Price Action

Rickards On Gold, Interest Rates, & Super-Cycles

"I’ve heard the same stories from Switzerland to Shanghai and everywhere in between, that there are physical gold shortages popping up, and that refiners are having trouble sourcing gold. Refiners have waiting lists of buyers, and they can’t find the gold they need to maintain their refining operations."

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".

Some Non-Hyperbolic Junk Talk

"In this day and age of Central Bank quantitative easing pushing up all financial asset prices together, the fact that bonds are declining might not be enough to cause a stock market dip, yet it might be a signal that the bid for all financial assets is wearing thin..."

One Trader Urges "Extreme Caution"

"As to the central bank put, it’s true--in the big picture of things. They are paying close attention to price action, but their reaction function to step in isn’t as hair trigger. How many times do they have to signal that change?..."

Forget B.T.F.D., It's Time To B.U.T.T.

"Add all of this together, and for me, I get a bull story that is not reliant on every increasing liquidity from Central Bank quantitative easing programs. This is an honest to goodness cheap asset that finally has a catalyst. Call me naive to believe the market will finally appreciate this sort of play."

Bank Stocks, Dollar Slide Hit By Fresh Tax Reform Doubts

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion.

Dollar Rebounds, Futures Rise Ahead Of Surge In Payrolls

One day after the dollar slumped sharply on initial disappointment with the GOP tax plan, the greenback has rebounded ahead of a nonfarm payrolls report that is expected to show the US economy gained over 300,000 jobs in the post-hurricane rebound, and as investors reassessed the latest news on U.S. tax-cut plans. Stocks in Europe and Asia advanced, US equity futures were as usual in the green,

Behold "The Great Complacency"

"The political attempt in preventing yet another credit crisis – in which borrowers default on their payment obligations and the economy and financial markets nosedive – paves the way towards an increasingly inflationary environment..."