, which broadens the landscape beyond just the commercial banking units of the mega Wall Street firms to what is lurking in the holding companies. In Table 2 we learn that Morgan Stanley ranks right up there with the other big boys on Wall Street, holding $31 trillion notional in derivatives. (See chart below.)
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