Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.
We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience."
Low oil prices must be good for airlines profits, right - especially if they keep ticket prices artificially high...
*DOJ SAID PROBING WHETHER AIRLINES COLLUDING ON HIGH AIRFARE:AP
And now we await for the DOJ to probe whether central banks are colluding to keep stock prices high. /sarc.
DIJSSELBLOEM SAYS SEES NO GROUNDS FOR FURTHER GREECE TALKS
DIJSSELBLOEM SAYS WILL BE NO TALKS IN COMING DAYS
DIJSSELBLOEM SAYS WILL WAIT FOR OUTCOME OF GREEK REFERENDUM
DIJSSELBLOEM SAYS WILL TAKE INTO ACCOUNT OUTCOME OF SUNDAY VOTE
Following today's record production and renewed inventory build, it appears the $57 to $62 range of the last 3 months is about to be tested ... especially as Kerry et al. assure the world an Iran deal is "very very close" and they are working "very very hard." WTI (Aug) is now trading with a $56 handle - its weakest since mid-April...
The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.
Confused as to how to vote Sunday? Starting to understand having your cake and eating it to may not work? Greek FinMin Varoufakis has six simple reasons to "just say no"...
What if Berlin and Frankfurt do not budge? What if they tell Athens to ‘go jump of the tallest cliff’? I have good cause to hope that Berlin will prefer to accommodate the Greek government and to look with a great deal more ‘kindness’ the ‘request’ for a debt relief conference. And if it does not, and wishes to bring the Eurozone down with it, let it do its worst, I say.
Surprise! The Eurogroup conference call has ended and there's no deal in sight until after the referendum.
*KAZIMIR SAYS NO GREECE TALKS UNTIL AFTER REFERENDUM
Small Caps are leading the way...
This wasn't supposed to happen...
The world saw a potential Y2K-moment overnight and just as in 2000, the world did not end. An extra leap second was added, potentially blowing up every computer in the world... but as the following chart shows, for the algos, it was just a buying (and selling) opportunity.
"Today is Day 1 of Year 7 of the 'recovery', and yet economists everywhere proclaims 3% growth is just around the corner," rages Jim Bianco as he addresses what 'bugs him', exclaiming "that ship has sailed." Bianco and Santelli go on to slay Keynesian big government dragons and the incessant bullshit from officials like Jack Lew who opine on Greece and other potential systemic risks as being a non-event - "what is priced in is that everything will work itself out at the 11th hour," leaving a huge asymmetric risk. Well worth the price of admission...
"There is certainly an unusual feeling of calm in the air. Citizens seem a bit more polite and helpful to one another than before, with no shortage of clever comments to break the tension on everyone’s mind being all in the same boat. My first thought was to assume a newfound “keep calm and soldier on” state of unity among the populace. But this is Greece, not Northern Europe. the words “quiet” and “calm” never share a sentence here. No, this was something different, I believe, more of a “laugh to keep from crying” state of mind. And being very experienced with Greece and Greek culture for my entire life, this realization was off-putting to say the least."