Watching Hilary Clinton debate Bernie Sanders- or like lastnight, Jeb Bush against Donald Trump - doesn’t strike us as too different from when Hulk Hogan faced off against Andre the Giant in Wrestlemania. In fact, it’s essentially the same with elections today, it's "political entertainment." It’s all fake. It’s sound bites, jabs and jibes, and pointless banter completely devoid of any real substance. But the truth is, none of it really matters, the United States objectively speaking is far past the point of no return.
Macy's is down over 13% today, pushing towards a sub-$40 handle - the lowest since February 2013 - after lowering guidance and disappointing a market full of hope (and hype) that retail is back (remember, all the retail hiring last Friday). However, that is not the most prescient issue as 3 years of buying back billions of dollars of Macy's stocks - to financially-engineer earnings to ensure executive compensation is satisfactory - have been completely wasted. And worst still, the additional debt added to fund the total failure in timing of buybacks has now sent Macy's credit spiking to multi-year highs (as the stock tumbles).
"It is a bloodbath. We’re at the highest point of fear and uncertainty now.... God only knows what’ll happen if oil doesn’t rebound. I try not to let that penetrate my mind."
Breaking a critical trendline (particularly one that has been in place for several decades) is one thing. Breaking it and then failing to reclaim it during the following bounce is indicative of BEAR MARKET.
Well that didn't last long. After diappointing data from Japan (very weak Reuters Tankan), and China overnight confirming the weekend's dire trade data (and crushing the soft survey-based idiocy of the PMIs), global equity markets ramped abruptly because "bad news is good news" still in China - meaning moar stimulus is due. However, Draghi's lack of exuberance this morning, and the reality of Macy's outlook reflection on the US consumer have dragged all the overnight gains back into the red...
There is “a barbarous relic” in our global monetary system. It is the U.S. dollar: the worthless, monetary relic of an empire in decline.
Believers in "technology always creates more jobs than it destroys" never address the knotty issues of taxpayer subsidies, secular trends of higher labor costs, the eradication of low-skill jobs that pay enough to live on without taxpayer subsidies, or the structural surplus of conventional labor and capital--the scarcity value of both are dropping to zero. While many hope that every low-skill person can become a high-skilled worker, training people doesn't create jobs for them.
Sickening Images Of China Plagued By "Extremely Hazardous" Record Smog As Winter Heating Season ArrivesSubmitted by Tyler Durden on 11/09/2015 23:10 -0500
Are we in for another nuclear standoff with the Kremlin?
"...middle-aged whites have lost the narrative of their lives. ... while universal health care, higher minimum wages, aid to education, and so on would do a lot to help Americans in trouble, I’m not sure whether they’re enough to cure existential despair."
The world is bankrupt after thirty years of borrowing from the future to throw a party in the present, and the authorities can’t acknowledge that. But they can provide the conditions for disguising it, especially in the statistical hall of mirrors that once-upon-a-time produced meaningful signals for the movement of capital. The Dow, the S&P, and the NASDAQ are the only signaling mechanisms that the legacy media pays attention to, and the politicos take their cues from them, in a feedback loop of false information that begets more delusional positive psychology in those same markets.
Keynesian-Constructed 'Markets' Will "Drift Ever Further From Reality... Impoverishing All Layers Of Society"Submitted by Tyler Durden on 11/09/2015 15:20 -0500
Today’s system is essentially a system that can drift ever further away from reality through temporal discoordination, resource misallocation and eventually capital consumption. The final coordinating mechanism is nothing less than economic recession. Without them society would regress, impoverishing first the poor, then the middle class and in the end all socioeconomic layers of society.
It appears that hawkishness and rate-hikes are once again not-so-bullish for stocks... either that or the algos read the details of the jobs report and realized just how ugly it all is under the surface...