Business

Over two years ago, and just days after Michael Lewis released Flash Boys focusing attention on the ongoing criminal practice of orderflow frontrunning by such Fed intermediaries as Citadel (and many other now entrenched and recently IPOing names), none other than Citadel's head of "Execution Services" which we supposed is the internal name of the firm's client-facing HFT group, Jamil Nazarali, proclaimed that small investors have never been so fortunate and said, with regard to Michael Lewis' now infamous book Flash Boys, "The most important thing that the market c

• World stock markets rise while yen falls back (Reuters)
• Yen Falls a Second Day as Japan Reiterates Ability to Intervene (BBG)
• Say goodbye to OPEC, Russia’s Sechin says (Reuters)
• European Stocks Buoyed by Banks (WSJ)
• Fed's Dudley: More Reserve Currencies Would Make for Stronger Financial System (WSJ)
• Dead-of-Night Reversal Puts Brazil Impeachment Back on Track (BBG)
• The Recession’s Economic Trauma Has Left Enduring Scars (WSJ)
• China angered by U.S. navy patrol in South China Sea (Reuters)

In what has been an approximate repeat of the Monday overnight session, global stocks and US futures rose around the world as oil prices climbed toward $44 a barrel, with risk-sentiment pushed higher by another plunge in the Yen which has now soared 300 pips since the Friday post-payroll kneejerk reaction, and was trading above 109.20 this morning.

Comex Gold Open Interest

Posted with permission and written by Craig Hemke, TF Metals Report (CLICK HERE FOR ORIGINAL)

In defending their long held short positions, the Comex Banks have now issued enough new contracts to drive total open interest back to levels not seen since 2011. Will they be successful in capping price or are they about to get a religious experience? We're about to find out.

Over the past year, based on his increasingly more dour media appearances, billionaire Carl Icahn had been getting progressively more bearish. At first, he was mostly pessimistic about junk bonds, saying last May that "what's even more dangerous than the actual stock market is the high yield market." As the year progressed his pessimism become more acute and in December he said that the "meltdown in high yield is just beginning." It culminated in February when he said on CNBC that a "day of reckoning is coming."