The Revelation Of Jesus Christ Commences With A Bear Stock Market Terminating The Nine Month Long Toxic Debt Japanese Yen Carry Trade Rally, As The ECB Gives Cyprus A Bailout Ultimatum … Great Depression II Is On The Way

Financial Market Report for Thursday March 21, 2013

1) .. A financial bear market commenced, as World stocks, VT, traded lower, as Reuters reports Cyprus, European data rattle shares and the Euro. And the NYT reports Mood sours in Cyprus as E.C.B. gives bailout ultimatum.

Greece, GREK, Poland, EPOL, Switzerland, EWL, Thailand, THD, Indonesia, IDX, South Korea, EWY, India, INP, SCIN, Sweden, EWD, Finland, EFNL, Brazil, EWZ, EWZS, Argentina, ARGT, and Ireland, EIRL, traded lower, leading World Stocks, VT, Nation Investment, EFA, and the Emerging Markets, EEM, lower. Global Industrial Producers, FXR, such as EXP, ARG, MHK, PPG, ABB, WHR, MON, FLS, SYT, PHG, LPL, LYB, IR, TEL, BA, seen in this Finviz Screener, traded lower.  Japan Small Caps, JSC, rose strongly to a new high; while Japan, EWJ, traded unchanged.

South Korea Banks, WF, KB, Ireland’s EIRL, Spain’s SAN, Greeces, NBG, Columbia’s CTB, Switzerland’s CS, UBS, Japan’s SHG, MFG, MTU, SMFG, India’s ITU, HDB, Brazil’s BBD, BSBR, UK’s LYG, Chinese Financials, CHIX, and America’s Regional Banks, KRE, such as RF, SNBC, CATY, MBWM, METR, SUSQ, FRME, FITB, HBAN, OKSB, seen in this Finviz Screener, and the Too Big To Fail Banks, RWW, such as JPM,BAC, C, BK, KEY, WFC, PNC, STI, led World Banks, IXG, lower. Stock Brokers, IAI, sush as RJF, and Asset Managers, which worked in conjunction with the Too Big To Fail Banks, RWW, and the Investment Bankers, KCE, to actually coin Liberalism’s wealth, such as BLK, WDR, EV, STT, WETF, AMG, seen in this Finviz Screener, traded lower.

Leveraged Buyouts, PSP, Home Construction, ITB, Solar, KWT, Wind Energy, FAN, Automobiles, CARZ, Networking, IGN, North American Software, IGV, Semiconductors, XSD, Small Cap Industrials, PSCI, Energy Production, XOP, Energy Service, OIH, Copper Mining, COPX, US Infrasturcture, PKB, Aerospace and Defense, PPA, Coal Miners, KOL, Rare Earth Miners, REMX, and Apparel Retailers, such as GPS, LTD, and BKE, traded lowe.

Global Real Estate, DRW, Emerging Market Dividend, EDIV, Dividend Growth, VIG, Dividend Payers Excluding Financials, DTN, Utilities, XLU, Telecom, IST, IYZ, and Junk Bonds, JNK, HYG, led the dividend paying stocks lower.

Both Dow Transportation Stocks, IYT, and Dow Industrial Stocks, IYJ, traded lower, giving Dow Theory insight that a global bear stock market commenced today Thursday March 21, 2013.

Gold Miners, GDX, rose strongly; and Silver Miners, SIl, rose weakly.

Large Cap Growth, JKE, was the loss leading style of the day, this included companies such as  DOW, CSCO, ORCL, TXN, TSM, ERIC, IP, and TEL. The world central banks monetary policies are no longer able to sustain global growth or corporate profitability. Small Cap Pure Value, RZV, and Small Cap Pure Growth, RZG, were the style loss leaders that saw the least deterioration.

The S&P 500, $SPX, SPY, shows a 0.85% trade lower; its weakness coincides with a notable drop in the price of crude oil, USO, which sent Energy Production, XOP, such as PXD, and CLR, lower; the age of profiting from energy production is done and over.

