The Wall Street Examiner » Dollar

JPMorgan’s trading loss proves Volcker rule won’t work – Euromoney Magazine

Newswires — Thu, 24 May 2012 12:08:14 +0000

JPMorgan's trading loss proves Volcker rule won't work
Euromoney Magazine
For this reason, your comment may not be live immediately, or may not be published. by Helen Avery JPMorgan's several-billion-dollar trading loss has certainly shredded the credibility of chief executive Jamie Dimon's criticisms of bank regulators.
FSOC Examines Volcker Rule, JPMorgan Losses; Provides SIFI-Label Protest ...LifeHealthPro

Banks don't need more government red tapeKansas.com
JPMorgan: The Bank That Kicked the Regulatory Hornets' NestInvestorplace.com
TIME -Money Marketing
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Markets swoon amid fears that Europe’s crisis will spread – The Courier-Journal

Newswires — Thu, 24 May 2012 01:52:04 +0000

Markets swoon amid fears that Europe's crisis will spread
The Courier-Journal
AP NEW YORK — The threat of a financial crisis spreading from Europe shook markets on Wednesday. The euro dropped to a nearly two-year low against the dollar. Oil prices sank to their lowest this year, and stocks took another fall.

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Gold Declines as European Crisis Concern Boosts Dollar – BusinessWeek

Newswires — Wed, 23 May 2012 20:20:02 +0000

HispanicBusiness.com

Gold Declines as European Crisis Concern Boosts Dollar
BusinessWeek
By Debarati Roy and Nicholas Larkin on May 23, 2012 Gold futures slumped the most in two weeks as concern that Europe's debt crisis is worsening boosted the dollar and cut the metal's appeal as an alternative asset. Silver also tumbled.
Gold Rallies After Three-Day SelloffWall Street Journal

Global Hunter Lowers Bottom Of Forecast Range For Gold; Sees Eventual Upside ...Forbes
With so much uncertainty, why is gold not trading higher?Mineweb

all 411 news articles »

Housing Bust was Just a Preview of the Coming Catastrophe

Bears Chat at The Wall Street Examiner — Wed, 23 May 2012 12:21:00 +0000

I first came to national attention back in 2008 and 2009 when the housing and credit markets imploded. I became known as the guy that other market “experts” laughed at when I warned of trouble brewing in the seemingly indestructible American economy. After the wheels ground to a halt in mid-2008, people noticed that my book Crash Proof, originally released in early 2007, read like a detailed preview of many of the events that eventually unfolded.

Three years later I am now catching heat from many who assume that my predictions actually fell short. They argue that I was able to anticipate the crash but that I severely underestimated the resiliency of the American economy. They admit that we took an “unexpected” blow to the chin, and that it left a lingering bruise, but they argue that we never hit the canvas like I predicted we would.

However, they mistakenly assumed that the crash I was warning about was solely a housing led credit bubble. While that was part of it, I never saw it ending there. The crash that most concerned me was the one that would result from the government’s response to the initial crisis. My concern was not that our economy would succumb to the disease that I had diagnosed, but instead would be taken down by the “cure” that the government unleashed to combat it.

When the government’s delaying tactic, which involves continuous borrowing and money printing is no longer tenable, the dollar could collapse, interest rates and consumer prices could soar and the U.S. economy could implode. That’s the real crash that I was warning about, and the one we all need to be worried about now.

JPMorgan exec’s Lyme infection spotlights need for quick treatment – msnbc.com

Newswires — Tue, 22 May 2012 16:16:22 +0000

JPMorgan exec's Lyme infection spotlights need for quick treatment
msnbc.com
That could change with the bacterial infection's link to the JPMorgan Chase's multi-billion dollar financial meltdown. Amid the finger-pointing for the bank's trading loss, a recent New York Times story noted that senior banker Ina Drew, the executive ...

Philadelphia Fed Manufacturing Index Decreased to -5.8 in May – Bloomberg

Newswires — Thu, 17 May 2012 14:05:03 +0000

Philadelphia Fed Manufacturing Index Decreased to -5.8 in May
Bloomberg
The Federal Reserve Bank of Philadelphia's general economic index decreased to minus 5.8 in May from 8.5. Economists forecast the gauge would rise to 10, according to the median estimate in a Bloomberg News survey. Readings greater than zero signal ...
Philly Fed manufacturing index plunges in MayMarketWatch

TREASURIES-US bonds turn higher after Philly FedReuters
Dollar Steady Ahead Of US Leading Index, Philly Fed Manufacturing DataRTT News
Stock Market Wire -Forex Pros -ShareCast
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CRUDE FUTURES: Crude Falls In After-Hours Trading After API Forecast – Wall Street Journal

Newswires — Tue, 15 May 2012 21:23:14 +0000

CRUDE FUTURES: Crude Falls In After-Hours Trading After API Forecast
Wall Street Journal
NEW YORK (Dow Jones)--US crude-oil futures tumbled almost a dollar in after-hours electronic trading Tuesday after an industry report predicted swelling supplies. Light, sweet crude for June delivery nearly blew through the $93-a-barrel level after ...
Light Louisiana Sweet Weakens to Three-Year Low Against BrentBloomberg

US crude stocks surge again, Cushing jumps 2.8 mln bbls- APIReuters Africa
Oil edges up as German growth supportsReuters
Reuters UK -London South East
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CRUDE FUTURES: Crude Falls In After-Hours Trading After API Forecast – Wall Street Journal

Newswires — Tue, 15 May 2012 21:23:14 +0000

US crude stocks surge again, Cushing jumps 2.8 mln bbls- APIReuters Africa
Brent rise boosts premium to slumping US crudeReuters
Reuters UK -Platts
all 44 news articles »

When Is a “Hedge” Not a Hedge | Ritholtz

Newswires — Mon, 14 May 2012 13:57:41 +0000

The claim is being made that JP Morgan’s $2 billion trading loss was in a trade that was a “a hedge.” It doesn’t take much review to easily disprove that position.

We first learned of this particular trade when they began to distort credit indices. Any trade so huge that it impacts its markets – that becomes the market – cannot be credibly thought of as a hedge. Simply stated, once you are the market, you are no longer a hedge. Sheer size of this trade makes it far more accurate to describe this as speculation than hedge.

Of course, the loss was the tell. A true hedge would have been offset by the underlying position that was being hedged — so any loss should have been insignificant. Even a minor correlation error should not lead to a $2 billion dollar hit.

via “Everything is a Hedge” | The Big Picture.

Facebook fervor fierce ahead of IPO (via AFP) Full Story

Newswires — Mon, 14 May 2012 12:05:32 +0000

Facebook fervor fierce ahead of IPO (via AFP)

Facebook frenzy is spreading ahead of the company’s big-time stock market debut, with anything from Mark Zuckerberg’s hoodie to the billion-dollar buy of Instagram sparking controversy. Speculation about the promise or pitfalls of owning a piece of the world’s leading social network was so feverish…