• GoldCore
    07/30/2014 - 18:58
    “But long term...and economic law says, if you keep printing a lot of paper money, the value of the dollar and currency will go down, and things and most prices will go up and indeed gold always goes...

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Here's How Obama Can Halt "Tax Inversions" Without Congress (& Why It Doesn't Matter)

As the topic of "unpatriotic" 'tax inversions' becomes a political issue, we thought it interesting to examine how big an economic issue it really is. How much income tax do U.S. companies actually pay every year to the Federal government? As ConvergEx's Nick Colas notes, the simple answer is “Not much”, at least as compared to any other major source of revenue. In Fiscal 2013, Colas adds, the total was $274 billion, or just 9.9% of all tax and withholding receipts. Your political leanings will inform your opinion about whether that number is too high or too low, of course; but we point out that, as Reuters reports, a former  international tax counsel at Treasury explains Obama could "slam dunk" dictate an end to 'tax inversions' without Congressional approval (by invoking a little known 1969 tax law)



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Marc Faber Responds To CNBC Mockery, Asks "How Has CNBC's Portfolio Done Since 1999?"

Having provided his clarifying perspective on why the markets are extremely fragile and due for a 20-30% correction, Marc Faber was assaulted by CNBC's Scott Wapner reading off a litany of recent calls that have not worked out as planned. His response was notable: "I started to work in 1970, and over that career, somehow, somewhere, I must have made some right calls; otherwise I wouldn't be in business." What CNBC then edited out of the transcript was Faber pointing out his 22% annualized return in his publicly-viewable funds since then and asking - sounding somewhat frustrated at the anchor's mockery (and background snickers) - "I wonder what the CNBC portfolio would look like since 1999?" The response: silence.



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Why Herbalife Is Crashing After Hours In Two Charts

Here are the two most important charts which explain why the stock is crashing over 11% after hours.



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Most Transparent Insider Trading Congress Ever Tells SEC To Shove it

"Do as we say, not as we do," appears the modus operandi of the current administration's increasingly totalitarian regime. Today's edition of 'wait, what?' comes from The WSJ who report that The U.S. House of Representatives told a federal court Friday it should dismiss a lawsuit filed by the SEC (regarding the long-running insider-trading investigation) because Congress is lawfully allowed to ignore requests to turn over records and testimony to the executive branch agency. Arguing "sovereign immunity" and responding in a rather snarky (almost "do you know who we are?" manner), House attorneys blasted the SEC's "fool's errand."



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Here Are The Most Shorted S&P And Russell Stocks (Yes, Trulia Is One Of Them)

Earlier today, countless investors who still foolishly believe that in the new normal "fundamentals" matter, screamed out in terror when Zillow announced that it would acquire Trulia for $3.5 billion or a 20% premium to the Friday close, and were suddenly silenced. The reason: with 38% of its float short (making it the 30th most shorted stock in the Russell 2000), this was one of the most dramatic confirmations of what we said was the best trading strategy under the Fed's artificial and capital misallocation regime, namely "buying the most hated names to generate the most alpha." So for all those who still believe that the market has quite a ways to go under the yoke of the Fed's centrally-planning before it all crashes into a house of rigged cards, here is the list of the most shorted stocks in the S&P500 and Russell2000, sorted by descending short interest as a % of float.



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High-Yield Credit Hits 10-Week Wides As Stocks Bounceback To Unch

Despite an early dump on dismal data, US equity markets (except Trannies) 'v-shape-recovery'ed back up to unchanged or better (as Europe closed and POMO ended) on the heels of an increasingly more beta-sensitive AUDJPY rampfest. Trannies never really recovered (3rd down day in a row) and Russell was less exuberant in its dead-cat-bounce but the Dow and S&P closed very modestly green. High-yield credit markets continue to widen - now at 10-week wides (up 35bps from tights) - notably divergent from stocks. Away from the shenanigans in stocks, the USD ended unchanged; Treasury yields were up 1-2bps; and gold closed very modestly lower. Oil slipped 0.5% to $101.60. VIX closed unch. Only the Nasdaq is green post MH17 Headlines on 7/17 and The Russell 2000 is -1.9% and Homebuilders -9% year-to-date.



