ISIS: Losing The Battle, But Winning The War

"As the Caliphate razed to the ground everything in its path, Europe reacted as if that were just the result of regrettable manners that should not concern her. The Islamists, however, had other plans..."

WTI Tumbles To $42, Brent Below $45 As Credit Crashes

High yield energy credit markets are in trouble again, with risk now at its highest level in 7 months. Despite this morning's Iran-hyped OPEC bullshit and a small draw in Gasoline, it appears the reality of surging US shale production and lagging demand is weighing down oil (and gasoline) markets...

Goldman's New Favorite Trade: Make 25x Your Money If Stocks Drop 7%

As we have pointed out numerous times, Goldman notes that elevated US policy uncertainty and geopolitical risk indicate heightened risk of more frequent political and geopolitical tail events. And given the extreme complacency in markets, Goldman suggests the following trade as a clean way to play that concept of reality emerging into market pricing once again...

US Home Prices Surge To Record High As Homebuilder Hope-Reality Gap Largest Ever

Following April's declines across the home sales data (as well as a dip in homebuilder optimism), existing home sales in May surprised positively (up 1.1% versus -0.4% exp) and follows a small upward revision to April's drop. Median Home Prices pushed to a new record high at $252,800, as inventories tumble.

Dear Democrats / Media: ICYMI Last Night Was A Referendum On You, Not Trump

The Democrats lost last night not because 'Russia' stole the election, not because it rained in Dekalb county and supressed the minority vote and not because Trump is doing an amazing job...Democrats lost again last night because Americans are sick and tired of mainstream, corrupt politicians, tired of the millions of dollars that flowed into Ossoff's bank accounts from San Francisco in an apparent attempt to buy a house seat and tired of the fake media narratives on Russian hacking.

Gartman Turns Bearish: "Today Is The Summer Solstice; Be Prepared"

"There has been a historical precedent for market turns of consequence to have taken place at or very near to solstices and equinox. Given that today is the Summer Solstice we are on guard, for as the chart this page suggests the past may not perfectly be the prologue to the future but it is at least worthy of note."

After Shocking Saudi Shakeup "Not A Question Of If But When New Escalation With Iran Starts"

"With Mohamed bin Salman now having greater control of Saudi Arabia and with Jared Kushner having a large control of the White House it is not really a question of if but rather of when a new escalation with Iran starts."

Frontrunning: June 21

  • Republican Handel Wins Georgia House Seat, Dashing Democrats’ Hopes (BBG)
  • Uber CEO Kalanick Quits as Investors Revolt (WSJ)
  • Saudi King’s Surprise Shakeup Clears Son’s Path to the Throne (BBG)
  • After weeks of secrecy, U.S. Senate to unveil healthcare bill (Reuters)
  • Latest Election-Hacking Hearings to Focus on State-Level Events (WSJ)

In Historic Shakeup Saudi King Removes Crown Prince, Names Son As First Heir

In a shocking development, on Wednesday Saudi Arabia’s King Salman appointed his 31-year-old son Mohammed bin Salman as crown prince, placing him as first-in-line to the throne and removing his nephew, 57-year-old Mohammed bin Nayef - the country’s counterterrorism czar and a figure well-known to Washington - from the royal line of succession. Bin Salman already controls the Kingdom's defense, oil and economic policies; today's announcement merely consolidates his power.