What Really Happened Among The Ja'ss Holes?

“We still have plenty of tools,” remarked a spokesperson: “Janet Yellen, Mark Carney, Andy Haldane, Mario Draghi – does any remote, unelected bureaucracy anywhere in the world have a bigger set of tools?”

Deutsche Bank Calculates How Much Of The S&P's Value Is Due To Central Banks

If the ERP is responsible for 92% of the S&P500 move since 2012, or just over 800 points, that would imply that central bank policies are directly responsible for approximately 40% of the "value" in the market; any moves to undo this support could result in a drop that leaves the S&P in the neighborhood of ~1,400.

ICI Lists Three Ways The Market Is "Weird"

  • Eequity Capital Markets volume is down ~50%, we’re in our 10th straight month of down y/y volume
  • PE funds are doing more selling vs IPO'ing lately and block trades are 3x their normal percentage of secondary volume as sellers look to take the money and run 
  • Several industries (like energy, biotech/health care and parts of technology) have been lesser participants

After Its "Predatory Tax Grab", Europe Prepares Crackdown On Amazon, McDonald's

With Europe desperate to boost its dwindling public coffers and only starting tits anti-tax avoidance campaign, AAPL is only the start in the European Commission's crackdown.  As the WSJ writes, following today's ruling that Apple got an unfair advantage over its competitors because of help it got from Ireland government’s, the EU’s antitrust regulator is likely next to turn to two other ongoing tax investigations on its docket: Amazon.com and McDonald's.

(Too) Great Expectations

While there are many things to 'worry' about in today's markets, there is one "great expectation" that it appears everyone is dreaming about...

These Are The Best And Worst U.S. Cities To Own A House

For those lucky Americans who can afford to own a house instead of being stuck renting the New Normal American dream (where they are prohibited from peddling fiction as their annual rent increases by 10% or more each year), here is the breakdown of the best and worst cities, if only from the perspective of price appreciation in the U.S.

Low-Volatility Stocks At Risk As Credit Cycle Ends, UBS Warns A Crash Is Coming

UBS' Paul Winter believes we are witnessing the end of the credit cycle - earnings growth rates are flat, and the stock market impact has been increasing. Importantly, from a risk perspective, Winter warns that Systemic Risk is rising, and Economic Policy Uncertainty has hit all-time highs, warning that the key risk today lies in low-volatility stocks and the broad market's equity risk premia - "either earnings need to pick up dramatically, or alternately, equities would need to correct by around 20% to bring the equation back into equilibrium."

White Lives Matter Has Been Branded A "Hate Group"

While Black Lives Matter continues to be the topic of national progressive and race debate, with its participants appearing in numerous media outlets while collecting generous donations from the likes of George Soros, its diametrical opposite, White Lives Matter - a group which calls itself an opponent of the Black Lives Matter movement - has just been declared a hate group.

Female Police Officer Stabbed In Toulouse, France By Mentally Ill Muslim Man

In the latest stabbing by a "mentally sick" assailant in Europe, moments ago a female police officer was seriously injured after a man attacked her with a knife at a police station in Toulouse, France, local media reported. The suspect tried to grab the officer’s weapon and when the attempt failed, he took a knife and stabbed her in the throat.

"Good News Is Bad News" Again - Confidence Surge Sparks Stock, Oil Purge

The hghest current expectations confidence since August 2007 has sparked a moment of turmoil in the markets as USD strength sends stocks and oil reeling. Gold is down modestly and Treasuries are bid with the long-end outperforming (as the yield curve flattens to yet another cycle low)...