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Peak IPO

For a while the window 'grab-the-greater-fool's-money' had closed... but with stocks surging back to all-time record highs on the back of dismal data and dangerous geopolitics, the IPO bandwagon has once again exploded as 25 new names are expected to attempt to squeeze through the door this week before it once again slams shut. As WSJ notes, this is the highest number of IPOs in a week since August 2000. Is this Peak IPO? Or will it go Peak-er?



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Here's What Wall Street Bulls Were Saying In December 2007

The attached Barron’s article appeared in December 2007 as an outlook for the year ahead, and Wall Street strategists were waxing bullish. Notwithstanding the advanced state of disarray in the housing and mortgage markets, soaring global oil prices and a domestic economic expansion cycle that was faltering and getting long in the tooth, Wall Street strategists were still hitting the “buy” key. In fact, the Great Recession had already started but they didn’t have a clue: "Against this troubling backdrop, it’s no wonder investors are worried that the bull market might end in 2008. But Wall Street’s top equity strategists are quick to dismiss such fears."

 



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Mapping The Global Contagion From Portugal's Systemic Banking Crisis

As multiple entities of one of Europe's largest banking dynasties rapidly crumble into bankruptcy, there are bound to be ramifications. With even the Portuguese President fearing Espirito Santo's systemic impact, we thought the following chart from Thomson Reuters would highlight the fact that is far more than just a Portugal thing... it has notable consequences for large businesses from Brazil to Mozambique.



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US-Israeli Relationship In Jeopardy, Kerry "Ruined Everything"

Is there anyone in the world who is not mocking John Kerry? As AP reports, Obama administration officials were fuming Monday over a torrent of Israeli criticism of Secretary of State John Kerry's latest bid to secure a cease-fire between Israel and Hamas. Israeli media commentators have leveled almost nonstop criticism at Kerry in recent days over his attempts to bring Qatar and Turkey — two countries viewed by Israel as strong Hamas supporters — into the cease-fire negotiations - "U.S. Secretary of State of State John Kerry ruined everything." The White House is not happy - in unusually harsh language, officials said the criticism of Kerry could put the relationship between the U.S. and Israel in jeopardy. They also said the personal attacks on Kerry crossed a line. Another red line crossed?



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Is This Why The Market Just Turned Green?

SSDD: Big dump at the open, then the usual low volume levitation higher as the BTFD algos engage. But why? While the economic news today was bad it wasn't so horrible to merit a new all time high in the "market", while geopolitical developments continue to deteriorate, however at the usual "better than expected" pace. So what might have been the reason for today's latest surge higher which just brought the "market" back into the green? This note from Dennis Gartman may well have been the catalyst.



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2 Year Paper Prices At Highest Yield Since May 2011; Directs Tumble, Dealers Surge

The most notable fact about today's $29 billion auction of 2 Year Notes was that the final yield of 0.544%, which stopped through the 0.546% When Issued, is that this was the highest auction yield since May of 2011 when the paper, since matured, priced at 0.56%. Considering some at the Fed anticipate the Fed Funds rate hitting over 4% by the time this bond is supposed to mature, either the Fed hawks or the market is wrong.



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Earnings Recovery? Europe Would Love Some Of That

As the following just released chart from Goldman shows that while non-GAAP EPS in the US have stabilized (and Japan is clearly the upside suprise even as its economy is once again teetering on the edge of recession), and Asia ex Japan is slowly rolling over once more, it is Europe that is the big shocker: as of July, European 2014 EPS forecasts are now the lowest they have been for the entire year, and are down 8% from where they were at the beginning of the year!



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The Case For A Bull Or Bear Market In Two Charts

Which appears more likely - a straight-line extension of the past two years' rise in stocks, or another "impossible" decline to complete the megaphone pattern?



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