http://www.zerohedge.com/fullrss2.xml/wp-content/plugins/uBillboard/Korean en Confused Algos Slam Stocks As Rand Paul Says "No" On Debt-Busting Budget Deal http://www.zerohedge.com/news/2017-12-12/confused-algos-slam-stocks-rand-paul-says-no-debt-busting-budget-deal <p style="text-align: justify;">Juist minutes after hope for Senator Cornyn on the tax bill deal sent stocks to new record highs, Senator Rand Paul threw cold water all over the government shutdown budget bill with a tweet, <strong>sparking algos to sell on the "Paul says no" headlines</strong>.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">I cannot in good conscience vote to add more to the already massive $20 trillion debt. I promised Kentucky to vote against reckless, deficit spending and I will do just that. <a href="https://t.co/BUYqm91mli">pic.twitter.com/BUYqm91mli</a></p> <p>— Senator Rand Paul (@RandPaul) <a href="https://twitter.com/RandPaul/status/940633423164698626?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <script src="https://platform.twitter.com/widgets.js"></script><p> The reaction from the machines is clear...</p> <p style="text-align: justify;"><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_paul1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_paul1_0.jpg" width="600" height="327" /></a></p> <p style="text-align: justify;">We suspect the market will bounce right back to the highs as soon as the machines realize this is <span style="text-decoration: underline;"><strong>not a "no" on the tax bill but the budget bill.</strong></span></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1326" height="722" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_paul1.jpg?1513099829" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/confused-algos-slam-stocks-rand-paul-says-no-debt-busting-budget-deal#comments Deficit Spending headlines Non-interventionism Politics Politics Protestantism Rand Paul Twitter Twitter United States Tue, 12 Dec 2017 17:34:06 +0000 Tyler Durden 609001 at http://www.zerohedge.com McCabe Cancels Testimony, Something "Far More Sinister" With Fusion GPS http://www.zerohedge.com/news/2017-12-12/mccabe-cancels-testimony-something-far-more-sinister-fusion-gps <p>FBI Deputy Director Andrew McCabe abruptly cancelled his closed door testimony in front of the House Intelligence Committee&nbsp;as <strong>news emerged that <a href="http://www.zerohedge.com/news/2017-12-11/senior-doj-officials-wife-worked-oppo-research-firm-produced-trump-dossier">the wife of Senior DOJ official Bruce Ohr worked for Fusion GPS</a></strong><a href="http://www.zerohedge.com/news/2017-12-11/senior-doj-officials-wife-worked-oppo-research-firm-produced-trump-dossier"></a>, the opposition research firm which assembled the infamous "Trump dossier." Ohr was demoted last week after allegedly trying to conceal his contacts with Fusion.&nbsp;</p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/FBI-Deputy-Director-Andrew-McCabe-at-the-Cambridge-Cyber-Summit-thumbnail.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/FBI-Deputy-Director-Andrew-McCabe-at-the-Cambridge-Cyber-Summit-thumbnail_0.jpg" width="500" height="281" /></a><br />FBI Deputy Director Andrew McCabe</em></p> <p><em>Fox News </em>reporter Chad Pergram's sources tell him "<strong>McCabe has an Ohr problem,</strong>" and they believe <strong>"FBI DepDir McCabe not coming to Hse Intel Cmte tomorrow because he'd be asked about Bruce Ohr &amp; Ohr's wife Nellie who worked for Fusion GPS</strong>," adding <strong>"something far more sinister.</strong>"&nbsp;</p> <p>Pergram also tweeted "<strong>Expect subpoenas to compel McCabe to appear this wk."&nbsp;</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">FBI’s McCabe was expected to appear before Hse to Intel Cmte Tues. Now told he’s not coming. Expect subpoenas to compel McCabe to appear this wk. Source: “McCabe has an Ohr problem”</p> <p>— Chad Pergram (@ChadPergram) <a href="https://twitter.com/ChadPergram/status/940428289063124992?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <script src="https://platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Congressional sources tell Fox they believe FBI DepDir McCabe not coming to Hse Intel Cmte tomorrow because he’d be asked about Bruce Ohr &amp; Ohr’s wife Nellie who worked for Fusion GPS. <br />something far more sinister.</p> <p>— Chad Pergram (@ChadPergram) <a href="https://twitter.com/ChadPergram/status/940428751434809344?