Submitted by Tyler Durden on 05/17/2016 - 07:14 One of the more closely watched 13F reports yesterday in addition to that of Warren Buffett was that of Soros Fund Management, the family office of George Soros, which revealed that while the 85 year old billionaire was not quite as bearish as his former chief strategist Stanley Druckenmiller, or Carl Icahn for that matter, had turned decidedly sour on overall equity exposure.
"Wrong Way Gartman" Strikes Again...
Gartman: "We Were Fully, Completely And Totally Wrong", Sees Bear Market In "Catholic Global Terms"
Submitted by Tyler Durden on 05/17/2016 - 09:53 "We were fully, completely and totally wrong. There is no reason to mince words; there are no excuses to be made, nor should there be. We were wrong… obviously and utterly and we shall do well and our best to simply acknowledge that fact... Does this mean then that we shall turn bullish of equities? Shall we cast aside our beliefs that the highs made one year ago in broad, catholic terms are suddenly to be thought of as within reach and likely to be taken out? Of course not."
by Piper McGowin, The Daily Sheeple:
You’ve seen the stories about how desperate people are down to hunting dogs in the streets for food there.
The crippling economic crisis in Venezuela is reaching a critical tipping point. Due to the oil collapse, socialism has failed the country and thousands of people are dying as the nation’s hospitals have turned into real-life nightmares scarier than most fiction horror films.
Because there’s no money for supplies like clean linens, soap, toilet paper, medical supplies like disposable gloves or even basics like a clean sheet of paper, let alone medicines such as intravenous solutions and antibiotics, and because the country is suffering rolling blackouts and money-saving government-imposed “holidays” that only leave people with two days of reliable electricity a week, the ill and wounded including newborn babies are dying left and right in Venezuela’s crippled hospitals.
Read More
You’ve seen the stories about how desperate people are down to hunting dogs in the streets for food there.The crippling economic crisis in Venezuela is reaching a critical tipping point. Due to the oil collapse, socialism has failed the country and thousands of people are dying as the nation’s hospitals have turned into real-life nightmares scarier than most fiction horror films.
Because there’s no money for supplies like clean linens, soap, toilet paper, medical supplies like disposable gloves or even basics like a clean sheet of paper, let alone medicines such as intravenous solutions and antibiotics, and because the country is suffering rolling blackouts and money-saving government-imposed “holidays” that only leave people with two days of reliable electricity a week, the ill and wounded including newborn babies are dying left and right in Venezuela’s crippled hospitals.
Read More
by Michael Snyder, The Economic Collapse Blog:
You are about to see a chart that is undeniable evidence that we have already entered a major economic slowdown. In the “real economy”, stuff is bought and sold and shipped around the country by trucks, railroads and planes. When more stuff is being bought and sold and shipped around the country, the “real economy” is growing, and when less stuff is being bought and sold and shipped around the country, the “real economy” is shrinking. I know that might sound really basic, but I want everyone to be on the same page as we proceed in this article. Just because stock prices are artificially high right now does not mean that the U.S. economy is in good shape. In fact, there was a stock rally at this exact time of the year in 2008 even though the underlying economic fundamentals were rapidly deteriorating. We all remember what happened later that year, so we should not exactly be rejoicing that precisely the same pattern that we witnessed in 2008 is happening again right in front of our eyes. Read More…
You are about to see a chart that is undeniable evidence that we have already entered a major economic slowdown. In the “real economy”, stuff is bought and sold and shipped around the country by trucks, railroads and planes. When more stuff is being bought and sold and shipped around the country, the “real economy” is growing, and when less stuff is being bought and sold and shipped around the country, the “real economy” is shrinking. I know that might sound really basic, but I want everyone to be on the same page as we proceed in this article. Just because stock prices are artificially high right now does not mean that the U.S. economy is in good shape. In fact, there was a stock rally at this exact time of the year in 2008 even though the underlying economic fundamentals were rapidly deteriorating. We all remember what happened later that year, so we should not exactly be rejoicing that precisely the same pattern that we witnessed in 2008 is happening again right in front of our eyes. Read More…
Who Bought And Sold Apple In The First Quarter
Submitted by Tyler Durden on 05/17/2016 - 09:35 For those curious who the top 20 buyers and sellers of AAPL stock were in the first quarter, here is the full breakdown.America's Age Of Impunity
Submitted by Tyler Durden on 05/17/2016 - 04:00
from The Daily Bell:
This is one weak nominee: Hillary Clinton’s problem isn’t Bernie Sanders. It’s Hillary Clinton … -Salon
Like machine-gun fire, rat-tat-tat, three major mainstream publications in a row have recently posted stories featuring a “weak” Hillary Clinton.