Major World Currencies, DBV, rose higher, but traded below its recent high, as the Japanese Yen, FXY, and the Australian Dollar, FXA, rose. The Swedish Krona, FSX, the Euro, FXE, and the Swiss Franc, FXF, and the Brazilian Real, BZF,  and the Emerging Market Currencies, CEW, traded lower. The chart of the US Dollar, $USD, UUP, shows a 0.05% traded lower to close at 82.99. The EUR/JPY traded lower today and Action Forex, which surprisingly is long term bullish this carry trade, reports it looks like fall from 126.03 is resuming soon. Carry trade investing is coming to an end, as reflected in the consolidation triangle seen in the chart of the Optimized Carry Traded ETN, ICI.

Look for competitive currency devaluation to get strongly underway soon on the failure of national sovereignty, with Cyprus being a case in point, and the exhaustion of the world central banks’ monetary authority. and resulting inability to stimulate global growth and corporate profitability, as well as on the dynamic that the monetary policies of the US Fed, the ECB, the BoJ, and the PBOC, to monetize debt, have crossed the rubicon of sound monetary policy, and have turned “money good” investments, bad.  Zero Hedge reports Global slowdown accelerates driven by confidence and new orders plunge. And Zero Hedge reports S&P500 profit margins tumble to Q1 2010 levels.

Scott Grannis asks Why is everyone so gloomy? the chart above suggests, today’s negative yield on TIPS is consistent with a market that expects real growth in the economy to be close to zero for the next few years. Note that when the economy was posting 4-5% real growth in the late 1990s, TIPS yields were 3-4%. If the Fed were absolutely confident that the economy would grow 2-3% over the next several years, would they be comfortable keeping short-term rates at zero? No. Which means that even though they “expect” real growth to be modest, deep down inside the FOMC members are very worried that if they don’t “do something” growth might be closer to zero than to their current projections. There are other telltales of gloom as well. The PE ratio of the S&P 500 is currently just over 15. That is significantly below its average of 16.6 since 1960, especially when you consider that corporate profits as a % of GDP are very near their all-time high. The only explanation of these facts is that the market expects profits to decline significantly in coming years. 30-yr Treasury yields—which are difficult if not impossible for the Fed to influence directly—are trading at just over 3%, which is very near their lowest level on record. Who would buy a 30-yr T-bond at 3% if he or she didn’t expect nominal GDP growth to be 3% or less? With long-term inflation expectations fairly stable at 2.5%, that means long bonds are priced to the expectation of a miserable 0.5% annual real growth for as far as the eye can see.

Mre Grannis continues, companies are holding back on their hiring plans, worried about regulatory burdens and big increases in mandated costs. And many individuals have probably decided that the rewards to working harder or returning to work are outweighed by the costs (e.g., higher taxes) to doing so. (I for one have decided I’d rather work for free on this blog than pay a 65% marginal tax rate on any new income I might generate from starting a small business.) This article has a nice summary of what Obamacare means for many colleges and many small businesses: sharply increased personnel costs, reductions in hours worked, layoffs, increased disincentives to work. One can only begin to imagine the depressing effect of the prospect of significant increases in future tax burdens that have resulted from the huge increase in our federal debt burden in recent years: after all, spending is taxation, even if it is deficit-financed. And then there is the strong likelihood that much of the increased federal spending in recent years has been a waste of our economy’s scarce resources. We’ve taken over a trillion dollars a year for four years and essentially flushed them down the toilet, spent on things that do not increase the economy’s productivity and that reward leisure or inactivity instead of work or entrepreneurial risk-taking. The huge growth in the size, scope, and burden of government is thus the most likely explanation for why we are living through a disappointingly slow recovery.

I relate, ZIRP no more, as money is no longer cheap as bond vigilantes have called for a steepening of the 10 30 US Sovereign Debt Yield Curve, $TNX:$TYX, as is seen in the Steepner ETF, STPP, steepening since December 6, 2012, when Bonds, BND, traded lower. One of the defining attributes of the shift from Liberalism to Authoritarianism, is the end of ZIRP, as the Interest Rate on the Ten Year US Note, ^TNX, has risen to 1.93% from its September 14, 2012 low. The weekly chart of International Treasury Debt, BWX, seen in this Google Finance Chart shows a 3.5% loss since its September 14, 2012, high.

