Volatility

"When Will It End?" BofAML's 10-Point Checklist

So "when will it end?" BofAML's best guess remains sometime in the summer. Here's their checklist of Positioning, Profit & Policy data to indicate we are in the Last 100 days of the rally, perhaps also the Last 100 Days of the secular upswing that began in March 2009...

What If Hillary Had Won?

Fixed income markets are essentially in a new world; US stocks, by comparison, are in only a slightly better position. The “Trump rally” has only been worth 4-5% when compared to our “What if” Clinton scenario. Realistically, it should either be more (if bond markets are right about a breakout in inflation/corporate pricing power) or less (with higher rates pressuring equity valuations in the absence of greater earnings power).

Chinese Bitcoin Trading Volumes Crash 90% Overnight

High-speed traders are pulling out of China’s bitcoin market at an unprecedented pace after the three biggest venues started charging transaction fees on Tuesday, leading to a collapse in trading volumes.

Brexit: The Full Timetable Of What Happens Next

Despite today's expected decision by the UK Supreme Court, which ruled that Theresa May has to put the Brexit decision to a vote in parliament, the government announced that the decision would not adversely impact its Article 50 timeline. So what happens next? Here is a quick recap of next steps in the Brexit saga.

El-Erian Warns "Investors Are Underestimating Sudden Policy Shifts"

"...the more central banks persist in erring on the side of too much stimulus rather than too little, amid changing economic and fiscal conditions, the greater the potential need for a sudden shift in monetary policy that, while economically warranted, could be quite jarring for markets... and investors may be underestimating as judged by market metrics, including measures of implied volatility."