"First They Came For The Statues..."

"...many citizens await Monday’s spectacle of a total solar eclipse in parts of the country. They apparently don’t realize that another eclipse has been underway for months: the total eclipse of reality across the entire landscape of the USA."

Bitcoin Cash Soars 70% Overnight Amid Bitcoin Uncertainty & China Crackdown

Bitcoin Cash soared overnight, spiking as high as $569 (from below $300) as renewed uncertainty around Bitcoin re-forking, reports that the first 8mb block has been mined, and fears over further crackdowns in China on Bitcoin trading sparked demand for the forked currency, pushing it back up to the 3rd biggest cryptocurrency by market cap.

Rig Count Drops Most In 7 Months As 'Traders' Panic-Buy Crude Futures

The US oil rig count dropped 5 to 763 last week, the biggest drop in 7 months. However, crude production from the Lower 48 has surged (rising the most since June last week) to the highest since July 2015. Even with today's sheer farce panic-buying squeze higher in WTI crude, oil looks set for its 3rd weekly close lower as BNP notes the "whole supply surplus story is not likely to go away anytime soon."

Bannon Ousted From The White House

“White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve’s last day. We are grateful for his service and wish him the best” - The White House.

Stocks Jump On Rumors That Bannon Firing Is Imminent

A decision is reportedly imminent from White House chief of staff John Kelly on whether Steve Bannon will keep his job, according to administration officials with knowledge of the situation. Axios reports that man West Wing officials are now asking "when," not "if," Bannon goes.

These Are The Top 50 Hedge Fund Long And Short Positions

In an unexpected turnaround, for once hedge funds aren't sucking (if still underperforming both the S&P and the average mutual fund): for those who believe in piggybacking, here are the Top 50 most popular longs and shorts within the HF community.

Will They Haul Off Trump's Statue, Too?

"We take for granted, too, that our officials are miracle workers... and that we live among the gods themselves in an economy that never takes a breather... a stock market that only goes up... and something for nothing until Hell freezes over...But a recession cannot be far off. When it comes, the stock market will go down in sympathy. Then, Mr. Trump’s statue might be hauled off, too, before it is ever put up."

UMich Beats But Warns A Drop Is Imminent

The University of Michigan Sentiment survey beat expectations with its preliminary August print (97.6 vs 94.0 exp) driven by a massive spike in 'hope' as currenct conditions slump to their weakest since Nov 2016.