Money, that is wealth, and moneyness, as it has been known, is literally dissolved away by the loss of national sovereignty of the EU periphery nations, and the failure of the European Financial Institutions, EUFN, which began in February 2013. Insolvent Sovereigns, such as Portugal, Italy, EWI, Greece, GREK, and Spain, EWP, and their insolvent banks, such as Banco Santander, SAN, are unable to provide seigniorage, that is moneyness. We are witnessing the failure of sovereign nation states to provide governance, and the failure of sovereign debt, BWX to provide seigniorage, that is moneyness.

The dynamos of Authoritarianism, specifically regional security, stability, and sustainability are winding up on the failure of money, that is wealth, and on competitive currency devaluation, which will be seen in Major World Currencies, DBV, trading dramatically lower. Emerging Market Currencies, CEW, began trading lower in mid February 2013, largely on the failure of Emerging Market Bonds, EMB in January 2013.

Spiegel Online reports End of an era: Cypriot financial sector faces collapse. Liberalism featured sovereign nation states, and their central banks provided ever increasing credit liberality, which stimulated economic growth, global trade and prosperity. It is sovereignty that provides seigniorage, that is moneyness. With the failure of national sovereignty, the seigniorage of investment choice will fail, and the seigniorage of diktat will rise, as regional sovereign leaders and bodies replace sovereign nation states, as leaders meet in summits and workgroups to renounce national sovereignty and pool sovereignty regionally, a principle that has been promoted by Herman van Rompuy for months.

The ongoing nation investment strength in Australia, EWA, (which traded lower again today) is beginning to weaken, as is seen in the Yahoo Finance Chart of  EWA, EIRL, IWM, together with the banks WBK, BAC, RF.  It is the monetary policies of the individual central banks, that is the US Fed, the ECB, and the Australian Central Bank, as well as the synergistic effect of all these central banks together that had given strong seigniorage, that is moneyness, to Australia, EWA, Ireland, EIRL, and the Russell 2000, IWM.

The era of nation state investment ended today March 21. 2013, with Nation Investment, EFA, and Small Cap Nation Investment, IFSM, trading lower, as Cyprus faces collapse a sovereign default, and economic system collapse.  Australia stocks will be trading strongly lower soon as Mike Mish Shedlock writes Record corporate insolvencies in Australia.  The housing bubble in Australia has popped but the biggest declines are still ahead. Meanwhile other problems have surfaced, as expected in this corner, namely Insolvencies hit record levels in January.  Optimism is hardly warranted. Australia’s fundamentals (a housing-bust economy, a slowdown in mining with falling Chinese demand, overpriced rents, and high labor costs) are simply horrendous.

Global Consumer Staples, KXI, which includes stocks seen in this Finviz Screener traded to a new high yesterday, Wednesday, March 20, 2013, in a “flight to safety investment”, and completion of nine month long rally.

The age of profiting from investment in business services is over, as the Business Service Stocks seen in this Finviz Screener, such as ACN, IBM, and ADP, turned lower, as Envestnet, ENV, a Chicago based company which provides integrated wealth management software and services to financial advisors and institution, rose parabolically higher.

Risk aversion has commenced, as is seen in the Risk On ETN, ONN, falling, and the Risk Off ETN, OFF, rising. Volatility, ^VIX, is rising with VIXY and VIXM trading higher. The Proshares 200% ETFs seen in this Finviz Screener are trading higher; and the Direxion 300% ETFs seen in this Finviz Screener are trading higher as well.

2) … Commentary

Austrian Economist Mike Mish Shedlock writes Illusion of Eurozone stabilization.  There is no real stabilization and there is no healing. Rather, the policies of Hollande are so disastrous that some output has shifted to Germany and elsewhere, (coupled perhaps with some inventory replenishment and a temporary stimulus-fueled increase in demand in Asia). Properly rebalancing will require a shift in production from Germany to the rest of Europe as well as a shift towards more consumption in Germany from the rest of Europe. That cannot and will not happen with the destructive polices of Hollande, and the lack of reforms in Spain and Italy. Moreover, and as I have noted on many occasions, the entire Euro construct is flawed. Until those flaws are fixed, there is only the illusion of stabilization, and that based on more unbalanced growth. The only thing that has stabilized (for now) is interest rates, and even that won’t last

I relate that Jesus Christ is at the helm of the economy of God, Ephesians 1:10. He vigorously worked the money printing presses at the US Federal Reserve, the ECB, the PBOC, and the BoJ, producing peak national sovereignty, and peak central bank seigniorage, and strongly leveraged up carry trade investment, such as the EUR/JPY, and bubbled up the most toxic of debt, such as that held by JPMorgan, JPM, and traded by the Distressed Investments in Fidelity Investments, FAGIX, mutual fund; all of which established the fullness of liberalism’s prosperity on March 15, 2013, as world stocks, VT, peaked out, and as major world currencies, DBV, traded lower.

