No CNBC, It’s Not Priced In

When markets crash and prices readjust to a material level the masses begin to rational anything and everything. This week we heard a serious push by media and newspapers to not say “crash” and implore the use of “correction”.  The Fed launched so…

Trading Crack

Refiner margins have rebounded.  Refiners buy crude oil and refine it into various products.   If one can sell those products for more than the price of a barrel of oil, a profit is to be had.  This is commonly referred to as the 3-…

Andrew Hall, Phibro, Occidental

Andrew Hall is known as “The God Of Oil” by some floor traders. When he was to be paid a $100 million bonus, the Great Recession had just begun and anger toward banks prompted officials to reign in corporate bonuses from those which took bailout funds. Since Citigroup owned the Phibro Group, the subsidy that once stood on its own before Citi bought …

Weekend Macro Summation

The charts this week much like with last weeks Morgan highlights speak for themselves.
Summation of last weeks key comments:

“The real risk to the market is not the end of QE buying, but when the Fed finally
acknowledges that rate hikes are in sight”

Weak Wage Growth Shows FED Failing To Maintain It’s Mandates

BOA/ML Said That Data For Monit…

Bank Of America & Morgan Stanley Comment On Commodities

Aluminum production fell 15.6 percent YoY in July. The Aluminum Association said on August 8 that combined primary production from the U.S. and Canada fell 9.1 percent YoY. The U.S production fell 15.6 percent YoY and Canada fell 4.7 percent YoY. A drop in Aluminum prices may cause a firm like Alcoa to scale back equipment use and use lower cost re…

Micro-Structure & Exchanges: A Complicated Relationship

This past Tuesday, news hit that BATS Global Markets was in the process of settling with the Securitues and Exchange Comission on the claim that Direct Edge provided unfair perks to certain high frequency traders (HFT), a development that might set a pivotal precedent in the market structure debate.

News of the possible settlement was preceded by t…

Cheap Credit Will Sink Us Again

The past few years have been a great data driven example of finance not being a science.  Globally, central banks have done everything from bailing out institutions, displaying a complete lack of discretion when it comes to disbursing cash (GOP leader’s wife received 2009 bailout funds), and we have also seen attempts globally to devalue curre…

Adapting To The Coming Change In The New Normal

The CEO of Benzinga has a post up full of some solid charts. 
Via Jason Raznick’s Tumblr:

Last week I touched on the housing market, the yield curve and the Federal Reserve’s expected continued taper action.  Cruising through earnings, it is now time to revisit certain indicators that speak to the underlying health of the economy a…