Tim Iacono Since reading about the central bank dollar swap program announced the other day and that it really isn’t anything new, just the resurrection of a 2008-era crisis facility, plotting these swap lines versus everything else on the Fed’s balance sheet seemed like a good idea. Get your FREE GOLD Bullion Weekly Report sponsored by NYSE As shown above, the program “sprang to life” in Read More...

Courtesy of Mish In Unemployment Rate Dips to 8.6% as 487,000 Drop Out of Labor Force I presented some quick facts on the drop in the unemployment rate. In the last year, the civilian population rose by 1,726,000. Yet the labor force fell by 67,000. Those not in the labor force rose by 1,793,000. In November, those “Not in Labor Force” rose by a whopping 487,000. If you are not i Read More...

by Karl Denninger I’d take credit for a “spot on” prediction, but unfortunately it’s not that simple.  Let’s first deal with the simple — the headline. I said +125k +/- 50, and the actual number was +120k. The unemployment rate fell by 0.4 percentage point to 8.6 percent in November, and nonfarm payroll employment rose by 120,000, the U.S. Bureau of Labor Stat Read More...

By Eric McWhinnie After a 20% fall in September, the technical picture for gold is improving.  In September, gold touched a record nominal high just above $1,920, but quickly fell to about $1,540.  The move scared speculators and offered a great buying opportunity for those wishing to invest in gold.  Now, gold prices have recovered to $1,750.  The recovery has been fueled by monetary easing a Read More...

Submitted by Tyler Durden Couldn’t happen to a nicer advisor to Joe Biden JON CORZINE SUBPOENAED BY HOUSE COMMITTEE HOUSE AGRICULTURE VOTES TO ISSUE SUBPOENA IN WASHINGTON TODAY Don’t forget to get your popcorn out for next Thursday: HOUSE AGRICULTURE COMMITTEE SETS DEC. 8 HEARING ON MF GLOBAL Yup. Biden advisor. And here is what Jon Corzine in Congress should look like: Averag Read More...

Much of the fury in yesterday’s nearly 500 point “melt up” in the Dow was generated by hedge funds panicking to cover shorts. Convinced of the imminent collapse of Europe, the impotence of governments, and the death spiral in sovereign bonds, many managers were running a maximum short position at the Monday opening, and for the umpteenth time, were forced to cover at a loss. Meet the new dum Read More...

Courtesy of Jesse’s Cafe Americain    Anyone who has ever worked in a large corporation has seen the empty suits that seem to inexplicably rise to positions of power. They talk a great game, possessing extraordinary verbal acuity, and ofen with an amazing ability to rise quickly without significant accomplishments to positions of great personal power, and often using it ruthlessly once Read More...

Tim Iacono After yesterday’s big 490 point move higher for the Dow Jones Industrial Average to cap off a month of four 200+ point UP days to go along with four 200+ point DOWN days, it would appear that the stock market is settling into an extended period of heightened volatility. Now entering the best two months of the year for equities, it seems unlikely that, over the near-term, we’ll get Read More...

I think you will admit that we are in the middle of one major crazy financial mess.  The part that makes things really crazy is that it’s not just in the United States anymore but rather serious global problem which if not handled properly could change the way we live our lives going forward or possibly even spark some type of war, hopefully things don’t get that crazy… But I do know one th Read More...

Submitted by Tyler Durden Whether its non-confirming volumeless rallies in stocks, hard-to-find collateral, sovereign risk, counterparty risk, USD funding stress, GDP growth dislocations, EM credit dispersion, or equity market outperformance, Nomura’s EEMEA FX and Fixed Income team has a little for everyone in today’s ’10 Things We Did Not Know’. Today’s obvious ris Read More...

In 1999, 11 European countries surrendered their currencies for the euro and a shared monetary authority. But as the world applauded, Elliott Wave International (EWI) forecast that those countries had also sealed a shared fate: to eventually collapse together in a liquidity-driven deflationary spiral. Barely a decade later, the once-celebrated EU and its currency are facing collapse. In November 2 Read More...

by Karl Denninger Read carefully folks, as you’re about to get an economics lesson….. Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the third quarter of 2011, the U.S. Bureau of Labor Statistics reported today, with output and hours worked rising 3.2 percent and 0.8 percent, respectively. (All quarterly percent changes in this release are sea Read More...

My worst fears about the deteriorating state of the US residential housing market were confirmed today with the release of the closely watched Case-Shiller Home Price Index. Nationwide, Q3 delivered a 3.9% decline in home prices, hot on the heels of a whopping 5.8% plunge in Q2. Most markets are at 8-10 year lows with the exception of Detroit, which is plumbing a new 20 year low. Negative equity c Read More...

Submitted by Tyler Durden As expected, the Fed has just bailed out the world once again: FED, ECB, BOJ, BOE, SNB, BANK OF CANADA LOWER SWAP RATES - BBG ECB, FED other major central bank to lower the pricing of existing USD liquidity swaps by 50BPS And as we have been writing every single day, the worldwide dollar crunch is now confirmed: At present, there is no need to offer liquidity in non- Read More...

The December NASDAQ 100 closed lower on Tuesday as it consolidated some of Monday’s rally. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 2288.45 would confirm that Read More...