Why Obamacare's "20 Million" Number Is Fake

The next time a defender of Obamacare tries to take the moral high ground about the millions of people the law has helped, ask them to define what “help” looks like.

Trump As Lightning Rod (Not Just For Disaffected Progressives, But For Panicked Insiders)

Trump isn't just a lightning rod for delusional Progressives who were happy to see their real-world fortunes erode away as long as the Insiders in charge kept muttering the desired symbolic speech acts; he is also a lightning rod for Insiders fearful that their Insider apple cart is about to be upended, and they might actually have to work for a living, or actually compete in the real world--something they know they are ill-prepared to survive.

Trump Touts "People Are Seeing Big Stuff” After GM Unveils 7,000 New U.S. Jobs

"As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners.  The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.”

Trump Trounces Yellen - Dollar Dumps, Erases All Post-Fed Gains

It appears The Donald is stronger than The Fed (for now). The president-elect's comments that the dollar is "too strong" have accelerated the weakness from his press conference last week, and erased all the "well the dollar is up because the US economy is so strong" gains in the greenback since The Fed hiked interest rates for the second time in a decade...

Bonds & Bullion Are Surging As Small Caps Give Up 2017 Gains

Following Friday's plunge in bond and bullion prices, dollar weakness (on Trump's comments), Brexit uncertainty, and looming inauguration appear to have sent a ripple of anxiety through capital markets sending Treasury yields tumbling (6-8bps lower across the curve), gold prices soaring (above $1215), and stocks tumbling (Small Caps back in the red for 2017)...

Apple Hikes UK App Store Prices By 20% In Response To Plunging Pound

Apple has backed up last year's 20% hike in laptop and computer prices with a sharp rise in app costs. The move will mean - for the first time - that there is price parity between the dollar and the pound as an App Store product that used to cost 79p in the UK will now be 99p. US customers pay 99 cents.

Civil War Two Is Underway - What's Left In The CIA's Bag Of Tricks?

"I dunno about you, but I rather enjoy watching the praetorian Deep State go batshit crazy as the day of Trump’s apotheosis approacheth. I imagine a lot of men and women running down the halls of Langley and the Pentagon and a hundred other secret operational redoubts with their hair on fire, wondering how on earth they can neutralize the fucker in the four days remaining."

Hyundai To Boost Investment In The US To $3.1 Billion Over 5 Years

Korea's Hyundai Motor Group said it plans to lift U.S. investment by 50 percent to $3.1 billion over five years and may build a new plant there - the latest auto firm to announce fresh spending after President-elect Donald Trump threatened to tax imports.

RBC: "Commence Pain Trade"

Commence 'pain trade.' Expect there to be significant buy-side performance pain today with regards to the below key “long USD”-linked “US reflation” trades (as quoted above) seeing real capitulatory / unwind flows.

Frontrunning: January 17

  • Theresa May pledges clean Brexit break (FT); May Pledges Vote on Brexit Taking U.K Out Of EU’s Single Market (BBG)
  • Donald Trump Warns on House Republican Tax Plan (WSJ)
  • Trump, Fed Headed for Clash Amid Dollar Surge, Economists Say (BBG)
  • China’s Xi Warns Against Trade War in Defense of Globalization (BBG)
  • Morgan Stanley Profit Rises on Surge in Bond-Trading Revenue (BBG)
  • Germany says NATO concerned about Trump 'obsolete' remark (Reuters)

Why Futures Are Lower: JPMorgan Summarizes The Chaotic Overnight Session

As traders get to the their desks this morning after a 3-day weekend, only to find a market bombarded by a barrage of overnight news from around the globe even as Theresa May is currently delivering her Brexit speech, here courtesy of JPM's Adam Crisafulli is a recap of all the chaos that has taken place so far.

Theresa May Says UK To Leave EU Single Market

Having been expansively leaked overnight so as to prevent surprises, Theresa May has just begun her speech calling for a "clean Brexit" from the EU. Watch it live below.

Spotted In Davos: Anti-Drone Guns

By now we are used to images of snipers on hotel rooftops protecting the world's great-est-and-good-est from the evils of average-joe-ness. But this year it appears there is a new foe - the drone - and a new weapon to tackle that foe.