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BofA: "If Bonds Are Right, Stocks Will Drop Up To 20%"

"If the bond markets are right and growth slows, then we think earnings growth would likely return to the path seen in recent years. If we fade earnings growth back to zero in 2018/19 and keep markets on current 2018 multiples, we find 13% downside potential for equity markets."

Gold Surges, Global Stocks Slide As "Super Thursday" Risks Loom

With traders realizing that the "Thursday Turmoil Trifecta" looms, world stocks dropped and safe-haven assets rose as investors focused on the growing tension in the Middle East, while caution spread across markets in a week full of risk events including James Comey’s congressional testimony to the ECB’s policy meeting and Britain’s increasingly uncertain election, all in the span of 24 hours. As a result, European and Asian stocks as well as S&P futures all fell, while gold, yen and Treasuries gained.

"This Only Ends When The Bond Market Pukes"

"There will be rallies in bonds that you can trade, but over the long run, I have complete faith that governments and Central Banks will do what they do best - inflate away your hard earned money. Betting against them is betting against history… "

The Path To Inflation: "Helicopter Money"

The general view in inflation is dead, essentially forever. Maybe. Maybe not. The next recession won't be "fixed" with the central bank playbook of more free money for financiers.

JPMorgan Lists Five "Red Flags" That Point To A 10% Downside Correction

"US growth momentum has turned mixed, with a rollover in manufacturing indicators, credit, housing and car sales. US CESI is in negative territory, which was typically associated with more defensive market leadership. CESI has a good correlation with the S&P500  and points to 10%+ downside for stocks."

Qatar Crashes In Escalating Gulf Crisis; Oil Fails To Rebound As Global Stocks Dip

S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries are closed for Whit Monday leading to subdued trading. Following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid stunning allegations of funding terrorism, oil spiked but has since pared almost all gains.

Less Than Zero: How The Fed Killed Saving

"...this is NOT accidental... In fact, it has happened so often throughout history that there's actually a playbook (for the government) when you get to this stage. It's called Financial Repression..."

Reuters Goes To China, Discovers "Ghost Collateral"

"The first time I went, I saw the steel,” recalled Wang, an attorney at Beijing DHH Law Firm, which represents the Shanghai branch of CITIC. "Afterwards, the banker got in contact with me and said, ‘The pledged assets are no longer there"