FLASH: Markets Go Negative on Mario Monti Comments of Italy Tapping Bailout Funds

“News that that a swarm of termites deep inside the British banking system have been fiddling the interbank interest rates (LIBOR) for years in order to systematically vacuum a few billion pence off the exchange floors for themselves is the latest blow to the credibility of the global money system – and probably a fine overture to a looming climactic implosion of the gigantic, creaking, smoldering, reeking, duck-taped edifice of broken promises, booby-trapped hedge obligations, counterparty follies, central bank euchres, sovereign flim-flams, and countless chicanes too various, dark, and deep to smoke out.”

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JC Penny is getting hit hard as sales are tracking less than that of Q1, which was poor to begin with, and there are reports that shelves are stocked so much that orders are being canceled.

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Euro is off by 0.44% and yields are lower, an odd set of circumstances.

“A couple of trends have been developing in the hedge fund space that are worth noting. It seems that institutional investors (and fund of funds managers) continue to support the so-called “market neutral” strategies. Typically these funds will run a leveraged portfolio on a gross basis but try to neutralize it via long/short stocks or stock indices. They tend to use various beta weighted measurements to determine how stocks will respond to market movements in order to construct what they view as a “neutral” book.”

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Some ideas for your speculative nature….

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The question is will it work ?

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“The rate of unemployment in developed economies will remain high for longer than previously expected, increasing the risk that a growing number of workers will find themselves permanently marginalized in the jobs market, the Organization for Economic Cooperation and Development said Tuesday.”

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“This year, investors have been gobbling up US treasuries in a desperate effort to search for safety. But would they have done better to grab Australian sovereign debt or Singaporean bank bonds, as a shield against political incompetence in a fractious world?

If the wealth management arm of Merrill Lynch is to be believed, the answer could be “yes”. This month, the US broker is quietly circulating a memo which tells its affluent clients to reposition themselves — and their portfolios — for a fundamental geopolitical shift.”

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“Small business owners’ pessimism about the U.S. economy seems to be rising with temperature. For the second month in a row, the Small  Business Optimism Index declined, according to a monthly survey by the National Federation of Independent Business.

“Optimism fell off last year at the same time, but not like this,” said William Dunkelberg, chief economist for the NFIB. The index was down three points in June, after a one-tenth of a point decline in May.”

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The founder of the firm attempted suicide and a broker is missing. A mini MF Global drama for investor confidence….

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Looking into $AA earnings we get some clues about China.

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$AMD is out this morning with a warning blaming China for their woes.

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Gapping up

BMTI +11.1%, SHLM +6.8%, CWTR +5.8%, ASML +9.4%, MT +3.3%,

BCS +2.1%, TS +1.8%, LNG +1.6%, BBL +1.3%, THLD +2.5%, LUV +2.1% ,

CE +1.4%, AMZN +1%, CGV +4%,

Gapping down

PCX -44.6%, MAKO -39.3%, JRCC -12.9%, AMD -9.3%, PSMT -6.4%, BZH -6.2%,

OSUR -5.8%, DRH -5%, WDFC -4.4%, BEBE -3.7%, ARR -3.2%, ACI -2.7%,

SNH -2.1%, GEVA -1.6%, SYNC -1.1% , IR -1.2% , BPI -2.3%,

AMD, AXP, APO, BPI, COF, LNG, CQP, JCP, LTD, LNKD, MM, NWSA, NCT, NTRS, LUV, STT, AMTD, TIVO, TROW, TSN, AAPL, PCX, ANR, CNX,

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In Play ,

On the Wires 

“Intel Corp. (INTC), the world’s largest semiconductor maker, agreed to invest as much as $4.1 billion in Dutch chip-equipment maker ASML Holding NV (ASML) in an effort to shave two years from the time to adopt new production techniques.”

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$GOOG is said to be close to a settlement of $22 million for a Trade Commission probe over a data breach.

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The mayor is also considering a tax hike of 29% immediately with a potential rise to 78%.

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Now at 1.23…..

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