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <script src="https://platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Fox is told Hse Intel Cmte will likely subpoena FBI DepDir McCabe to appear this wk. In addition, will subpoena documents/emails related to McCabe’s appearance</p> <p>— Chad Pergram (@ChadPergram) <a href="https://twitter.com/ChadPergram/status/940429034323922944?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <script src="https://platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Source tells Fox they think McCabe scheduling snafu before Hse Intel arose after Fox rpt tonight about wife of DoJ’s Bruce Ohr. Nellie Ohr worked for Fusion GPS thru last fall. Firm is connected to anti-Trump dossier.</p> <p>— Chad Pergram (@ChadPergram) <a href="https://twitter.com/ChadPergram/status/940429728854560769?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <p>Of note, House Intel Committee chairman <a href="http://www.zerohedge.com/news/2017-12-05/more-anti-trump-messages-reportedly-sent-members-muellers-team-lot-more-going-come-o" target="_blank">Devin Nunes (R-CA) announced last week</a> that they were <strong>prepared to hold McCabe and assistant Attorney General Rod Rosenstein in contempt for the DOJ's failure to comply with a previous subpoena</strong>. He also accused the FBI and the DOJ of willfully refusing to comply with an Aug. 24 subpoena in part by refusing the committee's request "<strong>for an explanation of Peter Strzok's dismissal from the Mueller probe.</strong>"</p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/Bruce-Ohr-Nellie-Ohr.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/Bruce-Ohr-Nellie-Ohr_0.jpg" width="500" height="302" /></a><br />Bruce and Nellie Ohr</em></p> <p>As we reported <a href="http://www.zerohedge.com/news/2017-12-11/senior-doj-officials-wife-worked-oppo-research-firm-produced-trump-dossier" target="_blank">yesterday</a>,&nbsp;Nellie Ohr, the wife of disgraced DOJ official Bruce Ohr, was employed at Fusion GPS last year. <strong>Her term of employment overlapped with the period when the Trump dossier was being compiled.</strong> Though Fox was unable to discern the exact nature of her role at the firm, its reporters discovered that she has done extensive research on Russia-related topics for think tanks based in the Washington, DC area.</p> <p><em><a href="http://www.foxnews.com/politics/2017/12/11/wife-demoted-doj-official-worked-for-firm-behind-anti-trump-dossier.html" target="_blank">Fox News</a></em>&nbsp;reports:&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>A senior Justice Department official demoted last week for concealing his meetings with the men behind the anti-Trump “dossier” had even closer ties to Fusion GPS,</strong> the firm responsible for the incendiary document, than have been disclosed, Fox News has confirmed: The official’s wife worked for Fusion GPS during the 2016 election.</p> <p>&nbsp;</p> <p>Contacted by Fox News,<strong> investigators for the House Permanent Select Committee on Intelligence (HPSCI) confirmed that Nellie H. Ohr, wife of the demoted official, Bruce G. Ohr, worked for the opposition research firm last year. </strong>The precise nature of Mrs. Ohr’s duties – including whether she worked on the dossier – remains unclear but a review of her published works available online reveals Mrs. Ohr has written extensively on Russia-related subjects. HPSCI staff confirmed to Fox News that she was paid by Fusion GPS through the summer and fall of 2016.</p> </blockquote> <p style="font-size: 13.008px;">Also notable is the fact that Bruce Ohr's wife <strong>not only worked for Fusion GPS, but also represented the CIA's "Open Source Works" group&nbsp;</strong>in a 2010 "<a href="https://www.ncjrs.gov/pdffiles1/nij/230846.pdf" target="_blank">expert working group</a> report on international organized crime" <strong>along with&nbsp;Bruce Ohr and Fusion GPS co0founder Glenn Simpson</strong>.&nbsp;</p> <blockquote class="twitter-tweet" style="font-size: 13.008px;"><p dir="ltr" lang="en">Nellie Ohr, the wife of demoted DOJ official, Bruce Ohr, not only worked for Fusion GPS, but has also represented the CIA's "Open Source Works" group.&nbsp;<a href="https://t.co/u5HPgJwvWd">https://t.co/u5HPgJwvWd</a>&nbsp;<a href="https://t.co/ZPhAIzR6wv">pic.twitter.com/ZPhAIzR6wv</a></p> <p>— Josh Caplan (@joshdcaplan)&nbsp;<a href="https://twitter.com/joshdcaplan/status/940444559468892160?ref_src=twsrc%5Etfw">December 12, 2017</a></p></blockquote> <p style="font-size: 13.008px;">Of note <strong style="font-size: 13.008px;">Open Source Works</strong>&nbsp;is described as the "<strong style="font-size: 13.008px;">CIA's in-house open source analysis component, devoted to intelligence analysis of unclassified, open source information."