He has no desire to stabilize the Eurozone. He is now pivoting the world out of national sovereignty into regional sovereignty, where a Ten Toed Kingdom of Regional Governance, the toes being regional zones, characterized by a miry mixture of iron diktat and clay democracy, will replace soveign nation states, as presented in bible prophecy of Daniel 2:25-45.

More specifically, He is now bringing forth the Revelation of Jesus Christ, as heralded in Revelation 1:1, by effecting a global political and economic coup d’etat, by releasing the First Horseman of the Apocalypse, Revelation 6:1-2, that is the rider on the white horse, who has a bow but no arrows, to transfer the reign of sovereignty from nation states to regional bodies and leaders.

There is waiting in the wings of Europe’s Stage, a New Pharaoh, the most credible of sovereigns. Soon he will step into the limelight, and rise to power, not through schemes of Liberalism, such as carry trade investment, but rather through schemes of Authoritarianism, Daniel 8:23, such as regional framework agreements, to rule Euroland, Revelation 13:5-10. He will be accompanied in authority and power by the EU’s Monetary Priest, who will provide the economy of diktat, where diktat serves as currency, power and wealth, Revelation 13:11-18. The Prince of the people, will one day rule the world for three and one half years, that is during the Great Tribulation, demanding emperor worship, this immediately prior to the Advent of Jesus, Daniel 9:26. These Fierce Leaders will oversee the Beast Regime of Regional Governance, Totalitarian Collectivism, and Debt Servitude, that is rising from the profligate Mediterranean nation states, to replace the Banker Regime of Democratic Nation Investment, Revelation 13:1-4. Germans cannot be Greeks; but most assuredly they will be one, living together in a debt union and gulag of debt servitude, with the periphery profligate countries of Portugal, Italy, Ireland, Greece, and Spain, existing as hollow economic moons revolving about planet Germany.

Christ is bringing forth New Things: A New Age, (from the age of investment choice to the age of diktat), New Economic Action (from inflationism to destructionism), New Dynamos (from the dynamos of corporate profit and global growth to the dynamos of regional security, stability and sustainability), a New Trust (from trust in bankers, carry trade investing and credit to trust in nannycrats, totalitarian collectivism, public private partnerships and debt servitude), a New Paradigm (from liberalism to authoritarianism), a New Sovereignty (from the Banker Regime of democratic nation states to the Beast Regime of regional governance), a New Seigniorage (from the seigniorage of investment choice to the seigniorage of diktat), a New Economy (from crony capitalism and European socialism, and Greek socialism, to fascist regionalism), and a New Money System (from the fiat money system to the diktat money system), will feature authoritarianism’s austerity, as a means of trusting in Him for life, and more specifically to experience Him as an all inclusive life experience.

3) … In the news

Reuters reports Russia rebuffs Cyprus, EU awaits bailout “Plan B”.  Cyprus’s finance minister left Moscow empty-handed on Friday after Russia turned down appeals for aid, leaving the island to strike a bailout deal with the European Union before Tuesday or face the collapse.

Bloomberg reports Cyprus set to debate bailout bill as ECB deadline looms. Cypriot lawmakers will begin debate today on legislation to unlock bailout funds and prevent a financial collapse with a European Central Bank deadline to cut off funding for its lenders in three days. Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the 5.8 billion euros ($7.5 billion) needed to trigger the emergency loans, they said in a statement late yesterday after meeting in a teleconference. “Cyprus has it in its own hands to prevent the state’s bankruptcy but time is running out,” said Hans Michelbach, a German lawmaker and ally of Chancellor Angela Merkel.

