Submitted by Tyler Durden on 03/02/2016 - 09:56 The recent sharp spike in TSY yields has prompted rates traders to wonder if the selling was organic, if somewhat panicked, unwinding of long positions or just an influx in new shorts, whether due to macro considerations or as rate-locks as a slew of new Investment Grade issuance comes to market. Courtesy of Stone McCarthy and Credit Agricole, both of whom point out our favorite repo market "stress" indicator, the "specialness" level of the 10Y, we now have the answer.
Submitted by Tyler Durden on 03/02/2016 - 09:14 As Reuters reports, the regulatory probe of Valeant Pharmaceuticals International, disclosed by the company on Monday, is focused on the drugmaker's relationship with specialty pharmacy Philidor RX Services and was triggered by Valeant’s own request that regulators investigate a short seller's allegations.
Submitted by Tyler Durden on 03/02/2016 - 08:56 After resolving its former “most interesting” chart status with a massive breakdown in January, Brazil’s Bovespa is back testing that breakdown level in an equally interesting development.
Submitted by Tyler Durden on 03/02/2016 - 08:47 And the CapEx hits just keep on coming. Moments ago Rex Tillerson, the CEO of world's formerly biggest by market cap company, Exxon, confirmed that the great CapEx drought of 2016 will be a definite reality, one which will subtract billions from U.S. 2016 GDP in the form of fixed investment, also known as Capital Expenditures, when it announced that it now expected full year 2016 capex to decline by 25% from 2015 to just $23 billion.
Submitted by Tyler Durden on 03/02/2016 - 08:28 A massive 7.9 magnitude earthquake has just shaken Indonesia.
Submitted by Tyler Durden on 03/02/2016 - 08:24 After surprisingly jumping in December, ADP's employment report fell back to a more normal 200k ish level in January and now in Feb it rises once again to 214k (from 193k in Jan - revised down from 205k - and better than expectations of 190k). Manufacturing jobs, according to ADP remain relatively flat for the last year (down 9k in Feb - the second largest drop in 5 years), despite a collapse in ISM Manufacturing's Employmet index. Job gains surged across all company sizes and Mark Zandi is cock-a-hoop: "America's job machine is in high gear."
"We Were Stunningly, Shockingly, Stupidly Wrong" Gartman Admits As He Covers Shorts, Puts Rally In Jeopardy AgainSubmitted by Tyler Durden on 03/02/2016 - 08:04 "We were stunningly, shockingly, stupidly, and utterly wrong in having sold the market short yesterday. We cannot ever have recalled making a singularly worse trade in our four decades of being involved in markets, but we stepped in the front of a reserve cutting freight train and the only thing to do when that happens is to run to the sidelines as soon as one can; admit one’s error and live to fight another day. "
Submitted by Tyler Durden on 03/02/2016 - 07:46
Submitted by Tyler Durden on 03/02/2016 - 07:09 Donald Trump is going to "make America great again." And Hillary Clinton is going to fight for "everyday Americans." And after Tuesday, you're going to have to choose between them.
Submitted by Tyler Durden on 03/02/2016 - 06:47 Following yesterday's torrid 2.4% March opening rally, which resulted in the biggest S&P gain since January and the best first day of March in history on what was initially seen as very bad news, and then reinterpreted as great news, overnight futures have taken a breather, and erased a modest overnight continuation rally to track the price of oil lower.
Submitted by Tyler Durden on 03/01/2016 - 23:58 “We’re in trouble basically because productivity is dead in the water…Real capital investment is way below average. Why? Because business people are very uncertain about the future.”
Submitted by Tyler Durden on 03/01/2016 - 23:31 On Tuesday, Donald Trump and Hillary Clinton are expected to all but lock up the GOP and Democratic nominations, respectively. If all goes as planned, the stage will be set for an epic political showdown between the bellicose billionaire and the belligerent former Secretary of State.
We haven’t seen numbers like these since the last global recession. I recently wrote about how global trade is imploding all over the planet, and the same thing is true when it comes to manufacturing. We just learned that manufacturing in China has now been contracting for seven months in a row, and as you will see below, U.S. manufacturing is facing “its toughest period since the global financial crisis”. Yes, global stocks have bounced back a bit after experiencing dramatic declines during January and the first part of February, and this is something that investors are very happy about. But that does not mean that the crisis is over. All bear markets have their ups and downs, and this one will not be any different. Meanwhile, the cold, hard economic numbers that keep coming in are absolutely screaming that a new global recession is here.
