Corporate Debt To EBITDA Hits All Time High

"When using the aggregated data, both gross and net corporate debt/EBITDA are at or near record leverage levels, well above prior cycle peaks." - Morgan Stanley

WTF Just Happened?

Just as VIX broke back above 15.00, The Dow and USDJPY suddenly air-pocketed seemingly out of nowhere... no news/fundamental catalyst as usual.

Rig Count Rise Continues To Lead US Crude Production To 20-Month Highs

With WTI prices back below $50, it appears stocks and NOPEC production are trumping any OPEC hype/hope and today's Baker Hughes' rig count merely adds to those concerns. For the 13th week in a row, the number of US oil rigs rose (up 5 to 688, the highest since April 2015).

Will Banks Allow Another Slew Of Oil Bankruptcies?

Last week, U.S. banks boosted the borrowing bases for several independent energy companies, lifting spirits in the industry. The move was taken as a sign that lenders are beginning to share in the optimism that oil and gas producers have been enjoying since the beginning of the year. However, while some banks seem to be sharing some of the optimism, others are more cautious.

It's Not Over - House Intel Panel Calls Comey, Clapper, Rogers, Brennan, & Yates To Testify On Russia

Just when you thought it was over - after Trump 'Tomahawks' Putin's pal Assad, and Tillerson trounces Lavrov - and the media had stopped the constant "Russia did it" narrative, the House Permanent Select Committee on Intelligence (which seems like as big an oxymoron as can occur) has called numerous current (and former) officials to testify once again on Russia's "active measures during the 2016 election."

F-18 Fighter Jet From Carl Vinson Carrier Crashes Off The Philippines

With the USS Carl Vinson finally on its way to North Korea after some initial "miscommunications" between the White House and the Pentagon, on Friday it suffered another embarrassing moment when a F-18 pilot was forced to eject during an attempted landing on the deck of the Vinson in the Celebes Sea, south of the Philippines, the US Navy said in a statement. The pilot was recovered safely.

Obama To Make First Public Statement Since Leaving White House

Ending a three-month period of silence since he left the White House on Jan. 20 - much of which was spent on vacation in Palm Springs, Calif., on a Caribbean island with English billionaire Richard Branson and at an exclusive resort in French Polynesia -  former president Barack Obama will make the first public appearance of his post-presidency on Monday when he speaks at an event in his hometown of Chicago, his office said.

The World's Worst Market-Timer

Whatever you do, make sure you keep in mind that the world’s worst market timer (the government) just cried “Uncle.” The proper trade is to assume they will make a mess. A big one.

China Is Building The World's Largest Nuclear Submarine Facility

Starting later in 2017, China's new submarine factory on the Yellow Sea will churn out nuclear-powered attack submarines ensuring that the sub program of the People's Liberation Army Navy will soon be a deadly global force. Once fully operational, the assembly line will enable China to at least match USN SSN production.

WTI Crude Crashes Below $50 As Hedgies Lose Faith In OPEC

Oil is headed for its biggest weekly loss since early March as signs that OPEC will continue with output reductions are offset by growing U.S. production and inventory gluts. Having tried and failed to spark some momentum yesterday (via Saudi jawboning and Goldman confidence), WTI Crude just plunged below $50 for the first time since March.

Market Absurdity Squared: There Is Now An ETF ETF

A landmark event took place yesterday, one which, at least according to Bank of America, may signal that we have hit a top. After $2.9 trillion of inflows to passive funds, and $1.3 trillion redemptions from active funds past 10 years, an ETF ETF has launched.