Oil Pumps'n'Dumps After Russia Mentions Production Cut

It appears the weight of positioning is too much to maintain any OPEC/NOPEC jawboning. After yesterday's failure by the Saudis, Russia's comments that it "doesn't rule out extending the oil pact with OPEC" prompted an immediate algo panic buy... but seconds later that was sold into as we suspect over-extended longs are now using rips to reduce risk.

Preet Bharara Joins NYU School Of Law

Just ten days after the US Attorney for New York, Preet Bharara was fired by Donald Trump, prompting speculation if he was working on a probe of Trump himself when he was terminated and further speculation which employer would imminently retain Bharara's services, moments ago the former attorney gave the answer: he is joining the NYU School of Law.

Watch Live: Gorsuch Takes The Stand As Republican Threat Of "Nuclear Option" Looms

After a full day allotted for "opening statements" yesterday, Neil Gorsuch once again takes the stand before the Senate Judiciary Committee today but this time he'll actually be entertaining questions rather than sitting in awkward silence as Democrats takes potshots at his professional career.  Grab your popcorn because today's festivities are scheduled for 10 hours of fun.

Apple Launches Red iPhone 7, Introduces New iPad

As previewed last week, moments ago Apple has introduced a 9.7-inch iPad with Retina display, starting at $329. Today AAPL also announces red edition of iPhone 7 and iPhone 7 Plus to mark more than 10 years of partnership between Apple and HIV/AIDS charity.

Frontrunning: March 21

  • Gorsuch Strives to Present Himself as Above Political Fray (WSJ)
  • Investigation Could Hurt Trump’s Clout in Congress (WSJ)
  • U.S. to Ban Laptops and Tablets in Cabins of Some Mideast Flights (BBG)
  • Tillerson no-show at NATO renews European disquiet about Trump (Reuters)
  • Don’t Blame Your Social Media Feed for the Growing Political Divide (BBG)
  • High-Frequency Traders Fall on Hard Times (WSJ)

Breslow: "Memo To Traders: The Fed Is Making This Up As They Go Along"

"In the lead-up to the March meeting, Fed speakers were hawkish and seemingly “orchestrated”. So what do they go and do? Deliver a hike that was taken as dovish. And now we’re all sitting around hoping the slew of speakers this week will tell us what they really meant. Why does anyone think there’ll be clarity with a shelf-life beyond this week?"

Ahead Of Critical Vote GOP Unveils More Changes To Health Bill, But It's Not Enough

With just two days left until the House is set to vote this Thursday on the critical Obamacare repeal bill, where an adverse vote could lead to the biggest blow to Trump's domestic policy agenda yet, House Republican leaders on Monday night released the latest set of changes to their ObamaCare replacement bill, as they scrambled to win more votes for the legislation. 

Global Stocks Rise; Euro Surges To 6 Week High After French Presidential Debate

European stocks are modestly in the green as gains in banks and oil companies offset declines in miners. Asian stocks and S&P futures rise with Emerging-market stocks extending their longest winning streak since August on the back of the 5th consecutive daily drop in the USD. The euro rose to the strongest in six weeks after a French presidential debate eased market concerns about a possible Le Pen win.

Comey: "The Russians Concluded Trump Was Hopeless Last August"

“Late in the summer they concluded based on the polling that a lot of people were reading that Mr. Trump didn’t stand a chance,” said Comey, although it was not clear just how the FBI knew what the Russians "concluded" as of last summer.

"Audit The ECB"? - German Officials Call For Greater Oversight Of Central Bank

With the omnipotence of the world's central banks suddenly all too evidently exposed as nothing more than 'Oz'-like smoke-and-mirrors, it is not just US politicians that are losing faith and calling for more oversight of the most-powerful unelected officials in the world. Handelsblatt reports today that Germany's federal auditor says The ECB lacks accountability in banking sector oversight and government will work to close that oversight gap.