This further strengthens our hypothesis that the Hillary may not ever make it to the presidential race.
We first wrote about this late last week in an article entitled, Signs from Mainstream Media that Clinton’s Campaign Might be Over.
Read More
This is one weak nominee: Hillary Clinton’s problem isn’t Bernie Sanders. It’s Hillary Clinton … -SalonLike machine-gun fire, rat-tat-tat, three major mainstream publications in a row have recently posted stories featuring a “weak” Hillary Clinton.
This further strengthens our hypothesis that the Hillary may not ever make it to the presidential race.
We first wrote about this late last week in an article entitled, Signs from Mainstream Media that Clinton’s Campaign Might be Over.
Read More
Industrial Production Stuck In Longest Non-Recessionary Slump In The Past Century
Submitted by Tyler Durden on 05/17/2016 - 09:27 A significant downward revision for March (from -0.6 to -0.9% MoM) enabled April to beat handsomely (+0.7% vs +0.3% exp.) pleasing headline-tracking algos. While this is the biggest monthly jump in Industrial Production since Nov 2014 - all thanks to the biggest spike in Utilities since 2007; the year-over-year tumble continues with IP -1.07% YoY for the 8th month in a row. Industrial production has never fallen for this long - in 96 years - without the US economy being in recession.
In retrospect, Obama’s intervention in Libya was an abject failure,
judged even by its own standards. Libya has not only failed to evolve
into a democracy; it has devolved into a failed state. Violent deaths
and other human rights abuses have increased severalfold. Rather than
helping the United States combat terrorism, as Qaddafi did during his
last decade in power, Libya now serves as a safe haven for militias
affiliated with both al Qaeda and the Islamic State of Iraq and al-Sham
(ISIS). The Libya intervention has harmed other U.S. interests as well:
undermining nuclear nonproliferation, chilling Russian cooperation at
the UN, and fueling Syria’s civil war.
Read More
by Andy Hoffman, Miles Franklin:
On Wednesday, just before yet another blatant Cartel attack – not to
mention, before we learned on Friday, that the COMEX “commercial” short
position hit another all-time high, I taunted “hey Cartel, is that the best you got?”
Well, here we are just three trading days later, and gold is back in
earshot of the very, very key round number of $1,308/oz (listen to this
interview with Andrew Maguire);
whilst silver is back up to $17.35/oz, having recouped all of the
“losses” from Mondays’ and Thursdays’ paper raids. To that end, take a
look at how pathetic last night’s 143rd “Sunday Night Sentiment” raid of
the past 149 weeks was; followed by an even more pitiful “2:15 AM” EST
attack. Which is why, yet again, I emphatically retort to
fear-mongerers that don’t realize we’re back in a Precious Metals bull
market, “it’s the ‘commercials’ that should be scared!” I mean geez, even JP Morgan says so – and as they say, what won’t go down, must go up!
Read More
On Wednesday, just before yet another blatant Cartel attack – not to
mention, before we learned on Friday, that the COMEX “commercial” short
position hit another all-time high, I taunted “hey Cartel, is that the best you got?”
Well, here we are just three trading days later, and gold is back in
earshot of the very, very key round number of $1,308/oz (listen to this
interview with Andrew Maguire);
whilst silver is back up to $17.35/oz, having recouped all of the
“losses” from Mondays’ and Thursdays’ paper raids. To that end, take a
look at how pathetic last night’s 143rd “Sunday Night Sentiment” raid of
the past 149 weeks was; followed by an even more pitiful “2:15 AM” EST
attack. Which is why, yet again, I emphatically retort to
fear-mongerers that don’t realize we’re back in a Precious Metals bull
market, “it’s the ‘commercials’ that should be scared!” I mean geez, even JP Morgan says so – and as they say, what won’t go down, must go up!Read More
The FBI Tried To Suppress 80,000 Documents On Saudi Ties To 9/11
Submitted by Tyler Durden on 05/17/2016 - 09:04 The classified 28-pages of the 9/11 report have made global headlines lately as a handful of lawmakers battle to release them to the public. Those pages are believed by activists and members of Congress — who have seen them — to expose the role of Saudi Arabia, including government officials, in the terrorist attacks. But according to a new report based on years of investigative journalism, it turns out there are far more than 28 classified pages on Saudi Arabia and 9/11 — there are 80,000 kept secret by the FBI.