Bloomberg reports Grillo Euro-Skeptic Party seeks mandate for Italy Government. Beppe Grillo asked Italian President Giorgio Napolitano to give his party a mandate to form a government as his deputies shunned an alliance with rivals and restated their euro-skeptic views. “The Five Star Movement asked for a full mandate to present its government agenda in parliament,” Roberta Lombardi, the party’s chief whip in the lower house of parliament, said today after she, Grillo and an ally from the Senate met with Napolitano in the presidential palace in Rome. Grillo, 64, is pushing ahead with his campaign promise to wrest political power from established parties and re-evaluate positions, like euro membership, that previously enjoyed near universal support in Parliament. His resistance to compromise hurts rival Pier Luigi Bersani, who was counting on some support from Five Star to claim the premiership, and boosts Silvio Berlusconi’s push for influence over the next government

Business Insider relates Two of Russia’s billionaire oligarchs hold their steel empire through Cyprus.

CNBC reports Finally: supply of homes for sale begins to rise.

Nature Economist, Elaine Meinel Supkis writes Earthquake/Tsunami/Volcanic danger potential in Southern Tohoku Island Japan. The precarious situation in Fukushima has made the news again: TEPCO partially restores power to cooling systems at Fukushima plant and there is no excuse for this because the Fukushima plant outage reveals lack of backup power source 2 years after crisis outbreak. Closing the nuclear power plants has caused Japan’s Feb trade deficit gets worse at $8.1B as exports lag imports. The next major quake in Japan is ‘Long-overdue’ and will be a mega-quake and tsunami that will kill thousands along Pacific Northwest coast and cost U.S. 32 billion, experts warn. The Nakai Trough intersects with the other two major subduction faults and they converge on Mt. Fuji which is due to erupt soon, too. This quake/tsunami will hammer Japan’s major industrial and population hubs. Already limping along, Japan will be virtually nonfunctional as well as bankrupt if this happens, especially if the volcano also erupts. the sparsely populated Fukushima region is just a foretaste of the mega-disaster lurking in the future for Tokyo. There is also a nuclear power complex along the shoreline where this future tsunami/earthquake will happen inevitably: Hamaoka Nuclear Power Plant. Brave citizens of Japan are fighting this monstrosity: Stop Hamaoka Nuclear Power Plant in earthquake zone in Japan | Facebook. Good luck to them!

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CNBC reports Chicago announces mass closing of elementary schools. Chicago will close 54 schools and 61 school buildings by the beginning of the next academic year in the country’s third-largest public school district, a move that union leaders called the largest mass closing in the nation. The district will shutter 53 elementary schools and one high school by August, primarily in Hispanic and African American neighborhoods. The district, which has a $1 billion annual deficit, has said it needs to close underutilized schools to save money.

American Renaissance, a blog about race and racial conflict, presents the Beth Stebner, Daily Mail (London), March 12, 2013, report, Chaos in Brooklyn as 100 teenagers riot on the streets following the vigil over the death of an armed 16-year-old by NYPD officers. After reading the article, I conclude that the sixteen year old was a psychopath.  I’m an older guy, living in an inner city white neighborhood, where I know many psychopaths by name. Wikipedia relates on psychopathy, One recent writer, Glenn D. Walters (2006) Lifestyle theory p. 42 Nova Publishers, ISBN 1-60021-033-3 presents four characteristics of psychopathy: irresponsibility, self-indulgence, interpersonal intrusiveness, and social rule-breaking.[102]  I comment, yes psychopaths are marked by these characteristics; they actually instigate trouble and never ever see themselves as the source of it; their life pleasure comes from being busy bodies in others’ affairs; they are loud, and rude, always seeking the preeminence; and purposefully break every social rule, seeking confrontation, so as to be lord of their hood. For example, one man at the senior center said to a woman, “like how many face lifts have you had?” She simply smiled and walked away, to which I say good for her.

4) … Genuine life experience is found in Christ and in Christ alone; he is one’s all inclusive life experience; this provides one the liberty to manifest morally.

All things come by destiny that is fate, Revelation 1:1, more specifically all things are of God 2 Corinthians 5:17-18. He determined the times and places in which one should live, Acts 17:26. God’s son, Jesus Christ is administering God’s economic and political plan to pivot the world from the fullness of prosperity to the depth of austerity, Ephesians 1:10, so that one might know Christ as life, Colossians 3:3-4.

Said another way, there is only the mystery of Christ, that is an unknown know of Godly Providence; where He is sovereignly ruling over all philosophies and religions. There are no sovereign individuals and there is no human action. Either one has heart felt spirituality and mindful experience in the faith of Jesus Christ, or one has fiat experience in empty philosophy or vain worldly religion, Colossians 2:2-8.

