Oil overnight sell off

 

Frontrunning: December 31

Submitted by Tyler Durden on 12/31/2013 – 07:41

  • Firms to Face new Rules Over Pay, Taxes (WSJ)
  • US to test commercial drones at six sites (CNN)
  • China’s Local Debt Swells to 17.9 Trillion Yuan in Audit (BBG) – which is about 2 trillion less than where it actually is (Reuters)
  • Fears after key China debt level soars 70% (FT) and in reality the debt level is saoring far more
  • Pot Shops in Denver Open Door to $578 Million in Sales (BBG)
  • China Says It Will Shun Abe After Shrine Visit (WSJ)
  • De Blasio Taking Office Citing Wealth Gap as Crime Falls (BBG)
  • China Approves $353 Million of Share Sales as IPOs Resume (BBG)
  • Obama Seeks Way to Right His Ship (WSJ)
  • Netflix Tests Subscription Fees Based on Number of Account Users (BBG)
  • Three big macro questions for 2014  (FT)

12-31-2013 8-07-10 AM

 

ES pushing new highs.

  • Late Surge in Web Buying Blindsides UPS, Retailers, Some Christmas Packages Aren’t Delivered (WSJ)
  • Yen Slides as Turkish Stocks Drop, U.S. Futures Rise (BBG)
  • Turkish lira drops to record low against dollar, as Turkey’s Erdogan replaces 10 ministers (FT)
  • Egypt designates Muslim Brotherhood as terrorist group (Reuters)
  • Thai elections in doubt after political violence (AFP)
  • Batista Cedes Oil Unit Control in $5.8 Billion Debt Deal (BBG)
  • China celebrates Mao’s birthday, but events scaled back (Reuters)
  • First-class stamps to cost 49 cents as of Jan. 26 (AP)
  • Obamacare Hits Snag in States as U.S. Site Finds Footing (BBG)
  • NSA Struggles to Make Sense of Flood of Surveillance Data (WSJ)
  • China Estimates 2013 Growth at 7.6% as Challenges Seen Ahead (BBG)
  • Colleges Trim Staffing Bloat (WSJ)
  • The Impending Bollywood Boom at the U.S. Box Office (BBG)
  • Foreign Investors Face Hurdles in China’s Bond Market (WSJ)
  • Sony, Panasonic Call Off OLED TV Tie-Up (WSJ)12-25-2013 7-58-48 PM

DAX retraces to 50 fib and moves higher

12-18-2013 6-57-45 AM

 

  • MOAR: BOJ Said to See Significant Room for More Bond Purchases (BBG)
  • Meltdown Averted, Bernanke Struggled to Stoke Growth (Hilsenrath)
  • New Mortgages to Get Pricier Next Year (WSJ)
  • Republicans to Seek Concessions From Obama on Debt Limit (BBG)
  • Hunting for U.S. arms technology, China enlists a legion of amateurs (Reuters)
  • Jury Begins Deliberating in Case of SAC Portfolio Manager (WSJ)
  • BP to Write Off $1 Billion on Failed Well (WSJ)
  • Rajan Unexpectedly Keeps India Rates Unchanged to Support Growth (BBG)
  • Thai protesters say they will rally to hound PM from office (Reuters)
  • SEC Brings Fewer Enforcement Actions, Slows Early-Stage Probes (WSJ)

Massive short squeeze!!

Following last night’s freak central-planning accident (previously in history known as “selling”) in the S&P futures, we said that “we expect Overnight Ramp Capital to arrive promptly or else confidence in central-planning may take a hit ahead of the Wednesday Taperish FOMC, and Thursday’s double POMO.” A few hours later, even we were surprised by how high the low volume tape managed to drag ES, which staged a dramatic 20 point comeback, on the back of a sharp reversal in FX driven higher by both a stronger Euro (helped by better than expected German and Eurozone PMIs offsetting China PMI weakness, and lack of optimism in the core Japanese Tankan) and a weaker Yen, the two key signals for E-mini directionality. Sure enough, at last check the futures we trading just why of the “independence day” 1776, after briefly breaking the 50-DMA and then being supported by 1760 in the futures. The rest is perfectly predictable central-planning history.

12-16-2013 8-03-39 AM