Rents Set To Keep Rising After Depressed Multfamily Starts, Permits
Submitted by Tyler Durden on 05/17/2016 - 08:50 The issue with today's housing starts and permits report, is the multi-family, aka rental units, barely rebounded and remained at severely depressed levels last seen in 2013: at 348K rental units permitted in April, this is a far cry from the recent highs of 598K in June. One wonders if this is intentional, because based on soaring asking rents, as shown in the chart below, with Americans increasingly unable or unwilling to buy single-family units, rental prices have exploded to 8% Y/Y based on Census data.
Consumer Prices Jump Most In Over 3 Years Amid Rising Gasoline, Rent Inflation
Submitted by Tyler Durden on 05/17/2016 - 08:41 Headline CPI rose 0.4% MoM (above +0.3% exp) for the biggest jump since Feb 2013 but sadly at the same time, price-adjusted hourly wages slid 0.1% in April. Following a small drop in March, from 8 year highs, Core (ex food and energy) Consumer Prices rose 2.1% YoY (as expected) abesent the effect of Gasoline's huge 8.1% MoM surge. Of course this is probably transitory but we note that rent inflation remains at 3.7% YoY - its highest since 2008 and definitively not transitory.
Why The Gold And Silver Futures Market Is Like A Rigged Casino
Submitted by Tyler Durden on 05/17/2016 - 08:21 A more corruptible and lopsided mechanism for price discovery has never been devised.
What The Biggest Hedge Funds Did In Q1: The Full 13-F Summary
Submitted by Tyler Durden on 05/17/2016 - 07:59 While far less attention is being paid to hedge fund 13F filings, which show a stale representation of equity long stakes among the hedge fund community as of 45 days prior, than in years gone by as a result of increasingly poor performance by the 2 and 20 crowd, they still remain closely watched source of investment ideas but mostly to find out what the new cluster ideas and hedge fund hotel stocks are at any given moment. Here are the highlights from the latest round of 13F filings.Frontrunning: May 17
- As Brexit vote looms, U.S. banks review their European commitments (Reuters)
- Oil’s Strength Continues to Boost Global Stocks (WSJ)
- Trump closing gap with Clinton, poll shows (Hill)
- In Adjacent Pennsylvania Counties, Republicans Are Split on Donald Trump (WSJ)
- Make America Gold Again: Calls for Everyone's Favorite Standard Are Back (BBG)
Futures Fizzle After Oil Fades Bounce Above $48
Submitted by Tyler Durden on 05/17/2016 - 06:48 It has been more of the same overnight, as global stocks piggybacked on the strong US close and rose despite the lack of good (or bad) macro news, propelled higher by the two usual suspects: a higher USDJPY and a even higher oil, if mostly early on in the trading session.
Washington "Promotes Regional Stability" With War Games In Russia's Back Yard
Submitted by Tyler Durden on 05/17/2016 - 03:00 "...the fact that we are able to come here, in Romania, and train with five other nations, that really promotes regional stability."Belgian Police Warn Citizens Not To Use Facebook's Reaction Buttons
Submitted by Tyler Durden on 05/17/2016 - 02:00
"We're Running A F**king Casino" Congressman Admits DC Is A "Sinkhole Of Leeches"
Submitted by Tyler Durden on 05/16/2016 - 23:30 "America’s on an irreversible decline and no one in Washington seems to care... God help us..." - Congressman X
Burlington College Closing Due To "Crushing Debt" Incurred Under Presidency Of Bernie Sanders' Wife
Submitted by Tyler Durden on 05/16/2016 - 22:40 In what may or may not be a harbinger of things to come should Bernie Sanders become president, earlier today Burlington College, a small Vermont private school once led by the wife of Democratic presidential candidate Bernie Sanders, said Monday it will close later this month, citing "the crushing weight" of debt incurred during the presidency of Jane Sanders who was in charge of the college until 2011.
