"No warning can save people determined to grow suddenly rich" - Lord Overstone
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Gold •144 days | 2,368.70 | +35.30 | +1.51% |
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Platinum •15 mins | 975.10 | +4.60 | +0.47% |
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WTI Crude •1 day | 71.24 | +1.14 | +1.63% |
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Gasoline •1 day | 2.061 | +0.002 | +0.10% |
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Ethanol •144 days | 2.161 | +0.000 | +0.00% |
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Silver •144 days | 30.82 | +1.16 | +3.92% |
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Silver • 144 days | 30.82 | +1.16 | +3.92% | |
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Copper • 144 days | 4.530 | +0.111 | +2.51% | |
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Brent Crude • 1 day | 75.17 | +0.94 | +1.27% | |
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Natural Gas • 1 day | 3.129 | -0.210 | -6.29% | |
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Heating Oil • 1 day | 2.275 | +0.001 | +0.02% |
Markets
The Trials and Tribulations of Speculative Finance
The Credit market dislocation gathered steam. For the week, two-year Treasury yields dropped 12 basis points to 1.78%, the five-year sank 14 basis points to 2.68%, and the 10-year yield…
Soul Searching
Things are going from bad to worse in Japan, with authorities announcing that the government would purchase equity positions from the troubled banking system. Further details as to crisis management…
Liquidity Excess vs. Faltering 'Risk' Market
Commodities continue to trade very well. Yesterday the CRB index traded to the highest level since February 2001, with year-to-date gains of almost 19%. Crude oil prices are up about…
The Credit Bubble Bulletin
In September 2000, while Jack Grubman, Henry Blodget, Andrew Fastow and the like still enjoyed lofty rank and privilege, the SEC brought charges against Jonathan G. Lebed. Jonathan Lebed was…
Cold As Ice
The news on the economic front is not encouraging.The Conference Board's Consumer Confidence survey was reported at 93.5, down from July's 97.4, June's 106.3, and May's 110.3. This was weaker…
Accenutated Credit Cycles
Bloomberg this afternoon reported that investment-grade corporations issued $16.1 billion of new debt this week, the most since January. Interestingly, despite the stock market rally and much needed stabilization in…
Confessions of a Supply-Side Junkie
Confession is good for the soul, or so I am told. While Doug Noland takes a well deserved Friday off (he'll be back next week), I thought I would take…
Two Economic Postulates
There was little relief in the beleaguered corporate market, with spreads widening significantly in many instances. Ford's 7.25% 2011 bonds saw spreads widen 35 basis points today to a record…
The Housing Bubble Loses Some Air?
The historic collapse in Treasury yields continued this week, no doubt exacerbated by abysmal economic news and problematic dislocation in other Credit market instruments. For the week, the 2-year Treasury…
Structured Finance In The Crosshairs
It was a most chaotic week in U.S. and global financial markets, with extreme volatility and extraordinary divergences here at home. Some groups rallied sharply, while the technology collapse continued.…
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