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Wednesday, May 04, 2016

Brent Cook: "Now is the Time to Begin Acquiring Companies That Work"

A new ECB white paper has found evidence that many major market-moving data releases in the US are leaked in advance of their official publication, allowing some investors to profit from trading stocks and Treasury securities when those data are released. Included among the data releases studied are two from the Federal Reserve Board, on industrial production and consumer credit. The researchers analyzed price movements in the S&P 500 futures market and the 10-year Treasury Note futures market in the thirty minutes prior to these data releases, assuming that strong price movements in the direction of the eventual post-release price were indicative of some sort of leak. The industrial production release was one of seven releases that was strongly suspected of being leaked. This isn’t good news for the Fed.

Wells Fargo & Co (WFC.N) racked up a 62 percent increase in potentially problematic loans, mainly to oil and gas companies, according to its first-quarter regulatory financial filing released on Wednesday. Loans regulators define as "criticized" rose to nearly $30 billion as of March 31 from about $18.5 billion at the end of 2015, the filing said. The remaining $290.5 billion of Wells Fargo's commercial and industrial loan portfolio was classified as "pass."

2007-2016 Chapter 11 Business Bankruptcy Filings: April Preliminary

Another major insurer says it will leave some Obamacare exchanges after a drop in enrollment and lower profits.
Humana anticipates that it will exit certain statewide individual markets and products "both on and off [Obamacare] exchange," the insurer said in its financial results released Wednesday. It did not elaborate on how many markets would be affected.
Humana also hinted at potential price hikes by noting that it will have to make prices "commensurate with anticipated levels of risk by state." The news comes as other insurers have divulged a mixed bag in Obamacare's exchanges.

Gold bug sites

As a former Gold bug ( yes I'm still a Gold and Silver buyer as well as Miners ) But I'm also a trader first.

In trolling some of the more popular  gold bug sites once again we read, each and every down tick on the HUI most keep saying " Ok this is the buy point " seriously some of these people are truly clueless traders... THE DAILY MOVING AVERAGES NEED TO PLAY CATCH UP PEOPLE!!! sheesh wake up already, always the same tune with these people. Guaranteed! guaranteed! most will ride this sucker all the way back down...

I was once one of these types of traders and yes I played along with the " This time is different " and lost a ton of money, its never different folks ITS A TRADE! treat it as such or go watch Tv...

Iranian Commander Threatens to Close Strait of Hormuz to US

The deputy commander of Iran's powerful Revolutionary Guard said Iranian forces will close the strategic Strait of Hormuz to the United States and its allies if they "threaten" the Islamic Republic, Iranian state media reported Wednesday.
The comments by Gen. Hossein Salami, carried on state television, follow a long history of both rhetoric and confrontation between Iran and the U.S. over the narrow strait, through which nearly a third of all oil traded by sea passes.
Iran's Supreme Leader Ayatollah Ali Khamenei on Monday criticized U.S. activities in the Persian Gulf. It's unclear whether that signals any new Iranian concern over the strait or possible confrontation with the U.S. following Tehran's nuclear deal with world powers.

Good to see that treaty worked out so well...

Kasich Out: Trump Challenger To Make 5PM Statement In Ohio After Cancelling Press Conference

Market ( DUST )

Study: 90% of Americans Worse Off Today Than 1970s

for the vast majority of Americans, the nation's economy is in a prolonged period of stagnation, worse even than that of Japan... when it comes to real income -- that is, income adjusted for inflation. According to their findings, 90% of Americans earn roughly the same real income today as the average American earned back in the early 1970s.''

US crude oil inventories +2784K vs +750K expected

  • The API data yesterday showed a 1300K build
  • US production was down 1.3% w/w and 5.8% y/y
  • Production was at 8.825 mbpd vs 8.938 the week prior       
  • Inventories at Cushing +243K vs -187K exp
  • Distillates -1.261K vs -83K exp
  • Gasoline +536K vs -144K exp
  • Refinery utilization +1.6% vs +0.34% exp
Another big build in the overflowing US energy stockpiles but it may be balanced out by the steep drop in production. Overall, it's

Connecticut Governor to Sign Gun Confiscation Bill

The goal is to protect women from the increased lethality at a critical point in a relationship: when they are trying to leave their abusers. About 14 domestic homicides occur annually in Connecticut, half of which are caused by guns.
While 5,000 temporary restraining orders are issued annually, about half result in permanent orders. The bill, which was approved last week in the House, would require court hearings within seven days and if judges decide against extending the orders, weapons would be returned within five days later. Currently, court hearings are held 14 days later.