Based on CFTC weekly report.
(Weekly as of October 2000.)
05 Apr 11 - 03 Apr 12
Friday, April 6, 2012
April 3, 2012 Current Commitments of Traders Charts
Based on CFTC weekly report.
(Weekly as of October 2000.)
05 Apr 11 - 03 Apr 12
JPMorgan's Iksil is distorting credit indexes
April 6 (Bloomberg) -- A JPMorgan Chase & Co. trader of derivatives linked to the financial health of corporations has amassed positions so large that he’s driving price moves in the multi-trillion-dollar market, according to traders outside the firm. The trader is London-based Bruno Iksil, according to five counterparts at hedge funds and rival banks who requested anonymity because they’re not authorized to discuss the transactions. He specializes in credit-derivative indexes, an off-exchange market that during the past decade has overtaken corporate bonds to become the biggest forum for investors betting on the likelihood of company defaults.
MF Global trustee says he’s in claims talks with JPMorgan
April 5 (Bloomberg) -- The MF Global Inc. brokerage trustee is engaged in discussions with JPMorgan Chase & Co. about the bank’s activities in connection with MF Global, the trustee, James Giddens, said yesterday in a statement. In a status update on his investigation of JPMorgan, the trustee said the bank has been cooperating in a probe that’s included witness interviews, and a review of documents by attorneys and accountants from Ernst & Young. “The Trustee and JPMorgan are presently engaged in substantive discussions regarding the resolution of claims,” Giddens said in the statement.
Analytical Toolbox: The Long-Term Trend
The Dow Jones Industrial AverageSM (INDU) has peaked on an intermediate term basis for the last two years, making one ask, “how are things looking now?”
Figure 1 provides a weekly line chart for INDU on an arithmetic scale. Although log scales provide better relative information regarding rice changes, the arithmetic scale is needed to display the linear regression channel. The ProfitSource [PS] chart includes:
- Weekly index data from 2005 – present
- A linear regression channel using 7/3/2009 & 7/2/2010 as respective start and end dates with the channel lines extended to both the left and right.
- Volume Bars
- A 20-week simple moving average [SMA] for volume
Crude or Refined? Delta's Fuel Gambit
Delta Air Lines Inc.'s DAL -1.05% unconventional proposal to acquire an idled Pennsylvania refinery is a bet that world's second-largest airline can slash its fuel bill at New York area airports and win discounts on fuel elsewhere in the U.S. Delta's plans, which emerged on Wednesday, were widely dismissed by aviation and energy industry experts, who said owning a refinery is a risky and potentially costly undertaking for an airline.
But people familiar with the situation estimate Delta could save between $20 and $25 a barrel on some of its jet-fuel costs by acquiring the refinery, a big advantage as industry costs now approach $140 a barrel, up 11% so far this year.
Currency Markets At Risk Of Sharp Volatility Burst On US Jobs Data
Currency markets were little changed in overnight trade as a lackluster economic calendar and thin liquidity conditions left the majors to drift in narrow ranges. Australian and Hong Kong bourses remained closed for the Good Friday holiday. Europe and the North American equity will likewise remain shuttered into the week-end, making for a potentially choppy environment as the closely-watched US Employment report comes across the wires.
'London Whale' Rattles Debt Market
'London Whale' Rattles Debt Market - WSJ.com
In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed "the London whale." That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil. Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil's trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.
In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed "the London whale." That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil. Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil's trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.
Mortgage-Bond Investors Wake Up to New Risk in Market
NEW YORK—Mortgage-bond investors obsessed with refinancing worry over the past few years may have lost sight of the bigger risks in the $5 trillion market. Since October, investors have been determined to protect themselves from the Obama administration's efforts to revive the housing market by encouraging mortgage refinancing, despite the program's modest success so far. But the focus on refinancing, which cuts cash flows to investors and thus can drive down the price of mortgage-backed securities, may have overshadowed the looming prospect of rising interest rates, based on recent market reactions.
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