Richmond Fed Confirms Weakest Economic Trend Since 2008

For the first time since 2012, the Richmond Fed business surveyr has been in contraction (below 0) for 3 straight months (and 4 of the last 5). Worse still, the six-month average of the business survey has not deteriorated this fast since Q2 2008. While the underlying components were mixed, inventory levels dropped (bad for GDP), average workweek tumbled (bad for incomes), and new orders re-plunged.

Apple Slides After Missing Revenue, China, ASPs Despite Better iPhone Sales, Guidance

Despite guiding notably higher for the holiday quarter, and beating modestly on EPS, AAPL just reported its third consecutive quarter of declining results and iPhone sales, and its first fiscal year of lower revenue since 2001. The market was not impressed, despite Tim Cook's strong guidance for the holiday quarter when AAPL expects to make as much as $78 billion.

Oil Tumbles To 3 Week Lows After Unexpectedly Large Inventory Build

Having closed below $50 for the first time in 3 weeks, WTI Crude extended its losses to 3 week lows after API reported crude inventories rose by a bigger than expected 4.8mm barrels (more than double the 2mm expectation). Cushing inventories drew down by the most since Feb 2014 (we suspect the spillage was the driver), Gasoline inventories built notably despite expectaions of a sizable draw, and distillates inventories drew down for the 5th straight week.

Dump "Don't Treat Us Like Dogs, You Son Of A Bitch" Duterte... For Starters

Alliances are transmission belts of war. So our Founding Fathers taught and the 20th century proved. A U.S. decision to terminate the Mutual Defense Treaty (with Philippines) would also send a wake-up call to every ally: America’s Cold War commitments are not forever. Your security is not more important to us than it is to you. As Donald Trump has been saying, we are starting to put America first again. On this, maybe even President Obama could find common ground.

Equity Risk Tumbles As Trump Closes Gap On Clinton

Despite the constant puke of propaganda that a Trump presidency will bring hell on earth and crash stock markets (remember Brexit?), it appears market participants are much more concerned about a Clinton win...

Deutsche Bank Considering Alternatives To Paying Cash Bonus

In what may be the worst news yet for DB's employees, moments ago Bloomberg reported that the German Bank is exploring "alternatives to paying bonuses in cash" as Chief Executive Officer John Cryan seeks to boost capital buffers.

Dilbert Creator Adams Exposes The Real Bully Party

"I’ve been trying to figure out what common trait binds Clinton supporters together. As far as I can tell, the most unifying characteristic is a willingness to bully in all its forms... I endorse Donald Trump for President of the United States because I oppose bullying in all its forms."

Bullish Or Bearish: The Illusion Of Permanent Liquidity

Could the markets rocket up to 2200, 2300 or 2400 as some analysts currently expect? It is quite possible given the ongoing interventions by global Central Banks. The reality, of course, is that while the markets could reward you with 250 points of upside, there is a risk of 600 points of downside just to retest the previous breakout of 2007 highs. Those are odds that Las Vegas would just love to give you.

Podesta Email Reveals That Facebook COO "Wants Hillary To Win Badly"

A new Podesta email reveals a cozy relationship between Facebook COO, Sheryl Sandberg, and Podesta which is particularly disturbing in light of the fact that former Facebook news curators previously admitted the company "routinely suppressed conservative news."