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Oil Prices Won't Recover Anytime Soon Says Exxon CEO

There is mounting evidence that oil prices are poised to rebound from a historic bust. But what if the bust is not over yet? Despite the signs of a rebound, ExxonMobil’s CEO Rex Tillerson has a much more bearish take on oil prices. Speaking at the IHS CeraWeek conference in Houston, Tillerson predicted that oil prices would remain subdued for the next several years.



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Spot The Odd "VIX" Out

US Equity volatility (VIX) is trading at its lowest since early December, as the schizophrenic swings continue. However, Rates, FX, and Oil "VIX" all remain notably high...



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Houston "Police Officer of the Year" Indicted For Trafficking Weapons For Los Zetas Drug Cartel

What’s so shocking about the story below is not that a 20-year veteran of the Houston police force, who was previously named one of the “Officers of the Year” by the Officers Union, was trafficking weapons for drug cartels. What’s shocking is that he was actually indicted and faces life in prison. He should’ve worked for a federal agency like the DEA or TSA, in which case he might not have even been fired.



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Half Of US Frackers Will Be Dead By Year End, Weatherford Warns

Following the CEO's comments that over 100,000 energy jobs will be lost this year, an executive with Weatherford International - the fifth largest US fracker - has warned half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies. “We go by and we see yards are locked up and the doors are closed," said Rob Fulks, seemingly confirming what Weatherford CEO Duroc-Danner said earlier in the year, "we're now confronted with an unusually severe market contraction."



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It's A Mania - Behold The Red Chips And The Big Macs

We recently revealed that $5.3 trillion of government debt trades at subzero interest rates. In today’s fiscally profligate world that is a thundering tell. What it signifies is nothing less than financial regime change. There are no markets left in any meaningful sense of the word - just a raging casino infected with the madness of the crowds and the central bank pied pipers who mesmerize them. Every day there are new confirmations of the mania.



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Nasdaq Suddenly Spikes Above March 2000 Closing Record High

Just because...



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The Most Disturbing Chart Of The "New Housing Normal"

Something doesn't quite add up when the median price of a new home is just shy of all time highs, while the actual number of new homes sold is just shy of all time lows.



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The Old Models Of Work Are Broken

No sector will be immune to the changing nature of work and value creation. The only sustainable way to avoid upheaval is to learn to create value in ways that cannot be commoditized.



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WTI Crude Surges Towards $58 - Completes "Manic Wtf" Pattern

From below $56 to $58 in a few hours as terrible Asian, European, and US PMIs prompt a spoofed, manic stop-run to Tuesday's highs.



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When The Math PhDs Are In Charge

US stocks are open - Panic Buy. PMI missed! - Buy moar on bad data. New Home Sales miss - even better - buy moar as bad news is good news. Yesterday's highs hit... Stop-run complete... unleash the selling...



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New Home Sales Tumble By Most In Almost 2 Years As Northeast Crashes

After existing home sales sent stocks vertical on great news, so new home sales plunge has sent stocks vertical on bad news. An 11.1% drop MoM - the biggest since July 2013 - dragged new home sales back below 500k to 481k SAAR - the biggest miss in a year. Sales of new homes collapse 33.3% in The Northeast and The South saw new home sales crash 15.8%.



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President Obama To Explain How A CIA Drone Strike Killed US/EU Hostages In January - Live Feed

A U.S. drone strike in January targeting a suspected al Qaeda compound in Pakistan inadvertently killed an American and Italian being held hostage by the group, senior Obama administration officials said. As WSJ reports, the killing of American development expert Warren Weinstein and Italian aid worker Giovanni Lo Porto is the first known instance in which the U.S. has accidentally killed a hostage in a drone strike. We await President Obama's 'collateral damage' explanation.



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US Manufacturing PMI Misses By Most On Record As New Orders Tumble

On the heels of weak PMIs from Europe and Asia, Markit's US Manufacturing PMI plunged to 54.2 in April (from 55.7). Against expectations of a rise to 55.6, this is the biggest miss on record. Of course, this is 'post-weather' so talking-heads will need to find another excuse as New Orders declined for the first time since Nov 2014.



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Forget "Grexit", "Grimbo" Has Arrived

The new term follows in the footsteps of the classic (but now tired) “Grexit” and its underrated predecessor “Graccident,” and refers to two of the four outcomes Citi imagines are possible in the unfolding Greek drama. The bad news: both scenarios involve capital controls, deposit flight, and defaults.



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Deja Deja Deja Deja Vu For Mysterious US Bond Seller

It's 8am, do you know where your sudden Treasury-bond seller is?



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