Submitted by Tyler Durden on 02/23/2016 - 11:40
Submitted by Tyler Durden on 02/23/2016 - 13:00 Italy is big enough to matter (it is the eight largest economy on the planet), but so uneventful that most does not pay any attention to what is going on there. We contend that Italy will, during the next year or two, be on everyone’s radar screen as it has the potential to derail the European project for real.
Submitted by Tyler Durden on 02/23/2016 - 12:41
Submitted by Tyler Durden on 02/23/2016 - 12:20 What kept me from totally losing my heart was, yet again, the bond market. If animal spirits are alive, and the underlying fundamentals improving, how come bond yields are struggling to make even a dead-cat bounce?... It’s not just liquid and illiquid, but house money and rent money. Equities clearly fall into the former camp: chasing the latest news without caution. Bonds on the other hand are ignoring today’s emotions and asking what has fundamentally changed. And the answer they’ve settled on is "nothing"
Submitted by Tyler Durden on 02/23/2016 - 11:56 The class war is already underway, and the petit bourgeois media is clueless.
Submitted by Tyler Durden on 02/23/2016 - 11:25 "The S&P 500 has gapped up three times in the last five sessions. Continue to mind the upside price gaps, as they are nearby supports... and suggest another rally to sell."
Submitted by Tyler Durden on 02/23/2016 - 11:17 Last month we asked the following question: "How underreserved is JPMorgan for the coming wave of O&G bankruptices?" Now we know.
Submitted by Tyler Durden on 02/23/2016 - 11:10 "The losses suffered by the CIO were not the actions of one person acting in an unauthorized manner. My role was to execute a trading strategy that had been initiated, approved, mandated and monitored by the CIO’s senior management.”
Submitted by Tyler Durden on 02/23/2016 - 11:05 Bond yields have plunged, stock gains have been erased, and Gold and VIX is on the rise again as Al-Naimi dashes the hopes once again that Oil has found a bottom...
Submitted by Tyler Durden on 02/23/2016 - 11:05 "...when I hear Bernie speak, I feel like I’m the problem with America. I’m one of those millionaires he mentions who should pay more taxes. I’m the bad guy. I’m the white male who is only successful because everything was handed to me. I don’t deserve the money I made. All the things I sacrificed don’t matter. The additional stress I was under doesn’t matter. The risks I took don’t matter. Unfortunately, we’ve come to believe that achievement should be easy. Changing that attitude is the first step towards making yourself more successful..."
Submitted by Tyler Durden on 02/23/2016 - 10:48 The bear will soon be arriving in earnest, marauding through the canyons of Wall Street while red in tooth and claw. Our monetary central planners, of course, will once again - for the third time this century - be utterly shocked and unprepared. That’s because they have spent the better part of two decades deforming, distorting, denuding and destroying what were once serviceably free financial markets. Yet they remain as clueless as ever about the financial time bombs this inexorably fosters.
Submitted by Tyler Durden on 02/23/2016 - 10:37 NAIMI: WE CAN COEXIST WITH OIL TO $20/BARREL
Submitted by Tyler Durden on 02/23/2016 - 10:22 Despite the biggest annual jump in existing home sales since July 2013, even the NAR's perpetually cheerful Larry Yun is starting to get worried about the bubbly nature of the existing housing market: "The spring buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy – especially considering the fact that household income and wages are barely rising."
Submitted by Tyler Durden on 02/23/2016 - 10:22 With the biggest drop in New Orders since September, Richmond Fed Manufacturing survey dropped to -4 (missing expectations of +2), hovering at its weakest in over 3 years. Across the board the components were weaker with order backlogs and shipments plunging, average workweek and wages dropping, and capacity utilization worst since October. Prices (paid and received) dropped notably as future expectations for wages, workweek, and employees all fell.
Submitted by Tyler Durden on 02/23/2016 - 10:11 Driven by a collapse in 'hope' - future expectations dropped to 78.9, the lowest since Feb 2014 - The Conference Board's Consumer Confidence headline dropped from 97.8 to 92.2, the weakest since July 2015. Amid the so-called best jobs market in decades, near-record low gas prices, and a resurging stock market, it appears the 'everyday American' is not amused as all the 'increases in animal spirits' since QE3 have evaporated.
If you trust this idiot...you deserve what you get... FYI this asshole has a hide out cabin in Truckee California...It's where it hid out in 08...
Submitted by Tyler Durden on 02/23/2016 - 09:36 After making waves last week for daring to suggest that big bank regulation has failed and that the TBTF problem has not been addressed, a problem which Kashkari himself launched with his bailout of the banks in 2008, moments ago the new president of the Minneapolis started a live conversation in which he will once again address the TBTF problem much to the chagrin of the Fed's largest stakeholders. Watch it live below.
Submitted by Tyler Durden on 02/23/2016 - 08:57 "Few Europeans use the 500-euro note, and most Americans rarely encounter the $100 bill. Yet hundreds of millions of these notes are in circulation around the world, where they are often used by drug cartels, corrupt politicians, terrorists and tax cheats to evade law enforcement." The New York Times editorial board has once again exposed itself as a dangerous and duplicitous organ of entrenched established interests against the public. It must be exposed.
Submitted by Tyler Durden on 02/23/2016 - 08:38 In a new poll conducted by Gallup when asked what comes to their mind when they think of Hillary Clinton, the most common unprompted responses, at 21% of reactions, was "dishonest", or "liar". Another 7% of Americans use even stronger words in a similar negative vein, including "criminal," "crooked" and "thief."
Submitted by Tyler Durden on 02/23/2016 - 08:21 Saudi Arabia’s oil minister Ali Al-Naimi is due to speak at about 8:50am Houston time at the CERA oil market conference and oil prices are swinging around (now back below $33 - front-month - and in the red for the day) as the almost unprecedented moves intraday in black gold spike volatiltiy to near record highs. In order to help the algos figure out just what to do when Al-Naimi speaks, we breakdown his words (and the latter deeds) over the last few years with expectations that he will confirm his opposition to a crude production cut "at this time."
Submitted by Tyler Durden on 02/23/2016 - 08:01 The answer: go long precisely the stocks that hedge funds are least concentrated in, or, simpler, be long gold.