BofA's Institutional Clients Are Suddenly Selling Everything

Bank of America clients’ optimism continued to wane last week as clients sold US equities for the second consecutive week after having been net buyers the prior 14 weeks since the election. Even private clients who have been the most aggressive buyers in the past few months, joined the selling? What did they sell: pretty much everything.

Putting It All Together...

Population growth, economic growth, and resultant energy consumption are inexorably slowing. The Federal Reserve knows it can not stop this and is simply slowing the inevitable with interest rate cuts to incent greater consumption via skyrocketing credit/debt...

Number Of Distressed US Retailers Highest Since The Great Recession

"Moody's-rated US retailers rated Caa or Ca today make up just over 13% of our total rated retail portfolio, which is the highest level since the Great Recession.  As they struggle to survive, distressed retailers can take more desperate measures, including highly promotional pricing that can border on irrational.  This leaves stronger firms with the choice of either competing in a race to the bottom, or giving up sales in order to preserve margin."

Oil Spikes On OPEC/White House Headlines

A double-whammy of bullish news hit WTI crude futures shortly after 1300ET today sending prices soaring. First, The White House denied earlier rumors on changes to the ethanol mandate; and then Reuters confirmed OPEC production cut compliance steady at 94%.

Nervous Retailers Launch Ad Slamming Border Adjustment Tax

How do you know America's retailers are nervous? They make an ad. And while usually it is meant pitch a certain product or service, in this case the object of the ad is something every retailer across the US hates with a passion: the Border-Adjustment Tax

What To Watch For In President Trump's Address To Congress

"It's T-Day" as one trader put it this morning. President Trump will address a joint session of Congress Tuesday night for the first time as president in a much anticipated speech with a lot of hyped-up hope hanging on it. Here's what to watch for...

Female Engineer Sues Tesla For Sexual Harassment

A female engineer at Tesla has accused Elon Musk’s car company of ignoring her complaints of “pervasive harassment”, paying her a lower salary than men doing the same work, promoting less qualified men over her and retaliating against her for raising concerns.

Trump Accuses Obama Of Being Behind Protests, Leaks

In an interview with Fox & Friends airing early Tuesday, President Trump blamed former President Obama for protests against him and other Republicans, as well as some of the leaks to come from the White House: “I think President Obama’s behind it, because his people are certainly behind it."

Norway Wealth Fund Gains $53 Billion in 2016 On Trump Rally

"All of the fund’s asset classes generated positive returns, but it was the strong equity return in the second half of the year that drove the fund’s results.  After the presidential election in the U.S., markets priced in higher growth and inflation in the global economy."

Evercore ISI: "Trump Budget Not Happening"

In a note by Evercore ISI's Terry Haines and Ernie Tedeschi, the analyst duo pours cold water on Trumps' budget proposal before it has been even formalized and confidently predicts that "Trump budget not happening" adding that the most likely outcome is that "Congress will modestly hike defense and nondefense spending."

A Quarter Of Snap IPO Buyers Agree Not To Sell For One Year

Snap said it expected approximately 50 million shares of its Class A common stock purchased by investors in the offering to be subject to a separate one-year lock-up agreement, meaning they would be unable to sell for one year after the IPO breaks for trading on Thursday after it prices late in the day on Wednsday.