From: Zero Hedge
In the last few months, the yield curve spread between 5Y Treasuries and 30Y has collapsed almost 80bps - this is the fastest relative drop since February 2007. The yield curve is down further today - at its flattest since September 2009. As BofAML's Macneil Curry warns, the flattenin trend is ongoing and sees medium-term targets down to 143bps (over 30bps below current levels) which would raise a number of eyebrows among the excuberant equity crowd (and the Spanish bond-buyers).
As BofAML notes,
Yesterday, we lowered our trailing stop on 5s30s to 182.3bps. Today, we recommend lowering it once again, to just above yesterday's high at 178.6bps. While the new 5yr has affected our chart in the near term, it does not alter the larger FLATTENING TREND. Initial downside targets are seen to 170.5bps/167.9bps (swing target and channel base), with medium-term targets seen to long-term retracement support at 143bps.
Back above 178.6bps would point to a bullish turn in the near-term trend.
From: Neo Money
Back in February the City University of New York (CUNY) reported that economist extraordinaire Paul Krugman had been given a professorship at CUNY’s Luxembourg Income Study Center. As a distinguished professor, Krugman will be paid $25k per month or $225k annually for his services…services that will not include teaching or mentoring students.
Paul will be “contributing to the buildup” of an “inequality initiative” for his generous paycheck. Seems fluffy…especially when you consider all he really has to do after his first year is host a single seminar. Krugman admitted the offer was incredibly generous, so much so that he reviewed the language of the initial communication several times to confirm its validity.
To put this in perspective, the average salary of a tenured professor at the publicly funded CUNY is $116k. Further, these professors actually have to teach, hold classes, and provide some semblance of oversight / guidance to their students. Not Krugman. He’ll be making more than quadruple the median household income of New York at the “comfortable perch” (as described by Graduate Center’s President, Chase Robinson) he’s recently secured at CUNY.
All this for the serial supporter of endless government spending who believes such spending is the
From: SRSrocco ReportThe figures are out and it looks like the United States exported a record amount of gold to Hong Kong in January. Not only was this a one month record… it was a WHOPPER indeed. Last year, the U.S. exported a total of 215 metric tons of gold bullion to Hong Kong. This was not […]
From: Bitcoin Foundation
Whether you are an investor, budding Bitcoin business leader or Bitcoin enthusiast, come and join us at the Bitcoin 2014 Startup Challenge to watch eight Bitcoin entrepreneurs pitch their ideas in a rapid-fire ‘elevator pitch’ before an impressive panel of renowned venture capitalists, experienced investors and digital currency experts.
Better yet, if you’re a startup in need of some capital, apply to compete! Contestants have the opportunity to win monetary awards as well as receive international exposure for their idea or product.
Ripple Labs is proud to sponsor and the Bitcoin Foundation is offering one of the category awards — US $10,000 to be paid in BTC*. Additional awards to be announced.
The application deadline is 6 May at 6PM GMT and you will be notified of your selection for the challenge final by 9 May.
The Bitcoin 2014 Startup Challenge will take place on 17 May from 3.00-5.00PM at Passenger Terminal Amsterdam. Finalists must be registered for the conference and participate in person to compete and receive the award.
*The award will be pegged to the CoinDesk BPI close price on 17 May, 2014. The foundation will remit BTC no later than 14 days from
Download the full report in PDF form.
Much has happened since CoinDesk released its first State of Bitcoin report earlier this year and today we are publishing an update featuring brand new data and analysis.
From: Zero Hedge
While events in Ukraine have once again broken out into lethal fighting, and in a surprise development the Chinese Yuan crossed the 6.25 line for the first time in two years threatening to accelerate the unwind of carry trades which have a 6.25-6.30 point of max pain, futures remain completely focused solely on the strong after-hours results from Apple and Facebook which have helped push Spoos overnight to near record levels once again. The biggest push was given to NASDAQ futures which are back up 1% with optimism for US tech returning with the material earnings beats from both Apple ($11.62 EPS vs Est $10.17 EPS) and Facebook ($0.34 Adj EPS vs $0.24 forecast). Shares in both companies rose in afterhours trading with Facebook up +5% and Apple up more than +7% (supported further by the announcement that the company was expanding its share buyback plan to $90bn from $60bn). Not even the Nikkei being down 1%, the SHCOMP down 0.5% and the USDJPY once again treading water could put a dent in the tech-driven euphoria, which somehow also managed to slam gold and silver to month lows.
