"Something Has To Give": Wall Street Finally Noticed The Epic Divergence Between Stocks And Commodities

We have shown the following chart, showcasing the unprecedented divergence between commodities and stocks countless times: And now the sellside is finally starting to notice, and instead of merely falling back on its traditional "but if you ignore energy..." platitudes aimed squarely at the 5-year-old trader market, is taking it seriously. Here is Credit Agricole's Valentin Marinov with a note released in which he notes simply: "something has to give."

The Biggest Losers From Today's Rout

It is unclear what catalyzed today's dump. Futures were briefly green at the open, then as if all hell broke loose and without an explicit  catalyst (although the technical collapse of numerous "story stocks" which had been market leaders for months, both today and in recent weeks has not helped) the E-mini, and individual stocks, just took out level after level of bids and at last check the Dow has dropped to 6 month lows, the S&P is just barely green for the year, while the biggest pain is in the Nasdaq which has dropped as much as 2% intraday. Below we lay out the biggest losers from today's market drop.

US Government Enthusiastically Tweets About Arms Sales To Brutal & Autocratic Egyptian Regime

In case you’ve been living under a geopolitical rock for the last couple of years, you’d know that despite a brief period of time during which Egypt appeared headed toward a democratic form of government, it went from one brutal dictator to another. As was the case during Hosni Mubarak’s decades of rule, this is precisely how the U.S. government likes it. So much so, that U.S. officials are not only selling arms to the latest despot, General Abdelfattah al-Sisi, but they are actively bragging about it on Twitter.

6 Months Of Ignorance - You Are Here

In early 2007, market internals began to weaken dramatically. Talking heads and asset gatherers said fears were overblown, risk was contained, Fed has it under control, stay the course. Six months later, the equity markets began to collapse and then accelerated lower. Today, in an eery case of deja vu all over again, it has been six months now since US equity market internals began to decouple from the manipulated index levels that manufacture wealth and happiness across America... what would you do?

GDP Shocker: Atlanta Fed Sees Q3 Growth At A Laughable 1%

The Atlanta Fed's Q1 and Q2 GDP forecasts were virtually spot on with what the BEA ultimately reported. Which is why if its accuracy persists, not only the Fed, but Wall Street strategists suddenly have a very big headache on their hands. Moments ago, the Atlanta Fed just released its much anticipated first estimate for Q3 GDP. It was a doozy, at just 1.0%, or more than 2% below the consensus sellside estimate.

Where Did The GDP "Growth" Go? Not Into Wages

So where did all this growth of the economy end up? How can the economy grow by roughly one-third in real dollars while real median household income drops like a rock and real wages/salaries are essentially unchanged for 15 years?

GOP Panic? RNC Chair Says Trump Is "Breath Of Fresh Air"

With just hours to go until the first GOP Presidential candidate debate circus is unleashed, it appears the GOP is in full panic mode. With 10 hopefuls heading to their lecterns, only one stands out (in polls) and that, as The Hill reports, despite being snubbed by The Koch botthers, has Republican National Committee (RNC) Chairman Reince Priebus saying that Donald Trump is offering his party’s voters a breath of fresh air.

Is This Why Bonds Are Soaring?

"...it is time to be shot of the long end of the US bond market and we wish this morning to sell the September T-note future at or near to 126 3/4.  We can imagine the front month future trading to 118-119 over the course of the next several months..."

Russia's Latest Land Grab Attempt In The Arctic

Russia is resubmitting its claim of more than 460,000 square miles of the Arctic, including the North Pole, as its sovereign territory, saying it has enough evidence to convince the United Nations that its claim is valid. The Arctic, which is believed to contain as much as one-quarter of Earth’s undiscovered oil and gas, is part of a territorial dispute involving not only Russia but also Canada, Denmark, Norway and the United States. This is the second time Moscow has submitted a claim in the Arctic.

JPMorgan Helps Comex Avoid Gold Depletion, Boosts Registered Gold By 78% Overnight

We were less than surprised to see that just 2 days after our report, the Comex once again succeeded in sweeping default fears under the rug by boosting its eligible gold by a whopping 78% overnight, from 362K ounces to 643K, thereby pushing deliverable gold from its all time lows. However, this was not achieved with an infusion of actual new gold into the Comex, but thanks to JPM reclassifying 276K ounces of gold from the Eligible into the Registered category, even as actual eligible gold continues being withdrawn from the Comex.

Dentist Who Killed Cecil Hires Armed Security Guards After Vandals Sack Vacation Home

"We have armed investigators on the property, we're setting up covert cameras, we're documenting all license plates," the head of Global Investigative Group told NBC, referring to the "investigation" taking place in South Florida, where vandals, furious at Walter Palmer who killed a protected lion, placed marinated pigs' feet on the dentist's vacation home driveway.

Stocks Are Tanking - Dow Hits 6-Month Lows

The Dow is now down for the 6th day in a row (and 11 of last 13 days) as it tests 17,400 - its lowest level since January. With The S&P and Small Caps tumbling towards red year-to-date, Nasdaq remains 2015's big winner but is falling precipitously today...

Texas Schools Caught Manipulating Quotes To Push Christianity On Students

A public school district in Eastern Texas is under fire amid allegations it made up quotes by famous figures in order to promote Christianity to its students, posting them to the walls of the four schools in the district. The Mount Vernon Independent School District is accused of misattributing quotes to George Washington and Ronald Reagan among others and faces demands to remove the false statements from its walls.

Biggest "Plunge Protection" Buy/Sell Imbalance For 2015 Halts Market Slide

Despite the ubiquitous pre-open ramp in stocks, it appears 'investors' want out in a hurry. With The Dow having fallen 150 points from its overnight highs - testing towards multi-month lows, Nanex points out that suddenly a bid arrived... the biggest buy imbalance of 2015 so far exploded into e-mini S&P futures and managed to save stocks from falling (for now). Plunge Protection Team? or dry powder dip-buyers manically trying to catch a falling knife on no news

Suicide Bomber Kills 13 At Saudi Mosque

A suicide bomb attack inside a mosque in a local security forces headquarters in Abha city in south-west Saudi Arabia killed 13 people and wounded nine on Thursday, the Saudi state news agency reported, citing an interior ministry spokesman.

Janet, It Didn't Work - Personal Finances Confidence Collapses At Fastest Rate In 3 Years

All the hopes and dreams of bringing back the over-debted, over-consuming American Dream had rested upon The Fed's ability to 'stimulate' confidence via pumping equities higher to 'prove' everything is awesome. For a few years it seemed to work... until 2015. As Bloomberg's Consumer Comfort survey shows, the last 2 weeks have seen Americans views about their personal finances collapse at the fastest rate in 3 years - falling to 10 month lows (despite near-record high stock prices).