Frontrunning: November 25

Washington turns bond market upside (FT) China Air-Zone Move Expands Field of Islands Spat With Japan (BBG); Japan rejects China claim on airspace over disputed islands (FT) ‘Great Satan’ meets ‘Axis of Evil’ and strikes a deal (Reuters) Iran Pact Fac… [...]

Frontrunning: November 22

Wonder why: JPMorgan plans to keep pay roughly flat from last year (Reuters) – maybe this: Charles Schwab Warns “We Are In A Manipulated Market” Democrats overturn filibuster rule, increasing Obama‚Äôs power (FT) Day JFK Died We Traded Through Tears a… [...]

Frontrunning: November 19

J.P. Morgan, U.S. Reach Historic Settlement (WSJ) OECD cuts global growth forecast (AP) Guess the profit margin: Wal-Mart Touts $98 TV as Holiday Seen Weakest Since 2009 (BBG) Republicans defy threat, block another Obama judicial pick (Reuters) Fed Po… [...]

No Car, No FICO Score, No Problem: The NINJAs Have Taken Over The Subprime Lunatic Asylum

One of the most trumpeted stories justifying the US economic “recovery” is the resurgence in car sales, which have now returned to an annual sales clip almost on par with that from before the great depression. What is conveniently left out of all such … [...]

GM "Stuffs Channels" At Fastest Pace In Its Post-Bankruptcy History; Volt Sales Plunge 32%

Moments ago, General Motors reported its October domestic car deliveries number, which at 226,402, was 31K better, or 15.7% higher, than the 195,674 from a year earlier, better than the 7.9% increase expected. Unlike the ISM, GM was quick to point the … [...]

David Einhorn’s Advice On How To Trade This Equity Bubble (Spoiler Alert: Don’t)

Confused how to trade the second coming of the dot com bubble and a world in which irrational exuberance has hit irrationally exuberant levels? You are not alone. Here is some insight from none other than David Einhorn originating in his latest letter … [...]

Futures Unable To Ramp Higher Despite Cornucopia Of Disappointing Macro News

In addition to the bevy of ugly European unemployment and inflation news just reported, the overnight session had a dollop of more ugly macro data for the algos to kneejerkingly react to and ramp stocks to fresh time highs on. First it was China, where… [...]

Despite (Or Thanks To) More Macro Bad News, Overnight Futures Levitate To New All Time Highs

The overnight fireworks out of China’s interbank market, which saw a surge in repo and Shibor rates (O/N +78 to 5.23%, 1 Week +64.6 to 5.59%) once more following the lack of a follow through reverse repo as described previously, and once again exposed … [...]

Despite (Or Thanks To) More Macro Bad News, Overnight Futures Levitate To New All Time Highs

The overnight fireworks out of China’s interbank market, which saw a surge in repo and Shibor rates (O/N +78 to 5.23%, 1 Week +64.6 to 5.59%) once more following the lack of a follow through reverse repo as described previously, and once again exposed … [...]

Despite (Or Thanks To) More Macro Bad News, Overnight Futures Levitate To New All Time Highs

The overnight fireworks out of China’s interbank market, which saw a surge in repo and Shibor rates (O/N +78 to 5.23%, 1 Week +64.6 to 5.59%) once more following the lack of a follow through reverse repo as described previously, and once again exposed … [...]