Business Summary Links By Day
‘On this basis, the
market as a whole is overpriced by more
than 20%.’ { http://albertpeia.com/rosenbergsaysmarketovervaluedmorethan20percent.htm } , The
Shocking Truth About Unemployment In America In One Chart http://albertpeia.com/shockingtruthofunemploymentinamerica.htm
, We Are Nearing
the End Game of Central Bank InterventionApril
9, 2012 By gpc1981 Because
of a lack of foreign interest in long-term Treasuries, the Fed decided to step
in to pick up the slack. As a result of this, the US Federal Reserve has accounted
for 91% of all new debt issuance in the 20+years
bracket. Put another way, the US
Federal Reserve is now effectively the long-end of the US debt market.Operations Twist 2
has also allowed US commercial banks to unload their long-term Treasury
holdings in exchange for new capital: something most of the Primary Dealers are
in dire need of. This in turn helps to explain why the US stock market has
advanced despite the fact that retail investors have been pulling out of the
market in droves.Put another way, the markets have been ramped higher by more
juice from the Fed (and corporate buybacks). However, the fact remains that
this juice has come from the Fed reallocating its current portfolio holdings,
NOT printing more money outright to monetize US debt via QE.So while the media and
99% of analysts believe the Fed is and can continue to act aggressively to prop
up the markets, the fact is that the Fed has been reining in its monetary
stimulus over the last nine months, largely relying on verbal intervention from
Fed Presidents to push stocks higher… , Dave’s Daily: http://www.etfdigest.com BULLS LIVE IN DENIAL 4-9-12 ‘What can rally markets off recent lows is
this announcement from Bloomberg: “Federal Reserve Chairman Ben Bernanke will
speak to an Atlanta Fed conference and after will engage in a brief, moderated
Q&A session. Atlanta Fed President Dennis Lockhart will
also speak at various times during the conference, as will Boston Fed Pres.
Eric Rosengren, in Stone Mountain, Ga.”
Bernanke et al are stock market tape watchers. No doubt focus groups are giving
him some tidbits of QE hope for discouraged bulls. They’ll be looking for it in
any parsed phrase.In China
inflation data was reported as hot while at the same time authorities wished to
ease. This is a contradiction and may not happen as now they’d be trapped. The
eurozone is back center stage with reports of their recovery being greatly
exaggerated. Spain
is on deck and any austerity measures will be greeted with riots. The ECB has
already printed nearly $1.3 trillion (about the same as the U.S. Fed) to stimulate and/or
bailout their mostly southern neighbors. They may be tapped-out and if not they’re just pushing on a string.Earnings season will begin
with Alcoa (AA) leading off once again. Judging by weak base metals prices (DBB
& JJC) it’s all about the outlook. Earnings growth is estimated at 3.2%
growth for quarter one but if you strip-out Apple (AAPL) earnings this is
whittled down sharply to 1.8%.Oil prices (USO) were weaker on what is perceived
as declining future demand notwithstanding Iranian issues. Gasoline prices
(UGA) got left-wing politicos searching for someone to blame. Washington senator Maria Cantwell wants to
pin the blame on ETFs which allow investors (gasp!) to hedge or speculate. She
should look in the mirror and then she would know who really is to blame for 30
years of no new refineries being built due to counterproductive regulations.
It’s react and distract for many politicians looking for scapegoats…’ , NFP
Big Miss: 120K, Expectations 205K, Unemployment 8.2%, "Not In Labor
Force" At New All Time High Durden March NFP big miss at
just 120K. Unemployment rate declines from 8.3% to 8.2%. Futures slide, for at
least a few minutes before the NEW QE TM rumor starts spreading. The household
survey actually posted a decline in
March from 142,065 to 142,034. Considering Birth Death added 90K to the NSA number,
the actual number was almost unchanged. The unemployment rate drops to 8.2% for
one simple reason: the number of people
not in the labor force is back to all time highs: 87,897,000.
