Dismal's Smacks

🌙 ☀️

Sign in Subscribe

Latest

Bank of Canada minutes on immediate rate hike: "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously expected."

"members felt that enough data had accumulated to convince them that more restrictive policy was needed." Source: https://www.bankofcanada.ca/2023/06/summary-governing-council-deliberations-fixed-announcement-date-june-7-2023/ Highlights: * "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously

SEC Alert! SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies. The firm has agreed to pay a $10 million penalty... in 2020/2021 there were 860 SPAC IPOs. Over 400 of these audited by Marcum.

https://www.sec.gov/litigation/admin/2023/34-97773.pdf TLDRS: * The SEC has charged audit firm Marcum LLP with significant quality control failures and audit standard violations in audits of hundreds of SPAC clients since 2020. * This misconduct resulted from Marcum tripling its public company clients, mainly SPACs, thereby revealing

Inflation Alert! Jerome Powell to Congress: "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year."

"inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go." Source: https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm Highlights: * We at the Fed remain squarely focused on our dual mandate to promote maximum employment

From SEC Memorandum on Swaps data: Figure 8 shows the number of market participants with at least 1 gross position exceeding a $1 billion. Figure 8A shows the number of market participants with at least 1 gross position exceeding $1 billion.

From SEC staff Memorandum: Figures 9B and 10B display daily counts of gross positions that surpass 7% and 10% of a U.S. listed security's market cap, respectively.

A single participant can hold multiple large positions, hence the count can exceed the total number of market participants... Source: Memorandum from the Division of Economic and Risk Analysis Look at how everything spikes in 2021... If you would like to comment about this, check out this post: SEC REOPENS

SEC Alert! SEC REOPENS Comment Period for Position Reporting of Large Security-Based Swap Positions. The public comment period will remain open until Aug. 21, 2023, or until 30 days after the date of publication of the reopening release in the Federal Reg

https://www.sec.gov/rules/proposed/2023/34-97762.pdf * Proposed Rule: S7-32-10 * Comments already submitted from industry and others: https://www.sec.gov/comments/s7-32-10/s73210.htm Previous Superstonk posts: * https://www.reddit.com/r/Superstonk/comments/148qy6y/sec_alert_sec_will_hold_a_public_meeting_on/ (Meeting announcement announcing

Apollo Global Management chief economist Torsten Slok: “Since SVB collapsed, the Fed has been adding liquidity, and the S&P 500 is up more than 10%."

"The high correlation between Fed net QE and the S&P 500 seen in the chart below suggests that Fed liquidity is a crucial driver of the stock market,” Reddit Post