• 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.

Tyler Durden's picture

The Middle East Nuclear Power Play No One Is Talking About

With all eyes currently transfixed on Iran’s nuclear future, there is seemingly little attention being paid to another landmark Middle Eastern nuclear trend, spearheaded by Russia.



Tyler Durden's picture

Stocks Are Not Cheap (And 'Growth' Won't Help)

As commodities carnage and credit cracks, talking heads remain intentionally ignorant in there sheep-like mantra to buy and hold stocks no matter what. Ever hopeful that 'growth' and the 'future' will fix any and all over-valuations, even with the current record low number of stocks trading 'cheap', they continues to ignore the facts. As Professor Bruce Greenwald recently told Goldman Sachs, "if a cyclical is trading expensively, it doesn't really matter how fast it is growing because historically growth hasn’t created value for cyclicals. Absent growth, value cyclicals don’t look like good investments."



Tyler Durden's picture

Presenting The "Glamour" Bubble In All Its Glory

Nowhere is this new "glamour" bubble more visible than in the divergence between these "sexy" names built up on nothing but hype, or as David Einhorn would call them "story" stocks, and good old "resource" companies: those engaging in such "old economy" activities as energy and materials.



Tyler Durden's picture

Earnings And Guidance Suddenly Matter? Say It Ain't So...

We are seeing a kind of flight forward by investors – promises of future returns that may or may not eventuate continue to be highly rewarded – no price seems too high. This is actually a fairly typical bubble phenomenon. It is impossible to say for how long it will continue and how far it will go, but it is possible to say how it will end: in tears, especially for Johnny-come-lately investors.



Tyler Durden's picture

Nasdaq Plunges Into Red, Gives Up All AMZN Gains

Well that escalated quickly...



Tyler Durden's picture

There Goes The Housing "Recovery" Again: New Home Sales Plunge Most Since 2014

Despite exuberant existing home sales, new home sales crosses back below the 500k Maginot Line to 482k SAAR - the lowest since Nov 2014. Previous data was revised notably lower as June data missed expectations by the most in a year. The West region saw new home sales collapse 17%. Perhaps the slide in single-family home starts means something after all?



Tyler Durden's picture

US Manufacturing PMI Hovers Near 19 Month Lows, Employment Tumbles Amid "Worrying Undercurrents"

Despite a very marginal improvement (from 53.6 to 53.8), Markit US Manufacturing PMI remains stubbornly stuck at 19-month lows, unable to bounce from the weathewr-strewn, port-strike-ridden weakness of Q1. As Markit notes, "a modest upturn in the headline manufacturing PMI belies some more worrying undercurrents which point to potential weakness in coming months," and the slump in unemployment index suggests things are not well at all...



Tyler Durden's picture

A Tale Of Two Nasdaq Extremes: Amazon Up 17%, Biogen Down 17%

While Amazon is up 17%, the Nasdaq party is being spoiled by the 17% collapse in Biogen following its aggressive guidance cut. As we noted previously, Biogen is the 4th most profitable biotech company and this 'scare' is weighing heavy on Janet Yellen's favorite short industry as the entire Biotech index is sliding.



Tyler Durden's picture

Troika Returns To A Conquered Greece Amid Anger, Security Threats

"The letter has been sent." Greece formally invites the troika back to Athens sparking anger, resentment among a conquered people.



Tyler Durden's picture

30Y Yield Tumbles To 2-Month Lows, Gold Bounces After Double-Flash-Crash

Despite the glad-handing over Amazon's results, the rest of the world appears less than impressed with the state of the status quo. Bond yields continue to plummet with 30Y yields at 2.95% - its lowest since the start of June. Gold saw a double-flash-crash overnight but is bouncing back for now - back above the key $1080 level. The Dow and S&P have given up gains and are back in the red and even Nasdaq is fading fast as Biogen and Amazon battle it out to affect the index...



Tyler Durden's picture

President Obama Visits Family In Kenya, Despite Leaked Schedule Security Concerns

As President Obama completes the re-fueling ahead of the second leg aboard Air Force One on his way to Kenya to visit extended family (and we are sure to do some America-related business), concerns over security have been dismissed after the President's schedule was leaked this week by a Kenyan airline. However, as China Daily reports, Susan Rice, the National Security Adviser said that Obama will not visit his family's ancestral village of Kogelo due to "time and logistical reasons."



Tyler Durden's picture

Add Junk Bonds To The Growing Pile Of Concerns

Because of their credit issues, these bonds often trade more closely with equities than they do with base interest rates. Occasionally, however, junk bonds and stocks will diverge with one another. Such a divergence is occurring at the moment. It is often suggested that when the bond and stock markets diverge, the bonds typically prove to be correct, i.e., the stock market usually ends up going the way of the bonds. Is there evidence to back that up? According to our research there is, and with junk bond yields at s-x month highs while the S&P is within 1% of record highs, for stock bulls, that isn’t necessarily good news.



Tyler Durden's picture

In Latest Market Rigging Scandal, Wall Street Now Sued For Treasury Market Manipulation

"Defendants used electronic chatrooms, instant messaging, and other electronic and telephonic methods to exchange confidential customer information, coordinate trading strategies. Traders at some of these primary dealers talked with counterparts at other banks via online chatrooms and swapped gossip."



Tyler Durden's picture

Frontrunning: July 24

  • Gunman kills two, wounds seven in Louisiana theater before killing himself (Reuters)
  • Health insurer Anthem to buy Cigna in $54.2 billion deal (Reuters)
  • Murder, Poisoning, Raids: It’s Election Season in Russia (BBG)
  • Lagarde Push for Greece Debt Relief Challenges Merkel (Bloomberg)
  • Fund Boss’s Gamble on Health Law Pays Off Big (WSJ)
  • Wall Street Cranks Up Its Outlook for Amazon After It Delivers Monster Earnings Report (BBG)
  • China's Richest Man Marks Push Into Hollywood With Jake Gyllenhaal Movie (BBG)
  • West Africa's alarming growth industry - meth (Reuters)


Do NOT follow this link or you will be banned from the site!