"If The VIX Goes Bananas" This Is What It Will Look Like

This note details how a short vol unwind might develop. A violent rise in volatility could be driven by just a 3% to 4% one-day S&P 500 selloff.  Right now the risk is greatest in the VIX complex, and demand for VIX futures from three main sources could result in 100,000 contracts

Pat Buchanan Asks "Are America's Wars 'Just And Moral'?"

“One knowledgeable official estimates that the CIA-backed fighters may have killed or wounded 100,000 Syrian soldiers and their allies,” writes columnist David Ignatius. Given that Syria’s prewar population was not 10 percent of ours, this is the equivalent of a million dead and wounded Americans. What justifies America’s participation in this slaughter?

"Psycho"

"In the end, fundamentals always win. But in the short term, markets are Psycho..."

Central Bankers 'Are' The Crisis

"If there’s one myth - and there are many - that we should invalidate in the cross-over world of politics and economics, it‘s that central banks have saved us from a financial crisis. It’s a carefully construed myth, but it’s as false as can be. Our central banks have caused our financial crises, not saved us from them."

Is Venezuela In Danger Of Becoming Another Syria?

"You can’t have a war unless there are two sides with a lot of firepower, and that’s what we see in Venezuela right now. That nation is a powder keg, and it could blow at any time..."

The Death Cross Of Central Bank Credibility

With no expectations of a rate-hike this week, and traders rapidly giving up on The Fed's dream of a steadily higher rate trajectory, a funny thing happened in the markets...

WTI Jumps Above $48 After API Inventory Report Shows Huge Crude Draw

The recent trend of inventory draws (in crude and products) has supported higher Brent and WTI prices (the latter testing $48 today) despite surging production. API reported more of the same with a much larger than expected draw (-10.2mm vs -3mm exp), sending WTI above $48. All was not perfect in the report however as gasoline saw an unexpected build.