"...the prospect of tax cuts is the final carrot the free money scheme has to offer. The carrot top is here... there are no more carrots."

Global Stocks, US Futures Slide As Tax Bill Chaos Erupts In The Senate

Markets were thrown for a loop in the past 24 hours, with the Dow first soaring nearly 400 points on Thursday on expectations that tax reform was a done deal, when drama emerged just after the close when the Senate tax bill came this close to falling apart when the proposed "Trigger" was ruled as invalid, pushing a Thursday vote to this morning, and sending global stocks sliding over concerns of its passage.

Bill Blain: "Something Has Changed"

"Something has changed. The downside feedback loop hasn’t functioned through 2017. Instead a new behavioural paradigm shift occurred. Investors now believe negatives don’t impact growth and that market upside is unlimited."

Deutsche Bank Explains The Five Biggest "Market Conundrums"

Deutsche Bank has highlighted the five most upsetting conundrums about the equity market, and proposes its explanations for them. The reason: "rationally explaining recent market moves will be essential to forecasting next year's market."

DB's "2018 Credit Outlook" - Killer Charts Point To Bearish Not Benign Conclusion

Heading into 2018, DB characterises risk assets as a tightrope walker who’s successfully negotiated a hire wire since the 2008 crisis. However, the confidence of our risk asset funambulist was always fortified by the knowledge that there was a huge safety net direct beneath him in the shape of the central bank put. This will gradually evaporate as 2018 progresses...

Bank Of America: "This Is A Clear Sign Of Irrational Exuberance"

With a record number of fund managers saying equities are overvalued even as cash levels keep falling, and more funds are allocated to stocks, while fund managers "risk taking" has never been higher, Bank of America unveils a troubling verdict: "this is a sign of "irrational exuberance".