• Tim Knight from...
    02/06/2016 - 00:25
    What we must remember is this: we are in a bear market, and the risk of a countertrend rally is present, but confined. The opportunity on the downside movement dwarfs the risk of a push higher, as...
  • Phoenix Capital...
    02/06/2016 - 10:15
    2008 was caused by derivatives based on consumer-focused assets (houses). The next crisis will be driven by derivatives on government-focused assets (bonds).

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Why BofA Remains A Seller Until "A Coordinated And Aggressive Global Policy Response" Emerges

And so we are back to square one, where global economic growth is so weak that the Fed's relent is back in play, corporate earnings are collapsing, where 30% of global GDP is now produced in "NIRP" nations, and where more than half the global markets remain mired in a bear market, that the only thing that can "save us" is precisely the same thing that has brought us here: coordinated, global central bank intervention.


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AAPL Tumbles As Market "Breaks" Again

*BATS SYSTEM STATUS: "ALL BATS" ROUTING STRATEGY DISABLED
*NYSE ARCA CITES ISSUE AFFECTING SOME SYMBOLS IN A, P RANGES


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DAX Plunges To 1 Year Lows As Deutsche Bank CoCos Crash, Italian Bank Stocks Slide

The collapse of Deutsche Bank continues to not just accelerate but to contagiously spread...


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US Factory Orders Slide For 14 Consecutive Months As Inventory Ratio Soars To Recession Cycle Highs

With the Services economy now catching down to Manufacturing's demise (in its lagged - not decoupled - manner), this morning's news that US Factory Orders tumbled 2.9% in December (worse than expected and the biggest MoM drop since Dec 2014) offers little hope for any bounce anytime soon. This is the 14th monthly drop in YoY factory orders - something has not happened outside of a broad US economic recession. Even more concerning is the surge in inventories-to-shipments to cycle highs seen in 2000 and 2008.


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"Recovery" Fable Unravels As BOE Cuts Growth Forecast, Eurozone Slashes Inflation Outlook

As you might have noticed, the “recovery” story is starting to fall apart...


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European Bank Risk Soars To 3 Year Highs, US Risk Rising

We are going to need more "whatever it takes." And with Draghi's efforts to shove sovereign bonds down the throat of Europe's banks, the sovereign-to-financial linkage is now systemically as worrisome as it has ever been...


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Martin Shkreli Pleads The Fifth During Congressional Hearing On "Skyrocketing" Drug Prices - Live Feed

Martin Shkreli has pleaded the Fifth amendment right against self-incrimination during the hearing.


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One Of The Biggest High Frequenecy Traders Warns Of Potential Market "Catastrophe"

The head of one of the biggest high-frequency trading companies has warned that there are several faultlines in the structure of increasingly electronic, automated financial markets that could lead to a “catastrophe” in the long run. "We’re creeping in the right direction, but unless we proactively address these issues, sometime in the next several decades we are going to experience a catastrophe due to runaway computerised trading,” Tower Research's Mark Gorton said.


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Oil Spikes Near $33 After Turkey-To-Invade-Syria Rumor

Yesterday it was chatter of 6 (non-Saudi) OPEC members agreeing to an emergency meeting (to do what exactly?) that ramped crude (despite dismal production, inventories, and demand data). Today it is talk of Turkey potentially invading Syria from the Russian defense minister...


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PBOC In Da House? Yuan Spikes To 3-Week Highs

Its deja vu all over again in the land of speculative Yuan shorts today. With Golden Week looming, it appears PBOC is stomping on the throat of speculative shorts in the offshore Yuan with another gross intervention. The last 2 days have seen "someone" panic-buying Yuan higher by a stunning 800 pips, smashing CNH back to 3-week highs when then PBOC last intervened in size...


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Explaining Today's Collapse In US Worker Productivity

Nonfarm Productivity collapsed by 3% QoQ, notably worse than expected as labor costs jump. Economists are gnashing their teeth to explain this "plunging productivity paradox" - we think it is rather simple...


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Initial Jobless Claims Average Hovers 11-Month Highs

Since the beginning of 2014, Initial jobless claims and Challenger Job Cuts have decoupled as the former "trended" in its seasonally adjusted manner while the latter appeared to reflect a different reality. That all changed in October last year as the trend in claims began to turn. Last week's jump to 285k dragged the less noisy 4-week average to 285k - the highest since March 2015 as initial claims begin to catch up to Challenger Job Cuts...


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