And as always, as
we predicted when Goldman hiked its NFP forecast yesterday from 175K to
200K saying "if Goldman's recent predictive track record is any
indication, tomorrow's NFP will be a disaster", Goldie once again skewers
everyone. Finally, Joe LaVorgna's +250,000 forecast
was just 100% off... as usual. , IceCap
Asset Management March Perspectives: "I Need A Job" , Guest
Post: Ten Minutes After The Titanic Struck The Iceberg , Is
William Cohan Right That Wall Street "Regulation" Has To First And
Foremost Curb Greed? Durden Now
that the world is covered in at
least $707 trillion in assorted unregulated Over the Counter
derivatives (as of June 30, the most recent number is easily tens of trillions
greater) and with at least one JPMorgan prop|non-prop trader exposed to having
a ~$100 billion notional position in some IG-related index trade, pundits,
always eager to score political brownie points, are starting to ruminate over
ways to put the half alive/half dead cat back into the box. Unfortunately they
are about 20 years too late: with the world literally covered in various
levered bets all of which demand hundreds of billions in variation margin on a
daily basis, the second the one bank at the nexus of the derivative bubble
(ahem JPMorgan) starts keeling over, it will once again be "the end of the
world as we know it" unless said bank is immediately bailed out. Again. , Another
Nail In The Greek Coffin: Cheap, Migrant Workers Are Now Returning Home To
Albania , Union
Pension Underfunding Time-Bomb Soars By 75% In One Year, Nears $400 Billion
, Don't Show
This Chart To The President Durden One
can write lengthy essays, op-eds, and client letters explaining both why the
labor force participation rate is plunging due to innocuous reasons such as
everyone over 40 retiring yesterday full of jouissance and excitement to begin
the sunset phase of their lives using copious life savings earning 0.0001% in
interest, or, inversely, why this is one great big propaganda ploy by the BLS
to make Obama look good a few short months ahead of the pre-election debt ceiling
breach, pardon, his re-election date. We prefer cutting to the chase. Here is
today's chart of the day from BofA, which begs one simple question: when will
the two time series recouple, because recouple they will, and how will America
react to the realization it was lied to for 2% worth of unemployment
"improvement"? The chart says it all. , PBOC
To Defer To Fed On Easing After Inflation Comes In Hotter Than Expected , Goldman
Closes Long Russell 2000 Recommendation At A Loss Durden And
so the latest Goldman recommendation to muppets is now officially a dud. , America: A
Government Out Of Control , 150 Years Of US Fiat
, Spain:
The Ultimate Doomsday Presentation , Guest
Post: There Will Never Be A Failed US Treasury Auction... Until There Is Durden Do
you think the US
will always and forever be able to pay for our over-bloated military-industrial
complex and our wars of choice? Do you think the federal housing agencies will
always and forever be able to subsidize the real estate industry with money
losing, non-economic mortgage loans? Do you think the government will always
and forever be able to pay on the promises they've made regarding Social
Security, Medicare and Medicade? Do you think the government will always and
forever be able to extend debt-enslaving, subsidized student loans to anyone with
a pulse? Do you think the fiat ponzi central planners at the Fed will always
and forever be able to manipulate the Treasury curve to whatever levels the
Oracles of Delphi decide? If you answer yes to
the above, ask yourself this: how would all of these things be affected if the
average interest rate paid by the US was to rise to 5%? At today's
debt level of $15.6 trillion, the interest expense would be approximately $780
billion or about 35% of total government revenues. Welcome to the United States of Greece. Next
stop, bankruptcy. , 51
Months After The Start Of The Recession, Here Is The Report Card Durden Recovery?
What Recovery? 4 years
after central banks have progressively injected
over $7 trillion in liquidity into the global markets (and thus, by Fed
logic, the economy), and who knows how many trillion in fiscal aid has been
misallocated, to halt the Second Great Depression which officially started in
December 2007, the US "recovery" is the weakest in modern US history!
How many more trillions will have to be printed (and monetized) before the
central planners realize that fighting mean reversion by using debt to defeat recore
debt, just doesn't work? Our guess - lots.
Miscellaneous
Business Headlines
The Q1 Earnings Growth Rate Estimate Dropped By This Amount
at Wall St. Cheat Sheet 09:33PM Jobs Report The Real Drag on U.S. Financial Markets at Wall St. Cheat Sheet 08:31PM Why, Oh Why, Can't The Government Get Jobs Data Right? at Forbes 07:33PM Converting your Gold into Income ETFguide 05:48PM Stocks Notch Fourth Straight Drop, but General Sentiment is
"Relax!" at
