• Gold Standard I...
    07/28/2015 - 04:17
    Greece has no future, so long as it clings to the euro. The dollar won't servce you much better. A drachma will only harm the Greek people. That leaves one other option.

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Why Your Portfolio Does Not Perform Like The Indices (In 1 Simple Chart)

The average S&P 500 stock is no longer keeping pace with the market's moves... as breadth becomes focused on a shrinking pool of FOMO stocks.



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Potential outcomes from the upcoming FOMC rate decision...

The FOMC are to hold their July policy meeting on Wednesday at 1900BST/1300CDT with the overwhelming consensus being that the Fed will once again keep rates at their record low with attention more so on subtle tweaks to the statement given the broader consensus of a September move and given that this month there will be no projections or press conference.



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Greece's Biggest Mistake Explained (In 1 Cartoon)

Seriously...



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Stuck In Market Purgatory: How China's Citizens Lash Out At The Broken Market, In Their Own Words

"I have lost everything. I don't know what to do... I trusted the government too much... I won't touch stocks again, I have ruined everyone in my family." "I will sell all my shares tomorrow if there is a chance." ... "I am pretty sure that if the government does not come to rescue us, the situation will get much worse," ...  "I managed to sell them all at a loss today, and so I lost 320,000 yuan in two days. I don't have confidence on the market any more. I don't want to get into the market again."



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Does "Creative Destruction" Include The State?

When do we get to exercise democracy and fire every factotum, apparatchik, toady and lackey in the state who has abused his/her authority?



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Austrian Bad Bank "Black Swan" Bail-In Is Unconstitutional, Austria Declares

In a key ruling that may have implications far beyond Austria's borders, the country's constitutional court has struck down a bail-in that would have imposed losses totaling some €800 million on junior Heta bondholders.



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Blame The Fed For The Commodities Slump

Why the big slowdown? Why is the world falling apart? Because you can’t fake an economic recovery... Instead of “stimulating” a recovery, the feds have “simulated” one.



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Compromised Hedge Funder Joins BOE In Revolving Door Roundtrip

A former BOE employee and Mervyn King speechwriter who went on to a lucrative private sector career as a bond strategist at Deutsche Bank, and then as a hedge fund economist, is now going back to the BOE as a voting member. And that's not all. This revolving door story has a punchline...



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Nervous Nasdaq - Too Many Highs & Lows

Historically, the occasions of large numbers of New Highs AND New Lows at the same time did not bode well for the stock market. As we noted previously, “there are a number of stocks below the surface that are breaking down – yet enough that are still performing well to mask that weakness and prevent market participants from getting too bearish.” That dynamic that keeps participants from worrying too much about the deteriorating internals – and keeps them in the market – is just the thing that can set them up for significant losses. This is another example of the growing emergence of data points that echo the previous 2 cyclical tops.



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Dow Spikes 170 Points "Off The Lows"

Because, why not...



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Toys'R'Us Bonds Crash As Suppliers Set To Tighten Credit Lines

Just two years after Toy'R'Us attempted (and failed) to IPO, Bloomberg reports that insurance companies are cutting back on their coverage of the firm's suppliers. Without this 'insurance', which protects suppliers in case a retailer fails to pay them for merchandise - as in the event of a bankruptcy - the risks of shipping to the retail chain soar. Toys'R'Us bonds have collapsed to lows as investors recognize that credit insurers sometimes cancel existing policies if a company’s performance declines precipitously enough to place its ability to keep operating in doubt. That occurred in the months before bankruptcy filings at RadioShack, Borders, and Circuit City.



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Highest Indirect Demand In Over 6 Years Leads To Surprisingly Strong 2 Year Auction

After today's Bill auction which once again saw rising yields at multi-month highs, supposedly due to Fed rate hike concerns, many were watching today's 2 Year auction carefully to see if rising rate pressures will put a dent in short-end maturities. The answer was a resounding no, when moments ago the Treasury sold $26 billion in 2 Year paper at a yield of just 0.69% (as a reminder the Fed's leaked staff projection forecast a FF rate of 1.26% at the end of 2016 or inside the maturity of this bond), pricing 0.8bps through the 0.698% When Issued, and suggesting there may have been another short squeeze into the auction.



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Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

As Greece prepares to weather still more austerity in exchange for a third EU bailout program, the economy has fallen into a veritable tailspin, as retail sales collapse, doctors flee, and credit is nowhere to be found. 



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Wall Street Still Didn't Get The Memo - China's Done, Top's In!

Bubblevision’s Scott Wapner nearly split a neck vessel today denouncing the US stock market sell-off. It was completely unwarranted, he thundered, because China don’t have nothin’ to do with anything. The collapse of red capitalism in China is exporting gale force deflation to the global economy, meaning that the already evident rollover of world trade is just beginning its descent. So S&P profits are not immune, not by a longshot. One of these days, perhaps soon, even Scott Wapner will get the memo.



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VIX Crashes To 13 Handle

Malicious VIX buyers have been arrested... because 2% losses in China is the new freaking awesome!!



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