&nbsp;&nbsp;</strong>So - Nellie Ohr, the wife of recently demoted DOJ official Bruce Ohr - <strong style="font-size: 13.008px;">worked for both Fusion GPS and the CIA</strong>.&nbsp;It is unclear whether her time at Fusion overlapped with her time at the CIA.&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Open Source Works, which is the CIA’s in-house open source analysis component, is devoted to intelligence analysis of unclassified, open source information.&nbsp; Oddly, however, the directive that established Open Source Works is classified, as is the charter of the organization.&nbsp; In fact, CIA says the very existence of any such records is a classified fact. <strong>“The CIA can neither confirm nor deny the existence or nonexistence of records responsive to your request,” </strong>wrote Susan Viscuso, CIA Information and Privacy Coordinator, in a November 29 response to a Freedom of Information Act request from Jeffrey Richelson of the National Security Archive for the Open Source Works directive and charter. </p> <p>&nbsp;</p> <p>“The fact of the existence or nonexistence of requested records is currently and properly classified and is intelligence sources and methods information that is protected from disclosure,” Dr. Viscuso wrote. This is a surprising development since Open Source Works — by definition — does not engage in clandestine collection of intelligence.&nbsp; Rather, it performs analysis based on unclassified, open source materials. -<em><a href="https://fas.org/blogs/secrecy/2011/12/cia_osw/" target="_blank">FAS</a></em></p> </blockquote> <p><a href="http://www.foxnews.com/politics/2017/12/07/top-doj-official-demoted-amid-probe-contacts-with-trump-dossier-firm.html" target="_blank">House investigators</a> determined that&nbsp;<strong style="font-size: 13.008px;">during the 2016 election, Bruce&nbsp;Ohr met with former MI6 spy Christopher Steele, and shortly after the 2016 election he met with Glenn Simpson, the co-founder of Fusion GPS -&nbsp;</strong>who commissioned Steele to assemble the dossier.&nbsp;</p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/Ron-Desantis.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/Ron-Desantis_0.jpg" width="500" height="281" /></a><br />Ron DeSantis (R-FL)</em></p> <p><strong>Another factor in McCabe's sudden cancellation</strong>&nbsp;is a report from <em>The Hill</em>'s John Solomon that&nbsp;Rep. Ron DeSantis (R-FL)&nbsp;recently interviewed a retired FBI supervisor who told him <strong>he was instructed by Deputy Director Andrew McCabe <a href="http://www.zerohedge.com/news/2017-12-07/fbi-deputy-director-mccabe-told-agents-lie-about-benghazi-investigation-says-gop-law" target="_blank">not to call the 2012 Benghazi attack an act of terrorism</a></strong> when distributing the FBI's findings to the larger intelligence community - despite knowing exactly who conducted the attack.&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The agent found the instruction concerning because his unit had gathered incontrovertible evidence showing a major al Qaeda figure had directed the attack and the information had already been briefed to President Obama, the lawmaker said. -<a href="http://thehill.com/homenews/administration/363666-gop-lawmakers-cite-new-allegations-of-political-bias-in-fbi" target="_blank">The Hill</a></p> </blockquote> <div><strong>If true, it means McCabe lied for the Obama administration in a clear, partisan violation of the FBI's mandate to "detect and prosecute crimes against the United States," not "lie for the President so as not to offend Islam." </strong>As Rep. DeSantis told <em>The Hill:</em>&nbsp;</div> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <div>"<strong>What operational reason would there be to issue an edict to agents telling them, in the face of virtually conclusive evidence to the contrary, not to categorize the Benghazi attack as a result of terrorism?</strong> By placing the interests of the Obama administration over the public's interests, <strong>the order is yet another data point highlighting the politicization of the FBI."