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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Following today's Brazilian Senate vote, which as reported earlier was expected to vote overwhelmingly to endorse Dilma Rousseff's impeachment and did just that in a 55-22 vote, Rousseff appealed to the public in a televized broadcast and condemned the move to impeach her as a "coup" and a "farce", denying she has committed any crimes.