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As The EUR Jumped In January, German Non-Eurozone Factory Orders Plunged
Something funny happened in January as the EURUSD rose from its period low in the 1.26 level: German Industrial Orders imploded as the joint currency strengthened. But not so much for domestic orders...
View ArticleDaily US Opening News And Market Re-Cap: March 7
From RanSquawk German finance minister and Greek finance ministry are confident the Greek PSI deal will be completed by tomorrow evening’s deadline. German Factory Orders disappoint, recording a...
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ADP Reports 216K Private Payrolls Added, On Top Of 215K Expectation
The traditionally C-grade, and very noisy ADP number, has printed at a 216K private payrolls added, on expectations of 215K, or precisely in line, even as the January print was revised modestly higher...
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Germany to Review Bundesbank Gold Reserves in Frankfurt, Paris, London and...
From GoldCore Germany to Review Bundesbank Gold Reserves in Frankfurt, Paris, London and Federal Reserve Bank of New York Gold’s London AM fix this morning was 1682.50 USD, 1278.69 EUR and 1068.53 GBP...
View ArticleLTRO - Scratching The Surface
Via Peter Tchir of TF Market Advisors, Now that the hype of LTRO is over (for now) people are starting to focus on the details and some of the potential consequences. This is a first cut based on bits...
View ArticleOne Day Ahead Of PSI Deadline, IIF Can Only Account For 39% Of Greek Bondholders
The problem with the latest hare-brained scheme in Europe, namely to organize Greek bondholders among the various institutions that for 2 years did everything in their power to dump said Greek bonds in...
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Defense Secretary Panetta Testifies On Situation In Syria, Honorable...
Looking for some clues of US military strategy in Syria, especially in the aftermath of McCain's statement that he requests an air strike over Syrian government forces? Curious why Crude may gyrate...
View ArticleGreek Holdouts Buoyed By Overnight Argentina Bond Precedent
As the week's panacea event (no, not iPad3) draws ever closer, overnight news our of Argentina may be critical for any fence-sitting Greek PSI holdouts. As Reuters reports, a US judge has ruled in...
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Greek UK-Law Bond Arbitrage Hits Record
If one chart was worth a thousand words, it is the difference in 'value' between strong and weak covenant bonds in Greece. Since we first brought this 'arbitrage' to the market's attention back in mid...
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As US Contemplates Releasing Crude From The Strategic Reserve, China Resumes...
A tale of two civilizations, one in ascent and one in decline, can probably be best summarized by how they ration for the future in that most important of commodities - energy, in this case vis-a-vis...
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Goldman Is "Bearish By A Thousand Cuts"
While many look for a specific event (PSI or NFP) to be the catalyst for the next leg up (or down), Goldman sees several factors at play that could create a 'sell-off by a thousand cuts', rather than...
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The Final Facebook Forensic IPO Analysis: the Good, the Bad & the Ugly
This is an update to our initial Facebook forensic analysis released before Facebook officially filed for an IPO (still available for download - FB note final). This update incorporates the...
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Stocks, Precious Metals Spike On Report Fed Considering "Sterilized" QE
Update: yup. It's Jon "Mouthpiece" Hilsenrath all right. This is nothing but a test to gauge if the market will ramp on the clarification that future QE may be sterilized. If market ramps regardless,...
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Oil Implications And Fed Policy
Oil is battling hard with Greece to top the tail-risk-du-jour in financial markets recently. As Credit Suisse notes, the US economy so far seems to have shrugged it off as 'gasoline-sensitive' economic...
View ArticleUltimate Carry Trades - AIG, MF Global, and LTRO
Via Peter Tchir of TF Market Advisors, We know how AIG and MF ended, as of yet we don't know how LTRO will end. AIG was the ultimate carry trade. They sold massive amounts of CDS for a very small...
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ANaToMY oF FeAR...EuRoPean STYLe
'BREAK A LEG' Do you remember this picture? I do and I'm sure you do as well. It has been all down hill from there hasn't it. If you don't do this or that, terrible, ugly, horrendous, unfathomable...
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Equities Recover 38.2% Of Sell-Off As Credit Underperforms
Volumes were above average today but well below yesterday's blockbuster as average trade size also pushed higher as we levitated in stocks (ignoring the afternoon rollover in credit markets - which...
View ArticleChina Moves To Further Marginalize Dollar: Offers CNY-Denominated BRIC Loans
Today we observed how as the US is considering releasing crude from its Political, pardon Strategic Petroleum Reserve, China was doing just the opposite. Now, in a further step confirming that China is...
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Central Bank Attempt To Sucker In Retail Investors Back Into Stocks Has Failed
In what should come as no surprise to anyone who has a frontal lobe, yet will come as a total shock to the central planners of the world and their media marionettes, the latest attempt to sucker in...
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Is Gold Suffering Under ECB Margin Calls?
Last night we noted the very concerning rise in margin calls for European banks thanks to collateral degradation at the ECB. This story has become very popular as traders try to figure out which assets...
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