</strong></div> </blockquote> <div>Whether McCabe cancelled&nbsp;over his "Ohr problem," or for instructing a retired FBI supervisor to lie about the Benghazi attack, or because he doesn't want to talk about Peter Strzok's dismissal from the Mueller probe - one thing is for sure; Devin Nunes can't be happy, and we can probably expect subpoenas to start flying off his desk as soon as this morning.</div> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="500" height="281" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/FBI-Deputy-Director-Andrew-McCabe-at-the-Cambridge-Cyber-Summit-thumbnail.jpg?1513083579" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/mccabe-cancels-testimony-something-far-more-sinister-fusion-gps#comments al-Qaeda Central Intelligence Agency Christopher Steele Competitive intelligence Department of Justice DOJ Donald Trump–Russia dossier Espionage FBI Federal Bureau of Investigation Federal Bureau of Investigation Fox News Freedom of Information Act Fusion GPS Government House Intel Committee House Intelligence Committee International relations Law national security Obama Administration Obama administration Permanent Select Committee President Obama Russian interference in the 2016 United States elections Russia–United Kingdom relations SPY Testimony Twitter Twitter United Kingdom–United States relations United States intelligence agencies Tue, 12 Dec 2017 17:30:06 +0000 Tyler Durden 608976 at http://www.zerohedge.com North Korea Hacks Exchanges Attempting To Steal Bitcoin As Prices Surge http://www.zerohedge.com/news/2017-12-12/north-korea-hacks-bitcoin-exchanges-attempting-steal-amid-bubble-warnings <p><a href="http://www.shtfplan.com/headline-news/north-korea-hacks-bitcoin-exchanges-attempting-to-steal-amid-bubble-warnings_12122017"><em>Authored by Mac Slavo via SHTFplan.com,</em></a></p> <p>The value of soaring <a href="http://www.shtfplan.com/headline-news/peter-schiff-warns-of-crash-everybody-is-going-to-get-wiped-out_12062017">crypto-currencies is creating a bubble financial analysts </a>continue to warn about, but it&rsquo;s also making it overly appealing to cyber thieves.&nbsp; <strong>North Korean hackers are now attempting to steal bitcoin, as experts warn of an impending&nbsp;financial dilemma.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_biyt.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_biyt_0.jpg" style="width: 600px; height: 311px;" /></a></p> <p><a href="https://news.sky.com/story/north-korea-is-hacking-soaring-bitcoin-exchanges-say-researchers-11162155" target="_blank">Ashley Shen, an independent security researcher,</a> said:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;We assume one of the reasons why Bitcoin is being attacked is because the price keeps increasing and <strong>we think it&rsquo;s reasonable for hackers (to target).</strong> Digital currency might be easier to gain than physical currency. So I think it&rsquo;s reasonable.&rdquo;&nbsp;</p> </blockquote> <p>Amid speculation only, bitcoin is up 1500% in 2017, <strong>making theft attempts by the rogue regime unavoidable. </strong>Shen and her colleagues have<strong> tracked the attacks by hacking groups Lazarus, Bluenoroff, and Andariel&nbsp; (suspected to be North Korean operations) </strong>on financial institutions including banks in Europe and South Korea, an ATM company and Bitcoin exchange.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Before, when we tracked nation-state attackers, they usually perform cyber attacks which are aimed at confidential data and intelligence,&rdquo; Shen said.&nbsp;</p> <p>&nbsp;</p> <p><strong>&ldquo;However recently we&rsquo;ve discovered that some of the APT (Advanced Persistent Threat) groups are trying to <a href="https://news.sky.com/story/north-korea-is-hacking-soaring-bitcoin-exchanges-say-researchers-11162155" target="_blank">hack financial institutions like banks and Bitcoin exchanges </a>to gain financial profit.&rdquo;&nbsp; So far, North Korea&rsquo;s attempts to hack into bitcoin exchanges have failed.</strong></p> <p>&nbsp;</p> <p>&ldquo;My own opinion is they will probably keep doing the Bitcoins because the price keeps increasing and it&rsquo;s a good investment&hellip; So I assume they will do more Bitcoin attacks and of course they will keep targeting banks because that&rsquo;s what they did before,&rdquo; Shen said.</p> </blockquote> <p>One of her co-researchers, who wishes to remain anonymous because they work for a South Korean bank,<a href="https://news.sky.com/story/north-korea-is-hacking-soaring-bitcoin-exchanges-say-researchers-11162155" target="_blank"> told <em>Sky News</em>: </a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;Just a few years ago the attacks were initiated to paralyze the society, but for some time now they&rsquo;ve been hacking for money &ndash; so I kind of wonder if they are facing financial difficulties.