Archive - Jun 2015

"...and we're calling it iOS 9" appears to have triggered more than a little selling in AAPL and tumbled it below its 50-day moving-average for the first time since March... Of course, given its weighting, it is dragging major stock indices lower...

"...at the end of the day, the "new normal" shouldn't be one where our current best is still worse than our prior worst."

As Republican presidential hopefuls ramp up their campaigns, GOP candidates will likely point to Vladimir Putin as the embodiment of everything that’s wrong with Democrats’ foreign policy and Clinton’s famous “reset” button ceremony in Geneva provides the perfect opportunity for the GOP to tie the presumed Democratic nominee to a failed attempt at reconciliation with America’s Cold War nemesis.

Ex-SNB Head / Blackrock CIO - HILDEBRAND SAYS SEES NO SHORT-TERM CONTAGION ON POSSIBLE GREXIT
Dutch Central Bank - GREXIT WOULD SHOCK FINANCIAL MARKETS

You decide...

Over the past 3 years, the only support level that has mattered for the S&P500 was the 100 Day Moving Average: every single time the S&P has approached, or breached, this trendline, the result has been a bout of buying pushing it right above, and keeping it in the clearly visible upward channel since 2012. The S&P is now just a few points away from breaching the 100 DMA again.

While most bank executives are concerned about GAFA owning the customer experience, they are blinded to the vision of the forest due to the tree standing in their way. The true risk is outright disintermediation as the banking function is turned into cloud-based P2P software through the blockchain.

Something happened in late 2008 that has skewed the recovery towards the wealthiest Americans.

After years of crusading against the farce of non-gAAP "earnings" by management teams who are engaging in fraud against their shareholders, one in which both accountants, bank advisors and regulators are all complicit, we are delighted to see that finally the mainstream press has taken the bullshit that is non-GAAP "EPS" to task. In a report by AP's Bernard Candon, titled "Experts worry that 'phony numbers' are misleading investors" we read that the "record profits that companies are reporting may not be all they're cracked up to be." He was being very polite.

From rumors of Obama's "strong dollar problem" to Grexit ("contained") and global warming (we'll throw $100 billion at it...) President Obama explains how the G8(-1) has solved the world's problems...once more.

"Entourage 2"?

BTFD or Different This Time?

Summit

Steve Liesman is quaking in his reporter's boots this morning as the SF Fed & BEA's credibility-crushing "double-seasonal-adjustment" thesis is crushed into statistical neverland by the The NY Fed. A study by economists at the Board of Governors of the Federal Reserve did not find significant statistical evidence for such distortions on the aggregate GDP level, despite meteoroconomist Joe Lavorgna's assertion that Q1 grew 1.2% thanks to the magic of made-up numbers. As The NY Fed concludes, in a tone that suggests "sigh, again, "it will not be surprising if the question of residual seasonality comes up again next year when first-quarter growth numbers are announced."

Following OPEC’s decision not to cut production at its June 5, 2015 meeting in Vienna, oil prices should likely continue their descent that began in early May (Figure 1). Prices may fall into the $50+ per barrel range since there is no tangible reason for their rise from January’s $46 low.

Several significant, sudden buying 'events', as Nanex Eric Hunsader notes, have crushed liquidity in Euro FX futures and pressed the EURUSD pair above Obama's "we don't want a strong dollar" rumor spike tagging 1.1200...