Ford

And the overnight futures ramp started off so promising.

• Obama open to appointing Ebola 'czar', opposes travel ban (Reuters)
• Schools Close as Nurse’s Ebola Infection Ignites Concern (BBG)
• How the World's Top Health Body Allowed Ebola to Spiral Out of Control (BBG)
• European Stocks Rise Amid Growing Pressure for Stimulus (BBG)
• Putin Threatens EU Gas Squeeze Raising Stakes for Ukraine (BBG)
• ECB to Start Asset Purchases Within Days, Says Central Banker Coeuré (WSJ)
• Investors search for signs of end to stock market correction (Reuters)

It would truly be the crowning achievement of Obama's career if, amazingly, he manages to bankrupt the US shale "miracle" next.

• No Happy Ending for Investors in Central Bank Fairy Tale (BBG)
• Ebola Response Strains Hospitals (WSJ)
• Obama, foreign military chiefs, to thrash out Islamic State plans (Reuters)
• Draghi’s ‘Whatever It Takes’ Plan on Trial at EU Court (BBG)
• Too-Big-to-Fail Banks Face Up to $870 Billion Capital Gap (BBG)
• Iran’s Message to World: You Need Us to Fight Islamists (BBG)
• Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide (Reuters)
• Ukraine Grannies Outprice Banks on Hryvnia Black Market (BBG)
• HK police use sledgehammers, chainsaws to clear protest barriers, open road (Reuters)
• Gazprom Quarterly Net Rises 13%, Misses Estimate on Ukraine Debt (BBG)

Hearing of IMF interventions generally conjures up images of developing nations (and the occasional Eurozone peripheral economy of late) facing some kind of financial difficulty. But it was actually Great Britain, the cradle of the industrialized world, which in 1976 became one of the first countries ever to be "bailed out" by the IMF in the modern sense of the term.

A recent weekend experience reminded me of how 99% of them are completely useless

• Liberian Rubber Farm Becomes Sanctuary Against Ebola (WSJ)
• The World’s Most Powerful Central Banker: Janet Who? (BBG)
• Islamic State moves into south west of Syrian Kurdish town (Reuters)
• Waldorf to Be Biggest Chinese Property Purchase in U.S. (BBG)
• Spain Seeks People in Contact With Ebola-Infected Nurse (BBG)
• Hong Kong protests at crossroads as traffic, frustration pile up (Reuters)
• Immigration: Grim Caseload at the Border (WSJ)
• China Cuts Thousands of ‘Phantom’ Workers From State Payroll (BBG)
• U.S., U.K. Regulators Push to Settle Deutsche Bank Libor Case This Year (WSJ)
• Wall Street Moles Go to NY’s Top Cop, Spurning SEC Cash (BBG)
• Pimco's outflow headaches only just beginning (Reuters)
• Japan Lawmakers Flag Need for Exit Strategy as Yen Falls (BBG)

Every quarter we take a break from all the standard economic indicators to look at a range of alternative data.  The purpose here is to pose the question: “Does the consensus view of the U.S. economy square with what real people do in their day to day lives?” Overall, the news from “Off the Grid” challenges the notion that the U.S. economy is on solid ground and accelerating.  Inching forward, yes... But not much more.

Amid the recent weakness in stocks and strength in the USDollar, we are constantly reassured by talking heads that major stock market declines only happen during recessions. While that may be technically correct, perhaps it is worth pondering: "Did a recession cause the correction, or did the correction cause the recession?"

• European Bond Yields Go Negative (WSJ)
• Traveler from Liberia is first Ebola patient diagnosed in U.S. (Reuters)
• Hong Kong Protesters Step up Pressure on Leung to Quit (BBG)
• JPMorgan to face U.S. class action in $10 billion MBS case (Reuters)
• Turkey mulls military action against Islamic State (Reuters)
• Singapore Home Prices Fall for Fourth Straight Quarter on Curbs (BBG)
• Italy's Economic Woes Highlight Dilemma for European Central Bank (WSJ)
• Advanced iOS virus targeting Hong Kong protestors (Reuters)
• Fed Scrutiny of Leveraged Loans Grows Along With Bubble Concern (BBG)
•  Mosquito Virus That Walloped Caribbean Spreads in U.S. (BBG)

• Hong Kong protesters stockpile supplies, fear fresh police advance (Reuters)
• Protesters stay out on Hong Kong streets, defying Beijing (Reuters)
• Traders Turn Up Grilling Sausages at Hong Kong Protests (BBG)
• Ukraine Army Sees Worst Day Since Truce as Battles Flare (BBG)
• Islamic State uses grain to tighten grip in Iraq (Reuters)
• For Putin Ally, U.S. Sanctions Only Add to Anti-Russia Conspiracy Theory (WSJ)
• Coinbase Leads Move to Bring Bitcoin to Masses (BBG) - good luck
• Austria Cracks Down on Spies -- and Jihadis (BBG)
• EU Believes Apple, Fiat Tax Deals Broke Rules (WSJ); Apple’s Irish Tax Deal ‘Engineered’ to Boost Employment, EU Says (BBG)

Heavy volume and volatile price action early in stocks and high-yield credit markets subsided later in the day as despite several big stocks in the red, the indices jammed higher in the last hour desparate to get positive (on terrible volume) but failed. Treasury yields fell 3-4bps early on and stuck near the lows of the day (ignoring equity's exuberance). High-yield credit rallied back off early spike wides at 380bps (with desks noting heavy demand for protection) but remains worse than stocks. VIX tested above 17 and crashed back below 15.5. The USD ended the day unchanged (AUD weakness notable) but gold and silver slipped lower with oil (back over $93) and copper up on the day. Camera-on-a-stick smashed over 11% higher to $91.50 as the 41% float short continues to get squeezed out.

Straight forward discussion of the key events next week.   Weak on bluster.  Strong on analysis.   You've been warned.  

• Apple CEO Cook Goes From Record Sales to IPhone Stumbles (BBG)
• Deal With Saudis Paved Way for Syrian Airstrikes (WSJ)
• Drone delivery: DHL 'parcelcopter' flies to German isle (Reuters)
• Tory Burch Hires Ralph Lauren Veteran as Co-CEO (WSJ)
• Apple releases iOS 8 workaround to fix dropped cell service (Reuters)
• Ukraine Probes Ex-Minister Over $3 Billion Russian Bond (BBG)
• Goldman Sachs-Led Group Near Deal to Buy Messaging Startup Perzo (WSJ)
• U.K. Seeks to Criminalize Manipulation of 7 Benchmarks (BBG)

• A Month of Bombs Dropped in One Night of Strikes on Syria (BBG)
• Air strikes in Syria hit Islamic State-held areas near Turkey (Reuters)
• Pimco ETF Draws Probe by SEC (WSJ)
• Shadowy al Qaeda cell, hit by U.S. in Syria, seen as 'imminent' threat (Reuters)
• Yellen Warns on Market Calm Before ‘Considerable Time’ Up (BBG)
• Dudley Says Fed Needs U.S. Economy to Run ‘A Little Hot' (BBG)
• Websites Are Wary of Facebook Tracking Software (WSJ)
• Just a joke now: Barclays Fined Twice in One Day for Compliance Failures (BBG)
• Fired UPS worker kills two supervisors, self, in Alabama shooting (Reuters)