Advice From The Trader Who Made $1 Billion In 1929...

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made big money for me. It was always my sitting.

US Export, Import Prices Spike Most In 14 Months

US Import and Export prices jumped more than expected in August - both rising 0.6% MoM, the biggest rise since June 2016. A 4.8% MoM spike in Petroleum drove the import surge and the rise in Industrial Supplies' costs sent Export prices higher.

Building Permits Rebound In August As 'Rental Nation' Demand Returns

Following July's collapse in housing data (from permits to sales), August data for Housing Starts were supposed to bounce back but didn't (falling 0.8% MoM vs +1.7% exp) and Permits were expected to fall 0.8% but spiked 5.7% MoM (thanks to a big jump in multi-family units).

Boris Johnson Threatens To Resign If Theresa May "Goes Against His Brexit Demands", Pound Rises

In confirmation that Theresa May's upcoming Florence speech this Friday is not only what many have called "the most important day for Brexit since the referendum", but also the most opaque, the Telegraph reports that UK Foreign Secretary Boris Johnson will resign as before the weekend if Theresa May veers towards a “Swiss-style” arrangement with the EU in her upcoming speech.

Frontrunning: September 19

  • Markets Brace for Fed’s Big Move: The End of Easy Money (WSJ)
  • Senate GOP Has 12 Days to Repeal Obamacare and No Room for Error (BBG)
  • Senate GOP Considers a Trillion-Dollar-Plus Tax Cut for Budget (WSJ)
  • In first speech at U.N., Trump to single out North Korea, Iran (Reuters)
  • Trump to Push Nationalist Policy in First U.N. Address (WSJ)

Euro Tumbles On Report ECB Is "Concerned And Divided" Over End To QE

The EURUSD tumbled following a Reuters report that ECB official disagree on setting the end date of QE as a result of disagreement among the ECB council stemming from "concern over Euro strength" which is leading to "uncertainty and divide within the council."

Toys "R" Us Files Chapter 11: Second Largest US Retail Bankruptcy In History

Toys “R” Us Inc., the largest US toys retailer, filed for bankruptcy late on Monday night, as a result of a crushing post-LBO debt load and relentless competition from warehouse and online retailers. With assets of $6.9 billion, it’s the second-largest retail bankruptcy, trailing the filing in 2002 by Kmart, which had $14.6 billion in assets.

Bill Blain: "One Fund I Met Is Convinced Bond Markets Are On The Edge Of A Precipice"

"The fly in the ointment is the bond market. One fund I met is convinced Global bond markets and credit are on the edge of precipice and about to take that terminal step forward. Others fear the unintended consequences of taper and the “End of QE” triggering a reset across global financial asset values – especially across the bond markets." - Bill Blain

About That "Coordinated Global Economic Recovery"

Day-in, day-out, asset-gatherers and commision-rakers remind hapless investors that all is well in stock markets because "there is a coordinated global economic recovery" going on... "that hasn't happened for years." As you might imagine... that is not exactly true when one looks at the hard data.

Turkey Faces Threats For Inking Landmark Arms Deal With Russia

"...there is one result the Western sanctions produce – the targeted countries come together to create alternative poles of power... This policy has failed to keep Turkey away from military cooperation with Russia. In the multipolar world there is always an alternative to turn to..."