Good evening Ladies and Gentlemen:
Gold: $1,230.30 down $3.60 (comex closing time)
Silver 14.73 down 16 cents
In the access market 5:15 pm
Today can be outlined simply with two headlines from the same story issued by Reuters;
“Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.” – Eric Hoffer
Despite a growing string of victories in the Republican primaries ,the DC-Wall Street cabal that has dominated the GOP since 1988 has no intention of letting the billionaire real estate mogul be nominated. None other than Karl Rove has insisted the stop-Trump effort is not too late and can succeed.
A new superPAC has dumped $10 million dollars into blistering negative TV ads against Trump in the last three days.
Real estate agents see “looming” condo price correction.
Home prices overall are still rising in Miami and surrounding cities. The median price jumped 11.6% in January from a year ago, to $240,000. But according to real estate broker Redfin: unit sales plunged 11.9% from a year ago. The fourth month in a row of declines.
It wasn’t because the market was low on inventory: after an enormous and ongoing construction boom, 6,000 new listings hit the market in January, based on data on the Multiple Listing Service (MLS). This pushed inventory up to the highest level recorded in “at least” two years.
Former Rep. Ron Paul says the Donald Trump/Ku Klux Klan controversy “has to be a plant by the media.”
In an interview with CNN’s Carol Costello on Tuesday, Paul said, “It’s interesting the media is able to create the issue, the Ku Klux Klan. You know, I don’t even know if there’s 100 people in the country that even know about it.”
Costello asked Paul about his thoughts regarding Trump, David Duke, and the Ku Klux Klan, and Paul said, “Well, it’s pretty amazing. … Of course it has to be condemned, but why are people able to bring this up? No politician would want it to be brought up. So it has to be, you know, a plant by the media to instigate it and try to make accusations.”
Read More @ Dailycaller.com
The Great Illusion of the two-party system is that it allows the voter a choice – usually between a liberal and a conservative government. The reality is that, whichever party wins the election, the government is, in truth, a totalitarian one. The “choice” is a mere distraction from the true objective.
Recently, an American college student, Justin Snyder, commented on his choice for his country’s next president and his reasons for it. Mister Snyder said, in part,
“I support Hillary Clinton for president … When you add up her knowhow, leadership, and experience, it’s clear that Hillary Clinton is a perfect fit to be the commander-in-chief of the largest military the world has ever seen … The thing is, we’ve been trying the free market thing for centuries. All we have to show for it is a super wealthy class of people who run the country. What we need is someone to represent the common man, and that someone is Hillary Rodham Clinton.”
As is known, on February 20, 2016 the United Nations Security Council did not accept the Russian proposal for a resolution on the need to respect the sovereignty and territorial integrity of Syria.
Against it voted six of its fifteen members, including three (out of five) having veto power: these are the United States, Britain, France, Ukraine, New Zealand and Spain. That is, it turns out that these six countries openly oppose the protection of the territorial integrity of another country which, like themselves, is a full member of the UN.
The situation is paradoxical, since such a position is in obvious contradiction with the very Constitution of the World Organization, i.e. the UN Charter.
Hillary Clinton claims to be pro-choice and supportive of women, minorities and children. So why does she condone the use of government power to strip away women’s rights when it comes to vaccines?
All that “pro choice” banter turns out to be total B.S. once the issue turns to vaccines, and vaccines contain toxic chemicals such as aluminum, polysorbate 80, mercury, MSG and formaldehyde, all of which pose severe health risks to the very children Hillary Clinton claims to be protecting with government entitlement programs. See UK government admits swine flu vaccine causes brain damage, awards compensation to 60 families.
If Hillary Clinton had any real compassion for women, she would obviously support a woman’s right to choose on issues of medical interventions and vaccinations. She would be speaking out against SB 277 in California and demanding that we all protect women from the predatory practices of Big Pharma.
From 1976 to 1978, Benjamin Netanyahu worked for the Boston Consulting Group, a firm connected to the Rothschild family. In 1979, with his father, Benzion, Netanyahu co-founded an institute on terrorism. They then organized an international conference in Jerusalem that emphasized the need for Western nations to fight terror groups (the groups opposed to Israeli occupation) – and the regimes supporting them. The terrorism data that Netanyahu used to make his case at the conference was exaggerated and fraudulent. George H.W. Bush spoke at the conference.
From my 2013 article “Obama’s Trip to Birthplace of War on Terror”
“In the summer of 1979, a group of powerful and influential people joined to launch an international propaganda offensive to promote and exploit the issue of ‘international terrorism’,” Philip Paull of San Francisco State University wrote in his 1982 thesis on the Jerusalem Conference on International Terrorism. “The propaganda ‘blitz’ originated in Jerusalem. The conspiratorial network included present and former members of the Israeli and United States governments…