Howard Marks thinks that the drop in oil prices could finally expose low lending standards and provide better value in the markets.» Read More
Violence in Egypt increasing: Gunfire breaks out in Tahrir Square. [Wall Street Journal]
ECB keeps rates at 1 percent—despite rising inflation fears. [CNBC via Reuters]
Deutsche Bank tops Goldman Sachs as the biggest spender on Wall Street: DB Bankers got an average 500K last year. [CNBC via Reuters]
Steve Cohen tells investors to relax: SAC capital will not suffer a financial impact as a result of the latest insider trading probe. [FT]
Is El Baradei a credible future leader of Egypt? [Wall Street Journal]
Gallup polls Egyptians & Tunisians about 'wellbeing'. [Gallup—Hat Tip Felx Salmon]
Representing yourself in foreclosure —many have little choice. [NY Times]
IPOs are rebounding. [Bespokeinvest—Hat Tip Abnormal Returns]
The Arab world watches Cairo. [NY Times]
Now that the constitutionality of the individual mandate under the Commerce Clause has come under fire, proponents of Obamacare are attempting to shift the debate onto what they view as friendlier ground—the broader power of Congress to impose taxes.
Ezra Klein sums up this line of argument pretty well :
Admit it: It's fun to game the system.
Not to mention—in this economy especially—everyone needs a backup plan. \(If you require further proof on that point, see our colleague Jeff Cox's terrific article about Bill Gross —for some truly disturbing insights into how screwed up things really are.\)
Governments toppling across the Middle East, riots, floods in Australia, continued banking issues across the globe… none of those “events” have been able to get a sustained rise out of the VIX this year. Should investors care?
Richard Repetto, Principal at Sandler O’Neill Partners was on Squawk Box and said that the VIX, commonly referred to as the “fear gauge” tends to go down as markets go up and over the past year... the S&P 500 has gained about 18-percent while the VIX has declined about 19 percent. In other words, investors tend to be more complacent when they are making money.
Americans are drinking too few alcoholic drinks.
That’s the way we read the data presented by Stan Peele in today’s Wall Street Journal .
The national Survey on Drug Use and Health says that only 55 percent of 50-year-olds have had a drink in the past month. If they asked about how many drink daily, that number would be far lower.
The exchange-traded fund that aims to track the Egyptian stock market is on fire again today.
The one year old Market Vectors Egypt Index ETF is normally thinly traded—with less than 100,000 shares trading hands each day. Today it has seen volume near 700,000. It may exceed Friday’s record volume of 1.2 million shares.
The Fed will begin a tightening of monetary policy after its quantitative easing program ends in June, with a gradual increasing of interest rates by the end of 2011 and into the following year, according to Deutsche Bank’s Joe VaVorgna.
With the second leg of the Fed’s QE program to run out in June, after it purchases another $600 billion of Treasurys to expand its balance sheet to nearly $3 trillion, it will then be faced with a tough choice of how to proceed.
This winter is going to be brutal—perhaps the worst in a century.
This news comes to us from AccuWeather Chief Long Range Forecaster Joe Bastardi.
In retrospect, Tuesday’s big rally in the stock market wasn’t hard to figure out. The market did what it almost always does the first day of the month.
Traders didn’t let a little geopolitical tumult get in the way of behaving the same way they have in 12 of the past 14 first trading days of the month. They bought the S&P 500 and bought it big, sending the index to a close above 1,300 for the first time since June 2008.
Less cash flow from oil firms may pinch loan payments to banks but gas savings for consumers will create new business.
Some big news this week, including Russia and North Korea. Did any change the game for the market? NYSE floor trader Kenny Polcari weighs in.
Oaktree Capital's Marks thinks that the drop in oil prices could finally expose low lending standards.