&rdquo;</strong></p> </blockquote> <p>As Bitcoin has surged in value, particularly over the last week, it has become increasingly attractive to hackers.&nbsp;On Thursday, Bitcoin mining marketplace NiceHash, based in Slovenia, suspended operations after&nbsp;<a href="https://news.sky.com/story/bitcoin-tops-16k-as-miner-nicehash-investigates-64m-theft-11160229" target="_blank">hackers stole 4,700 Bitcoin &ndash; at the time worth roughly $64m.</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><u><strong>&ldquo;The vast majority of cryptocurrency use is not criminal.</strong></u> Bitcoin is one of more than 1,000 cryptocurrencies and many people use cryptocurrencies to bank or to transfer money or make investments,&rdquo; said<em><a href="http://www.nationalcrimeagency.gov.uk/" target="_blank">&nbsp;The National Crime Agency.</a>&nbsp;</em></p> <p>&nbsp;</p> <p>&ldquo;We do see cybercriminals using cryptocurrencies as one of a range of ways in which criminals try to launder money. <strong>But criminals are mistaken if they believe that cryptocurrencies are untraceable and provide total anonymity.&rdquo;</strong></p> </blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="761" height="394" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_biyt.jpg?1513088825" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/north-korea-hacks-bitcoin-exchanges-attempting-steal-amid-bubble-warnings#comments Alternative currencies ATM Bitcoin Bitcoin Business Cryptocurrencies Currency Digital currencies E-commerce Economics of bitcoin Finance Legality of bitcoin by country or territory Money National Crime Agency North Korea Tue, 12 Dec 2017 17:27:10 +0000 Tyler Durden 608985 at http://www.zerohedge.com Public Enemy No. 1: Walls Closing In On Peter Strzok As Questions Arise Over His Involvement In FISA Application http://www.zerohedge.com/news/2017-12-12/public-enemy-no-1-walls-closing-peter-strzok-questions-arise-over-his-involvement-fi <p>Over the past 10 days we've learned a lot about FBI agent Peter Strzok, a man who very likely would have lived the remainder of his life in relative obscurity as an FBI counterintelligence agent but for his sudden dismissal from Special Counsel Mueller's "Russian Collusion" investigation.</p> <p>As we noted on December 2nd (see: <a href="http://www.zerohedge.com/news/2017-12-02/muellers-top-fbi-agent-probing-clinton-emails-russian-collusion-removed-after-anti-t">Mueller's Top FBI Agent Probing Clinton Emails, Russian-Collusion "Removed" After Anti-Trump Texts Found</a>), Strzok's life became far more complicated when it was revealed that his dismissal from Mueller's team was linked to the discovery of multiple "anti-Trump text messages" shared with a colleague...a colleague with whom he happened to be having an extramarital affair.&nbsp; </p> <p>Of course, like most twisted Washington D.C. scandals, his overt political bias and anti-Trump text messages were only the tip of the iceberg as it was subsequently discovered that<strong> Strzok not only held a leading role in the Hillary email investigation but potentially single-handedly saved her from prosecution by making the now-infamous change in Comey's final statement to describe her email abuses as <span style="text-decoration: underline;">"extremely careless"</span> rather than the original language of <span style="text-decoration: underline;">"grossly negligent."</span></strong></p> <p>Of course, as we noted a month ago (see: <a href="http://www.zerohedge.com/news/2017-11-06/early-comey-memo-accused-hillary-gross-negligence-punishable-jail">First Comey Memo Concluded Hillary Was "Grossly Negligent," Punishable By Jail</a>), the change in language was significant since <strong>federal law states that "gross negligence" in handling the nation’s intelligence can be punished criminally with prison time or fines whereas "extreme carelessness" has no such legal definition</strong> and/or ramifications. </p> <p>All that said, while ill-advised, <strong>sending anti-Trump texts to your mistress is certainly not illegal and probably doesn't violate any FBI statutes</strong> that would require dismissal from an ongoing investigation...if we're wrong on that then we would highly encourage Mueller to look at the text messages of the remainder of his team because we're almost certain he would have to replace everyone.