In a dramatic development for the global nuclear balance of power, yesterday we reported that starting today, the United States would launch its European missile defense system dubbed Aegis Ashore at a remote airbase in the town of Deveselu, Romania, almost a decade after Washington proposed protecting NATO from Iranian rockets and despite repeated Russian warnings that the West is threatening the peace in central Europe.
One month ago, when we updated on the performance of Horseman Global, what until recently was the world's most bearish hedge fund with a record net short exposure of -98%...
... at least until Icahn Enterprises emerged with its even more gargantuan -149% net short...
... we cited fund CIO Russell Clark who observed the fund's dramatic -9.6% drop in the month of March, and made it clear that he wasn't going anywhere because he was confident that the move was nothing but a short squeeze, which - if anything - made Clark even more bearish.
Seriously...
Stocks were mixed today -Trannies and Nasdaq tumbled, the S&P ended marginally red and Dow barely held green.. Stocks were saved in the pre-NYMEX ramp from crude...
Following yesterday's record-breaking, blockbuster 10 Year auction it would have been difficult to follow the unprecedented scramble for benchmark OTR paper, and sure enough it was.
Moments ago the Treasury sold $15 billion in 30 Year paper in what may have been one of the weaker ultra-dated bond auctions in recent months, when it printed at 2.615%, tailing the When Issued by 0.7 bps, the first 30Y tail since February, and about 2 bps higher than the 30Y auction in April.
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