Main Stream Media Still Doesn't Get The Internet

I grew up reading Autoweek, Car & Driver, Road & Track, Motortrend ever since I was but a wee lad.  Then the internet happened.  Aside from bathroom reading, I seldom read any of these magazines anymore, nor do I visit their websites, as they’re largely klunky and generally crappy all-around.  Instead, I read websites like Jalopnik and Autoblog.  Why?

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Bill Auction Results, Updated Calendar and Fed OMO's

Today’s 13 and 26 week bill auctions have been updated on the US Bond Auction Statistics page [link, GDocs]. Also I have updated the calendar with the upcoming March issuance.

Tomorrow in Fed Buyback land we have the purchase (monetization, fluffering) of the 8/15/2028 – 2/15/2041 maturities; 1.5-2.5 billion expected. The SOMA holdings sheet along with our overlay of when that particular CUSIP was auctioned for tomorrow’s operation can be found here [GDocs].

An interesting article by @The_Anal_yst caught my eye during lunch: BMW to UAW: You Suck. Must read, given the union vs. nonunion “tensions” occurring as of late.

Have a nice day,
“BW”

BMW to UAW: You Suck

This commercial from BMW is an awesome F*CK YOU to the UAW and all unions.  While the Big 3 were all in bankruptcy and getting federal bailouts, BMW spent a billion dollars expanding a plant in South Carolina.  Last I checked, most of these employees are non-union.  Oh yea, and BMW – a luxury automaker – is actually profitable, and still was, even during the crisis. GM, Ford, Chrysler, friends (or frenemies) of the UAW?  Saved only by the largess and questionably-legal bailout actions of the Government*.

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Amazing Parenting Advice From A Victim: Don't Be a Tiger Mom!

Some children of so-called “Tiger Moms” grow up to be smug, arrogant, and delusional Professors at Yale.  Others run away from home before they even start college (on full scholarship, of course) to do porn.  Amy Chua is one the former.  Asia Carrera is one the latter.

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General Motors Has Profitable 2010, Hurray! But Wait, There's More…

Yay, GM posted 2010 net income of positive $4,668 billion! Detroit is back, baby!

Oh, what’s that? 28% of 2010 EBIT (earnings before interest & tax) came from just the 3rd quarter of the North America segment?  And that number decreased 67% in the 4th quarter?  GM Europe is hemorraging money, too? And those are the red flags I found just on the FIRST PAGE of their 8-page earnings release?!?!?!?

DON’T.TRADE.THE.HEADLINE.NUMBER.

Dig deeper.  The truth is seldom as rosy as the headlines would have you believe.

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Bond Market Update – 3PM

Here’s the 3PM snapshot of the US bond market:

Symbol LAST PREV Change
US2Y 0.74 0.707 0.033
US5Y 2.17 2.141 0.029
US7Y 2.87 2.840 0.030
US10Y 3.48 3.468 0.012
US30Y 4.59 4.609 -0.019
Spreads
US25 143 143.400 -0.400
US210 274 276.100 -2.100
US230 385 390.200 -5.200
US510 131 132.700 -1.700
US530 242 246.800 -4.800
US1030 111 114.100 -3.100
US27 213 213.300 -0.300
US57 70 69.900 0.100
US710 61 62.800 -1.800
US730 172 176.900 -4.900
Butterflies
US2530 -99 -103.400 4.400
US21030 163 162.000 1.000
US257 73 73.500 -0.500
US2710 152 150.500 1.500
US2730 41 36.400 4.600
US5710 9 7.100 1.900
US5730 -102 -107.000 5.000

 

Tomorrow we have the 7Y auction on deck, you can see the previous stats here.