In Christ, all the fullness of Deity exists, Colossian 2:9. And Christians live established in the completeness of Him who is the Head of all rule and the Preeminent One of all sovereignty, Colossians 2:10.

Scripture encourages that no one be deceived in self appointed dominion coming from a puffed up mindset, Colossians 2:18.

Inasmuch as the believer in Christ has died to the world, the elect should not subject oneself to worldly moral and ethical viewpoints, Colossians 2:20. These have a reputation of spirituality, but amount to will worship, that is the worship of one’s own will, and have no benefit in restraining carnal indulgence, Colossian 2:23.

If one has been raised up from the dead, then one should seek the things that are sovereignly provided, Colossians 3:1.

One is to set one’s mind on heavenly things, as one has life in Christ; Christ is the very element of life; He is to be one’s life experience, Colossians 3:2-4.

One is to put on the New Man, that is Christ, Colossians 3:10; and have Christ as one’s all inclusive life experience, colossians 3:11.

Having an awareness that Christ is bringing forth New Things, Revelation 1:1, an inquring mind asks, what manner of person should one be? An even deeper question is what motivates a person and what should motivate a person?

Motives can be read like a book. One’s speech and behavior, as well as how one spends one’s time and with whom one spends one time, communicates motivation. Furthermore, one’s reputation amongst one’s peers can be used to infer motivation; I am retired living in neighborhoods presented by in Claritas Prizm as Big City Blues and Low Rise Living; the low income are my peers; unfortunately, or perhaps fortunately, I am not well regarded by many of my peers, who do not like my Christian way.

Some are motivated by preeminence, others by confrontation, others by being busy bodies, other by being dependent upon dole even though they could work, others by being gossips.

Jesus Christ desires that one be motivated by Him as one’s life, Colossians 3:2-4, and by Him being one’s all inclusive live experience, Colossians 3:11, whereby one keeps Christ’s Word and does not deny His Name, Revelation 3:9.

And it is Christ’s desire that one’s conscience, that is one’s discernment of what is genuinely right or wrong, come from the price He paid for sin, that being his very life.  Unfortunately, some have seared their conscience and are unable to sort out right from wrong; these manifest as poneros, which is defined as defined as bad, evil, or wicked, and carries the meaning of diseased, calamitous, morally culpable, derelict, mischievous and malicious. The only conscience such have is that which satisfies their own carnal desires.

It is Jesus Christ who provides the spiritual wisdom, that is the heartfelt capability, as well as the understanding, that is the insight, to live in virtue, that is in a moral way, both of which come from knowing the Present Truth, 2 Peter 1:1-12.

The foundation of morality comes from the comprehension of what constitutes liberty.

I am not a Libertarian, I am a Christian, and I have moral experience to the extent that I live in, and manifest Christ.

Jesus Christ alone provides freedom; and only His Word provides liberty; and He requires that believers in Him have respect for the personal property of another, and live in a non-aggressive way.

One is only free to the extent he knows and experiences genuine sovereignty. Christians belong to the All Sovereign Jesus Christ. Knowing His sovereignty, they experience the freedom He provides. Jesus said in John 8:36, “If therefore the Son shall make you free, ye shall be free indeed”. John Gill’s Exposition of the Bible relates, “Men are home born slaves; the chosen people of God are such by nature; they are born in sin, and are the servants of it; Christ the Son makes them free; and then they are no more foreigners and strangers, but fellow citizens with the saints, and of the household of God.

This suggests, that true freedom is by Jesus Christ, the Son of God; see Galatians 5:1. He it is that makes the saints free from sin; not from the being of it in this life, but from the bondage and servitude of it, from its power and dominion, and from its guilt and liableness to punishment for it, by procuring the pardon of their sins through his blood, and justifying their persons by his righteousness.”

Those who have life in Christ, are ever maturing in the only right there is, and finding genuine liberty  therein, as put forth in John 1:12, “But as many as received Him, to them He gave the right to become children of God, to those who believe in His name.”

In summary, the objective reality is defined as Christ, Ephesians 4:21. Motivation comes largely out of values, virtue and ethics; for the Christian these are found in the Present Truth, which enables one to be the divine person, 2 Peter 2:1-12.


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