On today's calendar we
From: Zero Hedge
From a critique of pure capitalist algorithmic frontrunning (which was at the top Amazon bestseller spot until a few days ago)...
... we go to a critique of pure capitalism.
Which of course, is merely a rehash of a critique of all capitalism as expounded some 150 years ago by this book.
And to think all it took was 147 years of 'capitalism' for the circle to be complete from Das Kapital's labor-vs-capital Marxist manifesto to Thomas Piketty's Capital "exposing capitalism's fatal flaw" topping the Amazon book charts. One wonders who finds the time to read the 696 page tome whose core thesis is well-known for socialists the world over: under capitalism the rich, or hoarders of capital, get steadily richer in relation to everyone else; inequality gets worse and worse and it's all unavoidable, between #Selfies, The Voice semi-finals, and Dance Moms finales.
One thing is certain: the financial asset tax we warned about back in 2011 is coming with a bang.
So, communism's heyday is coming again, right? Maybe. One thing is certain: liberals couldn't be more delighted about mandatory equality. But as we discussed yesterday, there is one thing that no one seems
From: SGT Report
by Addison Wiggin, Daily Reckoning.com:
It was the night the lights went out in Silicon Valley — almost.
The events read like something from an action novel — definitely.
And the story matters to you if you enjoy the convenience of household electricity… or if you’re looking for a lucrative and cutting-edge investing opportunity.
In the early hours of April 16, 2013, saboteurs cut telephone cables about a half-mile from an electrical substation in San Jose, Calif. A half-hour later, they opened fire on the substation — likely with AK-47s — and during a 20-minute span, they knocked out 17 giant transformers.
From: JYE Financial
That's right : I rebalanced my portfolio yet again. But unlike many of the "sponsored" guests of CNBC, Bloomberg, Fox Business, etc., I am rebalancing for the purpose of balance itself. Recognizing the dramatic rise in large cap equities since the bottom-fishing days of 2009, a near three-fold return is more than enough for me. With any such acceleration in any financial sector, whether we are measuring public securities, national GDP, or employment data, there really is such a thing as "too much." Those that are holding out for just that extra drop of gas may end up getting derailed later, a fate that I have no intention of wishing on myself, and more importantly, to my family and clients.
Consider this excellent article by frequent CNBC contributor Michael Santoli, in which he juxtaposes current market conditions with the tape of 2005. In particular, he noted that large-cap equity indices absorbed hefty gains following a bounce from the bursting of the internet bubble, and 2005 was marked by indecisiveness. Further expounding matters was Google's astronomic rise of over 400% against its IPO, which occurred only a few short months ago in August of 2004.
SHTF Plan: Georgia Governor Signs Unprecedented “Guns Everywhere” Bill: Carry at Schools, Churches and Government Buildings
From: SHTF Plan
The State of Georgia has just signed an unprecedented new law that removes all handgun carrying and possession permissions to allow lawful residents the ability to carry their concealed firearms just about everywhere including schools, churches, government buildings, nightclubs and bars. The National Rifle Association hails it as the “most comprehensive pro-gun reform legislation introduced in recent state history.”
But proponents of the legislation say it’s exactly what residents need to protect themselves from criminals.
Georgia Governor Nathan Deal signed into law today what supporters call a historic victory for the Second Amendment.
The new law, called the “Safe Carry Protection Act”, vastly expands where guns will be allowed in the state.
As of July 1st, licensed gun owners in Georgia and visitors from 28 other states will be allowed to bring a gun into a bar without restrictions and carry a firearm into some government buildings. Under the law, school districts will be able to decide whether they want some employees to carry a firearm, and religious leaders can decide whether to allow
Electronic gift card provider eGifter has launched a new incentive program for customers who want to pay with bitcoin, dogecoin or litecoin: a 3% discount in redeemable rewards on such purchases.
The eGifter Points program, officially launched today by the New York-based company, skews discounts favorably toward the company’s decentralized payment options.
Customers in the rewards program only receive a 2% discount for using PayPal, and 1% for using credit cards to buy eGifter cards from major merchandisers.
A final decision will be made by 9th May by a court-appointed administrator as to whether or not Sunlot Holdings – which represents the investor group – is granted permission to buy out the exchange.
Mt. Gox was placed into liquidation on 16th April, with Japanese courts citing the difficulty in resurrecting the exchange as well as the dwindling likelihood of this possibility as key reasons for recommending the move. However, it’s exactly this claim that Sunlot holdings is looking to call into question with its bid.