Barrons.com 05:37PM Tomorrow's Tape: Alcoa Can't Wait at The Wall Street Journal 05:20PM Minyanville's T3 Daily Recap: Will Europe Add to Market Woes
Tuesday? at
Minyanville 05:14PM Central Bank Intervention Nears The End Game at Seeking Alpha 05:11PM Train Reading: Instagram And the Titanic at The Wall Street Journal 04:58PM High Gas Prices: Don't Freak Out Over Consumers And Retailers
at Forbes 04:47PM Evolution: From Kodak to AOL to Facebook (And Instagram) at The Wall Street Journal 04:42PM Chart of the Day: What's Up With Yelp Shares? at The Wall Street Journal 04:34PM High Gas Prices: Don't Freak Out Over Consumers And Retailers
at Forbes 04:22PM Will Stocks Make Run In Final Half Hour of Trading? at The Wall Street Journal 03:45PM Will Stocks Make Run In Final Half Hour of Trading? at The Wall Street Journal 03:38PM High Gas Prices: Don't Freak Out Over Consumers And Retailers
at Forbes 03:07PM Fund Managers Get More BullishJust in Time For the Pullback
at The Wall Street Journal 03:03PM Don't Count on Investing in ETFs for Your Retirement at Motley Fool 02:47PM Don't Count on Investing in ETFs for Your Retirement at Motley Fool 02:46PM Trading Mysteries Extend Deeper Than Dark Pools at The Wall Street Journal 02:13PM The Avon Lady Is Here at The Wall Street Journal
02:00PM Silver, Precious Metals May Go Their Own Way at Minyanville 01:45PM Is This Dip for Buying? at Forbes
01:28PM Earnings Season: Don't Get Your Hopes Up at The Wall Street Journal 12:51PM Strong Stock Market Before Easter Usually Means More Gains Rest
Of Year at Forbes 12:25PM Key Week for the Equity Markets at Minyanville 11:46AM Gold Bounce Could Be Just That, Not a QE Bet at The Wall Street Journal 11:36AM Index, ETF option volumes near midday optionMONSTER 11:32AM Index, ETF option volumes near midday optionMONSTER 11:25AM Stocks In Correction, Watch Leaders Like Apple To Judge
Severity at Forbes 11:21AM [video] Inflation Will Determine Market Direction at TheStreet 11:14AM Mutual funds fight for flows against ETFs at Reuters 10:50AM Minyanville's T3 Morning Market Call: Futures Sink After Jobs
Report at Minyanville 10:48AM Here's the Pullback; Can Bernanke Save the Day? at The Wall Street Journal 10:36AM Mutual funds fight for flows against ETFs at Reuters 10:34AM Mutual funds fight for flows against ETFs Reuters 10:23AM YOUR MONEY: Mutual funds fight for flows against ETFs at Reuters 10:03AM Support Could Kick In With Another 3% Drop, ITG Says at Barrons.com 09:57AM AOL: We Got Patents Here! at The Wall Street Journal 09:57AM Google Inc. First Quarter Earnings Sneak Peek at Wall St. Cheat Sheet 09:53AM Exploring the Retail Investor Myth at Minyanville 09:41AM The Mexican Peso, Undeservedly Underappreciated at The Wall Street Journal 09:35AM Pre-Market Primer: Equity Futures Dip on Disappointing US March
Jobs at Minyanville 09:11AM Stock ETFs Knocked by Weak Jobs Data ETF Trends 09:09AM Stocks To Watch: AOL, Illumina, Molina Healthcare at The Wall Street Journal 08:57AM Morning Links: QE3 Odds Ramp Higher at The Wall Street Journal 08:52AM Fastenal Company First Quarter Earnings Sneak Peek at Wall St. Cheat Sheet 08:49AM For The Markets, Does It Matter Which Party Wins In November?
at Forbes 08:49AM Random Thoughts: Weighing the Rally Against an Economic Recovery
at Minyanville 08:21AM Even Apple Isn't Immune to a Case of the Mondays at The Wall Street Journal 07:54AM [video] How Deep Will This Correction Go? at TheStreet 07:30AM 10 Things You Need To Know Before The Opening Bell Business Insider 07:25AM 10 Things You Need To Know Before The Opening Bell Business Insider 06:50AM Record ETF Inflows in First Quarter at TheStreet 06:15AM Morning MarketBeat: Look Out Below at The Wall Street Journal
The Creeping
Cost of Consumer Inflation
fedupusa.org |
Unintended consequences when policy aims at depreciating a currency in favor of
bolstering an ailing banking system.
“Not In
Labor Force” At New All Time High
Zero Hedge | Number
of people not in the labor force is back to all time highs: 87,897,000.
World
food prices rise further, raising fears of unrest
Reuters | Global
food prices rose in March for a third straight month with more hikes to come.
America’s JOBS
Act Power Elite Yelp
Anthony Wile | Did you read that on March 27th Congress passed the JOBS
act, which stands for “Jumpstart Our Business Start-ups.”
MARC FABER:
This Is Just The Beginning
Business Insider | In an
interview with CNBC this past weekend, Faber said that last Friday’s
disappointing jobs report only affirms his opinion that the U.S. economy
remains anemic.
Gold
Surges As Indian Jeweller Strike Ends, Equity Futures Slide
Zero Hedge | As
reported earlier, the Indian gold buying strike is now over, and just as we
predicted, gold futures are off to the races.
GOP
lawmaker calls for change to how government measures unemployment
The Hill | A Republican lawmaker is intensifying
his push for legislation that would change how the government measures the
unemployment rate.
AP Business
Highlights
...Yahoo Market
Update…
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{ some prior links of current interest }