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DANGER: China’s Stock Market Bears Up Against It

Despite copper at 11-week lows amid China demand concerns, the daily chart of the Shanghai Composite is pretty clearly breaking out above multi-month resistance. Although the copper theme may indeed be valid, the amount of liquidity sloshing around throughout the capital markets could easily cause the well-to-do China bears (James Chanos, Hugh Hendry, etc.) to be squeezed into oblivion, as money rotates out of commodities and into the Chinese mainland markets.


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PIMCO Sold Treasuries; Time to Buy?

On the news that Bill Gross, head weirdo at PIMCO, sold all of his treasuries, the market responded by bidding them up.

Long dated treasuries, best represented by TLT, was up more than 0.95% today, closing at $90.55. The million dollar question is: where will Bill put his money next? Corporates? Munis? Fucking idiotic and childish stamp collection?


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Copper ETN Selling Volume Supports Fresh 11-Week Lows

Not only did copper close at 11-week lows amid rising inventories and China demand concerns, but JJC (iPath Dow Jones-UBS Copper Subindex Total Return ETN) saw its heaviest single-day volume IN OVER TWO YEARS, supporting the downside move. Indeed, this copper move was clearly not some random drip lower on a quiet market day.


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The Carnage in Tech Stocks Continues

Miss earnings and get your head chopped off. Following fanatical run ups in small to large cap tech stocks last year, share holders bases are riddled with abject idiots, only interested in the fast trade. The result of such a fickle investor class: carnage.

The following are leadership tech names, with market caps above $5 billion, that have fallen victim to the idiot shareholder base–thanks to sentiment change.

CREE -27%
DLB -23%
AKAM -22%
FFIV -18%
NOK -17%
TKC -16%
FTR -15%
NIHD -14%
MRVL -13%
AUO -12%
ROVI -12%

As an aside, copper giant FCX is down 18% year to date.

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Is Carl Icahn Playing Liar’s Poker with the Stock Market?

Recently, there has been quite a stir about whether Carl Icahn is actually as bearish on the stock market as he seems to be, in light of a recent letter he wrote to his investors announcing he would return all outside capital. In essence, it appears that he is playing it safe, and does not want to bear the responsibility to limited partners in the event we see another market swoon.

Insider Monkey, however, believes that Icahn is actually quite bullish on the stock market. The excess cash could easily be used by Icahn to lever up his long exposure. He has also not really hinted at selling core holdings. Food for thought, indeed.

At any rate, courtesy of The PPT, here are Icahn Capital LP’s top holdings.

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Maverick Capital Taking a Drubbing

Ten billion dollar hedge fund,  Maverick Capital (based out of Dallas), founded by suspected “sham system operator” Lee Ainslie and the Wyly brothers (Evan, Sam, Charles) are having their collective heads handed to them this week, long a plethora of stocks that have fallen victim to the market guillotine.

Here are the 1 week returns for some of their biggest holdings:

FNSR -35%

URBN -16%

MRVL -10%

VIT -10%

SWKS -6%

Additionally, according to recent filings, they own more than 3% of SVN, down more than 12% today.

On the flip side, again according to recent filings, they own more than 9% of retailer PLCE, up 12% during today’s trading session so far.

Other sizable holdings include: SWI, CSII, IRWD, HMIN, LFT, PWRD, APOL and PACB

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Raw Commodity Percentage Gainers, Year to Date

Cotton (BAL) +46%

Coffee (JO) +22%

Cocoa (NIB) +18%

Silver (SLV) +17%

Gasoline (UGA) +16% (obviously, not a RAW commodity-fuck off)

Tin (JJT) +13%

Corn (CORN) +10%

WTI Crude (USO) +9%

#No Inflation

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Stocks and Oil Going in Opposite Directions

We have a see-saw effect taking place here. As oil weakens, stocks strengthen, and vice-versa. As a side note, both silver and gold have reversed here, effectively signaling a “risk on trade.”

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Most Heavily Shorted Stocks Price Movers

(Ticker, % of float sold short, today’s gain)
1 LNG 31.6 +32.64
2 CSKI 16.6 +12.42
3 BONT 21.1 +8.24
4 EK 26.9 +5.82
5 AVNR 20.1 +5.41
6 CBST 17.3 +5.36
7 RNOW15.1 +4.71
8 CLWR 30.2 +3.47
9 LNET 31.9 +3.45
10 GMCR 24.5 +3.37
11 YOKU 36.39 +3.34
12 SKY 25.6 +3.29
13 BWLD 16.4 +3.23
14 NVTL 17 +2.69
15 HUSA 17.6 +2.41


(ticker, % of float sold short, today’s loss)

1 SHZ 54 -12.1
2 CAVM 17.7 -6.96
3 UTA 17.5 -6.8
4 CSR 23.1 -6.11
5 LCC 19.3 -5.5
6 MHR 18.8 -4.53
7 BIOD 20.7 -4.46
8 NETL 23.4 -4.37
9 OSBC 15.8 -4.26
10 CCRT 21.3 -4.13
11 CISG 26.09 -3.88
12 ENTR 50.4 -3.24
13 CIEN 32.8 -3.24
14 RXII 24 -3.23
15 SATC 19.9 -3.16

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Oil Strong and Tech Weak in Early Trade

Within oil/gas, HERO (+14%) CQP (+16%), LNG (+34%) and PDC (+5.5%) are leading the charge higher, thanks to escalating violence in God’s sandbox. On the other hand, tech stocks are getting poleaxed, led by losses in FNSR (-35%), OCLR (-17%), OPXT (-16%) and JDSU (-12.8%).

With strength in crude, Airline stocks find themselves on the receiving end of egregious homo-hammers, while refiners, as well as most oil related stocks, trend higher— ever so gingerly.

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BEHOLD: The iBC Financial News Network

Starting immediately, Mr. Caine Thaler will be leading the charge to provide macro/news related items for iBankCoin. Additionally, all of you small dogs, as well as staff writers, may participate in this new venture of mine. Should any of you feel the urge to post an editorial or news related item, inside the Peanut Gallery, there will be a box for you to check that will say “news.” Should you have the courage and the internal fortitude to check it, your drivel will be exported to my new box, named “The iBC Financial News Network.”

Upon being populated there, instantly, you will be greeted by beautiful woman and people will ask for your autograph. Tier one brokerage firms will send hookers to your apartments, in an attempt to woo you. However, all said attempts will fall flat, as you are a dedicated iBC Newsroom attendant, whose job is to deliver news items in a way that will appall, yet amaze, all of those who read it.

Why am I doing this?

Because I can. It’s as simple as that.

Should any of you stand out, as always, you might earn a spot here on iBC and partake in all of the advertising riches that come our way. In addition to that, you will have full use of our corporate jet and access to our news penthouse suites, located in the mountainous region of Azuga, Romania.

Be well and blog like the fucking wind men.

NOTE: Make sure your titles are relevant to the contents of the post, else I will murder you where you sit.

NOTE 2: iBC Financial News Network will have its own Twitter acct: @iBC_fn. Follow us here.

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