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Trade Idea of the Day Presented by: Zero Hedge

A Detailed Look At This Morning's Major Market Moves

As JPM put it best earlier today, "It's Hard To Imagine An Uglier Morning." And while a direct BOJ intervention shortly after 7 am, one which the local government was non-comittal on... JAPAN GOV SOURCE: NO COMMENT IF GOV INTERVENED IN FX MKT: RTRS ... coupled with a modestly better than... Read More

Record Foreign Central Bank Demand For Treasuries In Today's 7 Year Auction

When commenting on yesterday's dreary 5 Year auction and previewing today's last for the week issuance of $29 billion in 7 Year paper we said that "perhaps the reserve liquidators who showed such interest in the short-end of the curve, are a little too pregnant with paper in the belly: we will find out for sure tomorrow when the 7 Year auction prices. If, likewise, it is a poor showing, then one can slowly build a representation of where "Indirects" are over exposed in terms of inventory."...

WTI Crude Plunges To $31 Handle As Production Cut Gains Entirely Erased

Denials, Goldman's dismissal, and now Persian Gulf oil producers unsupportive, and Thursday's exuberance is done. You didn't really think it was that easy right? As WSJ reports, Persian Gulf Arab oil producers don't support holding an emergency meeting of the Organization of the Petroleum Exporting Countries, officials said, dampening expectations that the group will act to prop up sagging crude prices. Persian Gulf Arab OPEC delegates said they want to wait until the next scheduled OPEC meeting in June, when they will have a clearer picture of how new barrels of Iranian oil are affecting the market now that western sanctions have ended. Iran has pledged to increase production by a million barrels a day this year...

US Manufacturing Remains In Recession As ISM Misses, Contracts For Fourth Month

While January's final manufacturing PMI print disappointed (52.4 vs 52.6 expectations) and dropped from its initial print, its still managed a seasonally-adjusted bounce off December's two year lows. As Markit warned, this is still one of the worst prints in the last 2 years as "the manufacturing sector continues to struggle against the headwinds of weak global demand, the strong dollar, slumping investment in the energy sector and rising financial market uncertainty." ISM Manufacturing also rose very modestly but disappointed as December's data was revised lower still with employment crashing to June 2009 lows...

Athens and Rome expose Europe's greatest faultlines

Greece may be the starkest example, but it is not the only country facing overlapping crises. It is not even the most important one facing this dilemma. That would be Italy. While Rome's problems are different from those of Greece, the country's long-term sustainability in the eurozone is just as uncertain, unless you believe that its economic performance will miraculously improve when there is no reason why it should.The struggle to repair the banking system is a good example of just how big the task is. Last week, the Italian government and the European Commission agreed a convoluted scheme to relieve the Italian banking system of some of these toxic assets...

One Of The Biggest High Frequenecy Traders Warns Of Potential Market "Catastrophe"

Back in April 2009, we wrote what may be the first seminal article predicting the failure of capital markets as a result of widespread predatory high frequency trading and fragmented market structure when we laid out "The Incredibly Shrinking Market Liquidity, Or The Upcoming Black Swan Of Black Swans." Several years later, and countless flash crashes, we have been proven right, however one thing is missing: "the catastrophe" that finally wakes up people to the dangers of all the individual things we have warned about over the years.Today, we are one step closer to that day...

Constructive Charts

For Investors it's difficult to find positives in the global macro-overlay or even in bottom up fundamentals as we assess valuations which are cheaper but not dirt cheap( you can't have cheap valuations if despite lower stock prices, earnings are weak to nonexistent). On another you level you have to look at what the market is telling you and where we are relative to where we have been. This is where technicals are helpful because they can begin to put some rational assessment on where irrational emotions take you in the middle of a global equity swoon....

JPMorgan: "It's Hard To Imagine An Uglier Morning"

It's hard to imagine an uglier morning. The two things markets hate most right now (neg. central bank rates and bad bank headlines) occurred overnight as the Riksbank dropped its rate further into neg. territory and SocGen put up bad earnings/guidance.The combination of those two events, coupled w/very fragile sentiment, extreme risk aversion (a function of enormous P&L destruction YTD), Yellen's testimony (which wasn't sufficiently dovish or concerned about financial market volatility from the perspective of markets), and CSCO's cautious macro commentary, are weighing very hard on equities so far Thurs morning...

"It's Probably Something" - Gold Surges Above $1200; USDJPY, Oil, Stocks Plunge

With US markets failing to hold on to today's "Deutsche Bank" euphoric gains today despite, or rather due to Janet Yellen's Congressional testimony, traders in mainland China remains locked out due to the Lunar New Year holiday, while Japan is mercifully taking a break - mercifully, because otherwise the Nikkei would be crashing. However, one market is back online as Hong Kong traders return to their desks to see carnage around the globe, and most importantly, are unable to hedge...

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