"Russia Did More 'Good' In 30 Days Than The US Did In A Year" - The Only Accredited Western Journalist In Damascus Speaks Up
Submitted by Tyler Durden on 05/16/2016 - 22:40 On behalf of Prensa Latina news agency, Miguel Fernandez was the only journalist from the Western world accredited to work in the Syrian capital of Damascus for nearly a year. After returning home to Havana, Fernandez gave Sputnik News an exclusive interview in which he reflects back on what he experienced in the war torn country... "These elements (Daesh) are savages. They can destroy a monument in the same way that they cut a child's head off... During the first 30 days of bombing the Russians were able to destroy 40 percent of Daesh's infrastructure, which the US and its allies hadn't been able to do for a year."
by Jeff Nielson, Bullion Bulls:
To paraphrase an old expression, “there are lies, damned lies, and Obama lies.” In 2008; Barack Obama promised Americans (and the world) “change”, meaning a change of direction from the eight year reign-of-error of George Bush Jr. What Americans and the world got was more of the same, in every way.
Obama promised to “get tough on Wall Street.” Instead, his corrupt regime has proclaimed that it willnever prosecute a Big Bank, ever again. Obama promised to repeal “the Bush tax-cuts”, which were at the time the largest single windfall for the wealthy in history. Instead, he has entrenched this never-tax-the-Rich philosophy.
Read More…
To paraphrase an old expression, “there are lies, damned lies, and Obama lies.” In 2008; Barack Obama promised Americans (and the world) “change”, meaning a change of direction from the eight year reign-of-error of George Bush Jr. What Americans and the world got was more of the same, in every way.
Obama promised to “get tough on Wall Street.” Instead, his corrupt regime has proclaimed that it willnever prosecute a Big Bank, ever again. Obama promised to repeal “the Bush tax-cuts”, which were at the time the largest single windfall for the wealthy in history. Instead, he has entrenched this never-tax-the-Rich philosophy.
Read More…
by Pam Martens and Russ Martens, Wall St On Parade:
The Citigroup Private Bank at 201 South Biscayne Blvd. in Miami is
located in a 34-story building in downtown Miami with breathtaking views
of Biscayne Bay. It’s also the address for dozens of offshore companies
whose agent is Mossack Fonseca, the law firm at the center of the
Panama Papers scandal. The graph below shows just some of those
companies, a number of which were incorporated as recently as 2013
through 2015. (Some companies indicate they are no longer active.) This
new information comes from a search of the public database
made available by the International Consortium of Investigative
Journalists (ICIJ), which received more than 11.5 million leaked files
from the Panama-based law firm, Mossack Fonseca, which ICIJ calls “one
of the world’s top creators of hard-to-trace companies, trusts and
foundations.” The full cache of records has yet to be made public and is
being investigated by journalists around the world.
To fully appreciate Citigroup’s links to the Panama Papers scandal, a bit of history is in order. Citigroup was publicly thrashed by Senators Susan Collins and Carl Levin, Chair and Ranking Member, respectively, of the Senate’s Permanent Subcommittee on Investigations following an in-depth investigation in 1999 of its facilitation of moving hundreds of millions of dollars of looted wealth by heads of state or their relatives from struggling countries to secret accounts in offshore havens.
Read More
The Citigroup Private Bank at 201 South Biscayne Blvd. in Miami is
located in a 34-story building in downtown Miami with breathtaking views
of Biscayne Bay. It’s also the address for dozens of offshore companies
whose agent is Mossack Fonseca, the law firm at the center of the
Panama Papers scandal. The graph below shows just some of those
companies, a number of which were incorporated as recently as 2013
through 2015. (Some companies indicate they are no longer active.) This
new information comes from a search of the public database
made available by the International Consortium of Investigative
Journalists (ICIJ), which received more than 11.5 million leaked files
from the Panama-based law firm, Mossack Fonseca, which ICIJ calls “one
of the world’s top creators of hard-to-trace companies, trusts and
foundations.” The full cache of records has yet to be made public and is
being investigated by journalists around the world.To fully appreciate Citigroup’s links to the Panama Papers scandal, a bit of history is in order. Citigroup was publicly thrashed by Senators Susan Collins and Carl Levin, Chair and Ranking Member, respectively, of the Senate’s Permanent Subcommittee on Investigations following an in-depth investigation in 1999 of its facilitation of moving hundreds of millions of dollars of looted wealth by heads of state or their relatives from struggling countries to secret accounts in offshore havens.
