NYSE short interest at its lowest level in years…

If a picture can speak a thousand words, the following chart tells the story of the Fed’s success in killing the shorts. The short interest on the NYSE is now at “a multi-year low of 12.4 billion shares (lowest since 2007), compared to 14.5 billion just after the Flash Crash, a 13.6 billion average over … Continue reading

More on “A Tale of Two Markets”

Last week we presented our view on the current market environment in our post, A Tale of Two Markets: M&A, IPOs to reignite animal spirits: We are currently experiencing a time when fundamental US growth is anemic (at best) and true financial and technological innovation (which drives real growth) are absent. Policies in Washington and … Continue reading

More on the dire jobs situation

From our favorite source Zero Hedge, and according to the chart below, the US has to generate 246k jobs every single month until November 2016, or the end of Obama’s improbable second turn, for the unemployment rate to get back to where it was when accounting for population growth. “And while this is obviously impossible, … Continue reading

The truth comes out: BLS data revised

“Zero Hedge has previously demonstrated the improbable, for lack of a better word, upward bias in revising initial jobless claims applications. Today, we look at an even greater statistical problem at the BLS: that of Non-Farm Payrolls. Courtesy of today’s full year revision announced by the BLS, and a granular sort by John Poehling, we have discovered that while revisions added a whopping 55k jobs in the years 2006-2008, NFPs have now been revised to remove 538k jobs in the 2009-2010 period. In other words, based on data revisions, under President Obama, America has suddenly created over half a million jobs less (even if all of them are part time) simply due to statistical adjustments. We won’t even go into analyzing just how much worse the S&P would be trading if all those monthly “upside” NFP reports had reflected true and not completely fudged numbers. At an average 22.4K downward monthly revision for every single monthly NFP report in the past two years, we are 100% confident that not even Iosif Shalom Bernanke would be able to offset the market plunge that would ensue each and every of the past 24 months… if fundamentals were ever to be remotely meaningful again, of course.”

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