NASDAQ

Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend's RRR cut.

The Waiting Is The Hardest Part

"During the peaking process, the siren call to join the party is incredibly hard to resist. Waiting out the irrational exuberance leading up to a market top is painful. Profitable returns are everywhere. How can you turn down making such easy money? As Tom Petty sympathized: The waiting is the hardest part."

Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red ahead of hurricane-distorted nonfarm payrolls data

Kolanovic: "This Is What The Next Crisis Will Look Like"

"... a tail risk could be a backlash against central banks that prompts significant changes in the monetary system. The next crisis is also likely to result in social tensions similar to those witnessed 50 years ago in 1968."

SocGen: "Global Earnings Are Back To 2014 Levels; Stocks Are 15% Higher"

"QE sustained equities levels in anticipation of a profit recovery, but rather than de-rating as those earnings came through, markets are simply being propelled to ever higher levels. The equity valuation problem was created during the 2011-15 era when global profits went nowhere, yet equities rose 30%."

"The End Of The QE Trade": Why Bank of America Expects An Imminent Market Correction

... In short, correction late-17 driven by “as good as it gets” narrative; magnitude dependent on CNY, MOVE, tax reform & degree of “forced selling” by ETFs & quant (7 ETFs accounted for 41% of volume of the top 20 most actively traded US issues in 2017; quant hedge funds & CTAs = $1.3tn AUM = 40% of industry total); right now feels more likely single- than double-digit.

Dow Tops 22,500 As Nasdaq Slumps

Thanks to Goldman, Disney, and3M, The Dow has surged this morning, topping 22,500 for the first time as Nasdaq has suffered since Europe closed...