Central Banks
Banco De Portugal Indicates The ECB Stress Test Was A Complete 'Sham'
Submitted by Secular Investor on 01/03/2016 08:54 -0500The Central Bank of Portugal conveniently released their results between Christmas and New Year, when the trading desks in Europe are virtually empty...
What Does The Future Hold For Negative Rates In Europe? Goldman Answers
Submitted by Tyler Durden on 01/02/2016 20:00 -0500While the market might have been disappointed by the ECB’s “underdelivery in December, it came as a relief for the Riksbank, the SNB, the Norges Bank, and the Nationalbank who are effectively forced to cut each time the ECB eases or risk seeing upward pressure on their respective currencies. That dynamic has led to a veritable race to the Keynesian bottom with Norway as the last man standing in terms of conducting monetary policy with rates above zero. As we enter the new year, a number of questions remain regarding Europe's headlong plunge into NIRP-dom.
2015 Year In Review: "Terminal Phase" Excess & Peak Cognitive Dissonance
Submitted by Tyler Durden on 01/02/2016 19:20 -0500- Bank of Japan
- Bear Market
- Bond
- Brazil
- Central Banks
- China
- Cognitive Dissonance
- Commercial Real Estate
- Copper
- Corporate America
- CPI
- Crude
- Currency Peg
- Deutsche Bank
- Donald Trump
- Eastern Europe
- ETC
- Global Economy
- Hong Kong
- Japan
- Mexico
- Middle East
- Morningstar
- Real estate
- Renaissance
- Shadow Banking
- Sovereign Debt
- Sovereigns
- Swiss National Bank
- Turkey
- Unemployment
- Volatility
- Wall Street Journal
- Yuan
Important pillars of the bull case evaporated throughout 2015. Global price pressures weakened, the global Credit backdrop deteriorated and the global economy decelerated. The huge bets on central bank policies left markets at high risk for abrupt reversals and trade unwinds – 2015 The Year of the Erratic Crowded Trade. Indeed, a global bear market commenced yet most remain bullish. Serious and objective analysts would view this ominously.
"Tread Lightly" - 2016 Technical Outlook
Submitted by Tyler Durden on 01/02/2016 17:20 -0500Wall Street forecasts for 2015 were largely wrong across the board. Now we have no problem with anybody being wrong, but wwhat we do take issue with is that Wall Street largely insisted on staying wrong even though the facts were changing in 2015. The only thing that really changed was the narrative, i.e. “well if earnings are down so what then markets go up because fund managers have to chase performance”. And hence you end up with overly optimistic forecasts not based on reality. But Wall Street is in the business of selling supply to the public. If there was one key trading lesson to draw from 2015 it is this: Ignore the noise and focus on the technicals.
A "Witch's Brew" Bubbling In Bond ETFs
Submitted by Tyler Durden on 01/02/2016 12:00 -0500We believe the Credit Cycle has turned and with it will come some massive unexpected shocks. One of these will be the fall out in the Bond Market, centered around the dramatic growth explosion in Bond ETFs coupled with the post financial crisis regulatory changes that effectively removed banks from making markets in corporate bonds. It is a ‘Witch’s Brew’ with a flattening yield curve bringing it to a boil.
Prepare: Global Wealth, Carry, and Property Taxes Coming
Submitted by Phoenix Capital Research on 01/02/2016 10:40 -0500Prepare to be taxed.
Gold's Timeless Truth
Submitted by Bruno de Landevoisin on 01/01/2016 11:14 -0500Gold's legacy relies on 4,000 years of civilization's monetary history............same as it ever was.
2015 Greatest Hits: Presenting The Most Popular Posts Of The Past Year
Submitted by Tyler Durden on 01/01/2016 10:03 -0500The seventh anniversary of Zero Hedge is just around the corner, and so, for the seventh year in a row we continue our tradition of summarizing what our readers found to be the most relevant, exciting, and actionable news of the year, determined by the number of page views. We bring you the articles that you, dear reader, found to be the most interesting in the past 365 days.
Something Broke In The U.S. Silver Market
Submitted by Sprott Money on 12/31/2015 05:58 -0500By that, I mean the normal supply and demand forces no longer make sense.
Something Just Broke In The U.S. Silver Market
Submitted by Tyler Durden on 12/30/2015 23:45 -0500After looking over all the figures, it seems as if something broke in the U.S. Silver Market this year. By that, we mean the normal supply and demand forces no longer make sense.
Will 2016 Bring About a 2008 Type Crisis? Pt 1
Submitted by Phoenix Capital Research on 12/30/2015 19:36 -0500Between these two banking systems alone, you’ve got the makings of a global financial crisis at least on par with 2008.
Goldman Admits It Was Wrong Forecasting 3% Yields For 2015 As It Forecasts A 3% Yield For 2016
Submitted by Tyler Durden on 12/30/2015 11:10 -0500If at first you don't succeed, try, try, keep trying again and again. That appears to be the mantra of Goldman's credit strategists.
How The U.S. Dollar Spread Across The World
Submitted by Tyler Durden on 12/29/2015 22:00 -0500The U.S. dollar is currently accepted as the world’s reserve currency, but it hasn't always been this way...
If You Want To Limit The Power Of The Super-Wealthy, Stop Using Their Money
Submitted by Tyler Durden on 12/29/2015 10:31 -0500Everyone who is convinced that the current status quo is permanent and unbreakable should consider what happened to the super-wealthy private landholders of the Western Roman Empire. When the empire's power to coerce broke down, the super-wealthy vanished into the dustbin of history. Few believed that possible in 475 AD, but history isn't a matter of belief. Believing it isn't possible doesn't stop history.
In The "Year When Nothing Worked", This Handful Of Traders Made Billions
Submitted by Tyler Durden on 12/29/2015 09:52 -0500
While most hedge funds will be glad to close the books on a year in which they once again dramatically underperformed a market which hugged the flatline courtesy of just a few stocks (even as most stocks posted substantial declines) and where "hedge fund hotels" such as Valeant suffered dramatic implosions, a handful of traders generated impressive returns for their investors and made billions by going against the herd.






