trading recap

Damn bro. What a ride, a white knuckler. Things almost changed. We narrowly avoided a paradigm shift. Gang of Six tax/fiscal plan was embraced by everyone but Congressional jihadists – what would we have done with sensible tax reform, lower deficits? And Europe nearly failed to save Greece and contain Italy’s fiscal implosion – what would Europe do when faced with true existential crisis? Someday we’ll find out. But

Week in Review: Mon: EU contagion hits Italy – 2y +70bps (2008 levels), Norwegian Jun CPI -0.4%, S&P -1.8%; Tue: BoJ unch since Dec08, India IP softer, UK Core CPI lowest of the year, Moody’s dngrds Ireland to Junk, Fed Mins as expected, S&P -0.4%; Wed: Mkt interprets Ben as dovish, China IP highest since Jun ‘10, EU IP lowest since Jan ‘10, S&P +0.3%; Thur: Moody’s warns USA dngrd if debt ceiling n

Week-in-Review: Mon: 4th of July, Aussie May retail sales -.6%, Turkey CPI 6.24%, S&P – closed; Tue: Moody’s dngrades Portugal 4 notches to Junk, RBA kept rates unch, C. Anthony acquitted, global serv PMIs soft, EU May Retail Sales -1.1%, S&P +.1%; Wed: PBOC hike rates (5th since oct; 3rd this yr), ISDA’s Gen counsel says Greek rollover won’t trigger CDS, US non-mfg ISM 53.3, solid German factory orders

What a relief. 155 Greek lawmakers approved the E78bln Trojan Horse (a mere 136 voted against, 9 took the day off). Of course not one of Greece’s 300 leaders believes they’ll ever repay debts, but this vote wasn’t about that. It was about giving German politicians what they need so they can pretend the 2nd bailout won’t disappear as fast as the 1st. The few Greeks with jobs left work, took to the streets in celebrati

Japan unveiled the world’s fastest supercomputer, 8.2 quadrillion calculations/second (8.2 Petaflops). Of course, with that much power, they’ll design reactors to withstand Tsunami’s instead of just building ’em on higher ground. Nikkei rallied 3.5%, hoping the new computer can solve the problems of 200% debt/GDP, deflation and swarms of ageing baby boomers soon to need diapers. The Reds suffer from Petaflop envy, th

Rarely does a brilliant inventor perfect his own idea. Greeks invented democracy, but of course we perfected it (just ask any American). Genghis Kahn invented Eurasian repression, Russians transformed into an industrial-sized work of art. Case in point, Khodorkovsky, once the richest oligarch, snuck a note from jail, warned Russia needs $200/barrel oil to make ends meet. Putin’s not the only corrupt dictator to need

A peaceful transfer of power is Govt’s most noble moment. The higher a nation sets the bar for incumbents, the better. And frequent political revolutions are way better than infrequent ones. Of course, both kinds are going on now, each a cause for celebration. Coelho just ousted Socrates in Portugal. This followed recent revolutions in the UK, Ireland, Greece, and Belgium (still leaderless). Sarkozy seems sure to fal

Who the hell drank the last Red Bull? Seriously. Just a few weeks ago the glass overfloweth, and in no time, the damn thing looks half full? Some growl it’s empty? But let’s be honest, that’s what makes this game so much fun. Moody’s put the US on watch for a downgrade, “Heightened polarization over the debt limit has increased the odds of a short-lived default.” Then they put Bank of America, Citigroup and Wells Far

It ain’t easy being on the run. The more power you got, the bigger your name, the harder it is. Medvedev dropped his favorite customer, Gaddafi, “Lost his legitimacy to govern.” And of course, the only thing Ruskies love more than selling weapons to old dictators, is selling weapons to new dic…well, let’s hope for somethin’ better. So with that parting bear hug, Muammar’s finished. The madman slithered from hospital