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.

Existing Home Sales Soar To 10-Year Highs

Following February's 3.9% drop, March existing home sales roared back (up 4.4% MoM - the fastest growth since Dec 2015) to the highest since Feb 2007 at 5.71 million SAAR. Inventories tumbled (for the 22nd month in a row) and prices rose (for the 61st month in a row) as affordability issues remain ignored (for now).

Two Manhattan Subway Trains Stuck In Tunnel After Power Loss

In a nightmare for New York commuters, two subway trains became stuck in a tunnel as power blackout caused delays and service disruptions on several lines during the Friday morning rush hour. According to CBS2, an E train got stuck about halfway through a tunnel at the Seventh Avenue and 53rd Street station. A D train was also stuck in the tunnel.

One Trader's Plan To Not Let The French Election Ruin His Weekend

It's another one of 'those' weekends again, but as Bloomberg's Mark Cudmore notes, anecdotally, FX traders are significantly less excited by the French presidential election than the commentariat (may exacerbate the reaction to any surprise, though it doesn’t increase its likelihood). With options activity at record highs, what should be the game plan for the weekend if you’re a European-based investor?

Frontrunning: April 21

  • Attack overshadows last campaign day in France (Reuters)
  • Paris Gunman Was Questioned by Police in February (WSJ)
  • French PM knocks Le Pen, Fillon stance on security after Paris shooting (Reuters)
  • Battle zone scenes at Paris Champs Elysees (Reuters)
  • In ‘Buy American’ Push, Trump Is Starting in a Hole (WSJ)