Read More
by Peter Schiff, EuroPacific Capital:
During a lengthy interview on CNBC the week before last, Donald Trump, fresh from becoming the presumptive Republican nominee, came as close as any major presidential contender ever has to saying that America is not capable of repaying her debts in full, and that our path to economic recovery might involve some pain for our creditors. This moment of candor earned Trump almost as much condemnation as his earlier suggestions to ban Muslims from entering the United States.
To many, the idea that U.S. debt obligations involved even the slightest risks to investors was both the height of financial naiveté and the epitome of political recklessness. The pressure was so great in fact that The Donald, who has consistently refused to engage in even the most sensible strategic retreats, appeared on CNN last Monday to “clarify” his earlier remarks. However, he ignited another firestorm when he inadvertently let slip another unspoken truth, namely, that the United States can always print however much money she needs to “repay” her debt. Apparently the only acceptable position to hold on this issue is to completely deny reality.
Read More
During a lengthy interview on CNBC the week before last, Donald Trump, fresh from becoming the presumptive Republican nominee, came as close as any major presidential contender ever has to saying that America is not capable of repaying her debts in full, and that our path to economic recovery might involve some pain for our creditors. This moment of candor earned Trump almost as much condemnation as his earlier suggestions to ban Muslims from entering the United States.
To many, the idea that U.S. debt obligations involved even the slightest risks to investors was both the height of financial naiveté and the epitome of political recklessness. The pressure was so great in fact that The Donald, who has consistently refused to engage in even the most sensible strategic retreats, appeared on CNN last Monday to “clarify” his earlier remarks. However, he ignited another firestorm when he inadvertently let slip another unspoken truth, namely, that the United States can always print however much money she needs to “repay” her debt. Apparently the only acceptable position to hold on this issue is to completely deny reality.
Read More
by argentus maximus, TF Metals Report:
I reduced the full chart from it’s full size (in today’s RNP video) to
about 30% to allow it to fit in here. The detail that matters most is
still retained with adequate clarity.
It’s the kind of analog which a computer, using for example Pearson’s Ratio, would give a very low correlation. Looking at it by eye from experience I’d expect maybe not much more than a 15-25% Pearson’s Correlation score if that. But when somebody familiar with market movement, and the character of market movement, particularly someone who knows the difference between impulsive and corrective price action, sees this for the first time they’re more likely to say something like “How about that!”.
In the green and red is the price of gold in Venezuelan Bolivars. In the shocking pink is the price of gold in US Dollars, which is the leaders of society assure us is the strongest currency in the world. The World’s Reserve Currency. Timescale is deliberately different between the two. One chart is monthly and the other quarterly, which is one bar of one for every three (months) of the other. If the loose correlation continues, the USD will (continue to) decline at 1/3rd the speed of the unfortunate Venezuelan currency.
Read More
I reduced the full chart from it’s full size (in today’s RNP video) to
about 30% to allow it to fit in here. The detail that matters most is
still retained with adequate clarity.It’s the kind of analog which a computer, using for example Pearson’s Ratio, would give a very low correlation. Looking at it by eye from experience I’d expect maybe not much more than a 15-25% Pearson’s Correlation score if that. But when somebody familiar with market movement, and the character of market movement, particularly someone who knows the difference between impulsive and corrective price action, sees this for the first time they’re more likely to say something like “How about that!”.
In the green and red is the price of gold in Venezuelan Bolivars. In the shocking pink is the price of gold in US Dollars, which is the leaders of society assure us is the strongest currency in the world. The World’s Reserve Currency. Timescale is deliberately different between the two. One chart is monthly and the other quarterly, which is one bar of one for every three (months) of the other. If the loose correlation continues, the USD will (continue to) decline at 1/3rd the speed of the unfortunate Venezuelan currency.
Read More
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