One Trader Explains Why He Did Not Chase Yesterday's Buying Panic

What kept me from totally losing my heart was, yet again, the bond market. If animal spirits are alive, and the underlying fundamentals improving, how come bond yields are struggling to make even a dead-cat bounce?... It’s not just liquid and illiquid, but house money and rent money. Equities clearly fall into the former camp: chasing the latest news without caution. Bonds on the other hand are ignoring today’s emotions and asking what has fundamentally changed. And the answer they’ve settled on is "nothing"

"Dear Bernie, I'm Sorry. I Am The Problem With America..."

"...when I hear Bernie speak, I feel like I’m the problem with America. I’m one of those millionaires he mentions who should pay more taxes. I’m the bad guy. I’m the white male who is only successful because everything was handed to me. I don’t deserve the money I made. All the things I sacrificed don’t matter. The additional stress I was under doesn’t matter. The risks I took don’t matter. Unfortunately, we’ve come to believe that achievement should be easy. Changing that attitude is the first step towards making yourself more successful..."

Financial Time Bombs Hiding In Plain Sight

The bear will soon be arriving in earnest, marauding through the canyons of Wall Street while red in tooth and claw. Our monetary central planners, of course, will once again - for the third time this century - be utterly shocked and unprepared. That’s because they have spent the better part of two decades deforming, distorting, denuding and destroying what were once serviceably free financial markets. Yet they remain as clueless as ever about the financial time bombs this inexorably fosters.

NAR Warns Of Overheating Home Prices As Existing Home Sales See Biggest Annual Jump Since 2013

Despite the biggest annual jump in existing home sales since July 2013, even the NAR's perpetually cheerful Larry Yun is starting to get worried about the bubbly nature of the existing housing market:  "The spring buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy – especially considering the fact that household income and wages are barely rising." 

Richmond Fed Slides Back Into Contraction As New Orders Collapse

With the biggest drop in New Orders since September, Richmond Fed Manufacturing survey dropped to -4 (missing expectations of +2), hovering at its weakest in over 3 years. Across the board the components were weaker with order backlogs and shipments plunging, average workweek and wages dropping, and capacity utilization worst since October. Prices (paid and received) dropped notably as future expectations for wages, workweek, and employees all fell.

Collapse In 'Hope' Sends Americans' Consumer Confidence Tumbling Near 1-Year Lows

Driven by a collapse in 'hope' - future expectations dropped to 78.9, the lowest since Feb 2014 - The Conference Board's Consumer Confidence headline dropped from 97.8 to 92.2, the weakest since July 2015. Amid the so-called best jobs market in decades, near-record low gas prices, and a resurging stock market, it appears the 'everyday American' is not amused as all the 'increases in animal spirits' since QE3 have evaporated.

Neel "Break Up The Big Banks" Kashkari Speaks About TBTF - Live Webcast

After making waves last week for daring to suggest that big bank regulation has failed and that the TBTF problem has not been addressed, a problem which Kashkari himself launched with his bailout of the banks in 2008, moments ago the new president of the Minneapolis started a live conversation in which he will once again address the TBTF problem much to the chagrin of the Fed's largest stakeholders. Watch it live below.

Case-Shiller Shows Home Price Acceleration Stalled In December, Stock Market Turmoil Blamed

After four months of hope-strewn expectation beats, Case-Shiller's home price index missed expectations with MoM growth slowing from 0.96% to 0.8% (and YoY from 5.83% to 5.74%). This is the first inflection in the resurrection of home-price acceleration since June, and we are sure will be blamed on the weather and the stock market. Perhaps most notably Miami saw prices drop MoM as the smoking gun canary in the coalmine of real estate speculation remains well worth watching.

NYTimes Editorial Board Endorses Monetary Fascism - Backs War On Cash

"Few Europeans use the 500-euro note, and most Americans rarely encounter the $100 bill. Yet hundreds of millions of these notes are in circulation around the world, where they are often used by drug cartels, corrupt politicians, terrorists and tax cheats to evade law enforcement." The New York Times editorial board has once again exposed itself as a dangerous and duplicitous organ of entrenched established interests against the public. It must be exposed.

This Is The Most Common Reaction Americans Have To Hillary Clinton

In a new poll conducted by Gallup when asked what comes to their mind when they think of Hillary Clinton, the most common unprompted responses, at 21% of reactions, was "dishonest", or "liar". Another 7% of Americans use even stronger words in a similar negative vein, including "criminal," "crooked" and "thief."

Oil Volatility Spikes Ahead Of Key Saudi Speech In Houston

Saudi Arabia’s oil minister Ali Al-Naimi is due to speak at about 8:50am Houston time at the CERA oil market conference and oil prices are swinging around (now back below $33 - front-month - and in the red for the day) as the almost unprecedented moves intraday in black gold spike volatiltiy to near record highs. In order to help the algos figure out just what to do when Al-Naimi speaks, we breakdown his words (and the latter deeds) over the last few years with expectations that he will confirm his opposition to a crude production cut "at this time."

Standard Chartered Posts Horrendous Results As Impairments Soar 87%

EM-focused Standard Chartered posted its first annual net loss in more than 25 years on Tuesday as impairments and NPLs skyrocketed in the face of a worsening outlook for the emerging world. Although the bank's top brass tried to strike an upbeat tone in the report, no one is particularly optimistic about the future.