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Why This Time Could Be Different

From both and fundamental and technical viewpoint, there is mounting evidence that the current decline might just be sending a signal that there is more going on here than just an "overdue correction in a bull market." While it is too soon to know for sure, there seems to be little risk in being more conservative within portfolio allocations currently until the market environment clears. However, the proverbial "elephant" is margin debt.



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Presenting The Annotated Chinese Equity Bubble Timeline

As the ashes of the China's scorched equity markets lay smoldering at the feet of the plunge protection national team which finally gave up on rescuing the market after CNY900 billion proved inadequate to arrest the slide, and on the heels of the PBoC’s latest effort to staunch the bleeding by resorting to yet more policy rate cuts, we bring you the full, annotated SHCOMP market and policy timeline courtesy of Bloomberg.



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Bill Gross Asks The $64 Trillion Question: Is China Dumping Treasurys?



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...And It's Gone!

Damn It Janet!



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Was Monday's ETF Collapse Just A Warmup?

During Monday's flurry of tripped circuit breakers and flash crashing mayhem, ETF investors learned the hard way that Howard Marks was precisely correct when he warned that ETFs "can't be more liquid than the underlying and we know the underlying can become highly illiquid." The question now, is whether subsequent flash crashes will trigger even more spectacular divergences between fair value and ETF unit prices on the way to proving, once and for all, that ETFs may indeed be the new financial weapons of mass destruction.



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China Stunner: Real GDP Is Now A Negative -1.1%, Evercore ISI Calculates

Courtesy of Evercore ISI, which using its own GDP equivalent index - the Synthetic Growth Index (SGI) - we get a vastly different China GDP result from the official one, namely Chinese growth of -1.1% annually. Or rather, contraction.



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1000s Of Political Figures Are Stashing Cash In Swiss Accounts, Foreign Ministry Admits

In spite of all the attention the nation has received in recent years, SCMP reports that thousands of so-called "politically exposed persons”, or PEPs - a category that includes heads of state and other top officials - hold Swiss bank accounts, a Swiss foreign ministry official said. But, perhaps not for much longer as Bern aims to finalize a law aimed at simplifying the process of freezing and unblocking such funds.



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The Fun-Durr-Mental Reason Why Stocks Are Bouncing (Again)

... or why the number 119.00 is the most important in the world right now...



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Something Is Very Wrong At Mexico's Largest Construction Company...

Presenting: the biggest bond implosion yet in the unfolding EM crisis...



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Lowest Bid-To-Cover Since 2009 In Ugly, Tailing 5 Year Auction As China Dumping Story Picks Up Steam

Cofirming that China is clearly out of the market for the time being, was the Indirect take down, which at 50.1% was the lowest since October and with Directs of 7.3% not stepping up, it meant Dealers were stucking holding 42.5% of tthe auction, the lowest since January 2014.



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Virginia Reporter, Photographer Killed During Live TV Report; "Disgruntled Employee" Gunman Tweets Attack, Shoots Himself

Vester Lee Flanagan - aka Bryce Williams - the gunman who killed two journalists during a live broadcast in Virginia has attempted suicide and is "in a very critical condition", media report.

In a stunning update, the disgruntled employee gunman - has tweeted the moment he killed the two news people... (video has been removed from his twitter and facebook account which are now suspended). While Americans are becoming numb to inner city violence, shooting sprees, and lone gunmen at military installations, the following stunning clip - from live TV at the Bridgewater Plaza in Bedford County, Virginia - of a reporter and photographer being shot and killed is likely to raise the public's awareness of the underlying chaos occurring under the surface in America every day...



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When The FOMC Completely Loses The 'Inflation' Argument

Lost in all the stock market focus is the renewed disaster being signaled across credit markets, “inflation” expectations in particular. Here oil prices and the “dollar’s” darkening intersect with credit and broad financial settings. Quietly, market-based measures of the anticipated future “inflation” path have crashed. It can no longer be transitory, which extrapolates nowhere good for monetary policy, orthodox economics and the actual global economy. The theme for several years now has been that “they don’t know what they are doing” and once more we find that proven by “unexpected” events that were perfectly predictable outside the orthodox bubble.



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Third VIX ETF Short Squeeze In A Row Sends Stocks To Low-Of-Day

For the third day in a row, VXX - the VIX ETF - is suffering a dramatic short squeeze (which makes sense given than short interest is 64.08mm shares against 68.1mm shares outstanding). This surge is weighing on stocks which just hit the low of teh day - with Small Caps now in the red.



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Full Witch Hunt: Chinese Police Probe Securities Regulator While Securities Regulator Probes Brokers

Not satisfied with having arrested a reporter and a prominent investment banker, China is also looking into alleged improprieties at CSRC, the regulator which runs the CSF equity plunge protection team. Meanwhile, CSRC is conducting its own investigations into multiple brokers. 



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Is John Paulson The Biggest Loser From Today's Blown Monsanto-Syngenta Deal

The size of Paulson's stake is unknown, however we do know that the top 20 shareholders top out at about $150 million in SYNN holdings. Assuming a $200 million Paulson stake, that means that Paulson's paper losses were likely $30-40 million today (depending on the price he build up his stake), losses which may have been booked if Paulson decided to cash out.



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