</p> <p>So, that brings us back to the key question surrounding Peter Strzok...<span style="text-decoration: underline;"><strong>why exactly was he fired from the Trump investigation?</strong></span></p> <p>As it turns out, Representative Jim Jordan (R-OH) has an interesting theory on that question which he shared during his questioning of FBI Director Chris Wray last week.&nbsp; To summarize, Jordan's theory is that Strzok received the controversial "Trump Dossier" from the Clinton campaign then went to the FISA courts where he passed it off as a legitimate piece of intelligence in an effort to obtain the warrants necessary to effectively spy on the Trump campaign.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"Here's what I think Director Wray.&nbsp; I think Peter Strzok, head of counter intelligence at the FBI, Peter Strzok the guy who ran the Clinton investigation and did all the interviews, Peter Strzok, the guy who was running the Russia investigation at the FBI, Peter Strzok, Mr. 'Super Agent' at the FBI,<strong> I think he's the guy who took the application to the FISA court...and if that happened...if you have the FBI working with the Democrats' campaign, taking opposition research, dressing it all up and turning it into an intelligence document and taking it to the FISA court so they can spy on the other campaign...if that happened...that's as wrong as it gets."</strong></p> </blockquote> <blockquote class="twitter-video"><p dir="ltr" lang="en">Rep. Jim Jordan questions FBI Director Chris Wray about agent Peter Strzok being removed from Mueller's special counsel for pro-Clinton bias. <a href="https://t.co/w8cOMfew9n">https://t.co/w8cOMfew9n</a> … <a href="https://t.co/QpDBoFd3i5">pic.twitter.com/QpDBoFd3i5</a></p> <p>— Constitutional Republic News (@CRepublicNews) <a href="https://twitter.com/CRepublicNews/status/939240770082672640?ref_src=twsrc%5Etfw">December 8, 2017</a></p></blockquote> <script src="https://platform.twitter.com/widgets.js"></script><p>Of course, Director Wray could clear up any confusion on this topic by simply releasing the FISA application but that would just be too simple now wouldn't it?</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="634" height="347" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.12.12%20-%20Strzok%20Tease.JPG?1513090180" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/public-enemy-no-1-walls-closing-peter-strzok-questions-arise-over-his-involvement-fi#comments Christopher A. Wray Director of the Federal Bureau of Investigation Donald Trump Donald Trump–Russia dossier FBI Federal Bureau of Investigation Federal Bureau of Investigation FISA court Government Hillary Clinton Hillary Clinton email controversy James Comey Politics Prison Time Russian interference in the 2016 United States elections SPY Twitter Twitter United States United States Foreign Intelligence Surveillance Court Washington D.C. Tue, 12 Dec 2017 17:07:25 +0000 Tyler Durden 608989 at http://www.zerohedge.com John Burbank Shuts Flagship Hedge Fund, Plans Launch Of Cryptocurrency Unit http://www.zerohedge.com/news/2017-12-12/john-burbank-shuts-flagship-hedge-fund-plans-launch-cryptocurrency-unit <p>The writing for John Burbank's Passport Capital was on the wall back in August, when as we reported, in his <a href="http://www.zerohedge.com/news/2017-08-13/passport-global-slammed-over-60-redemptions-q2">latest letter to investors Burbank reported </a>that at what was once a multi-billion fund, total firm assets at Passport had shrunk to just $900 million as of June 30 as a result of net outflows totaling a whopping $565 million, or a nearly 40% loss of AUM due to redemptions. The collapse in assets took place just a <a href="http://www.zerohedge.com/news/2017-04-19/john-burbank-shuts-down-his-long-short-hedge-fund">few months after Passport announced </a>it was liquidating its long/short strategy in April. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/john%20burbank%203.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/11/30/john%20burbank%203_0.jpg" width="500" height="333" /></a></p> <p>And unfortunately for Burbank, just four month later, a chapter of Passport Capital's history comes to a close, because as Bloomberg reported, the fund would shutter its flagship hedge fund after returns slumped and following unprecedented redemptions. Passport - which shot to fame for its lucrative bet against subprime housing ahead of the global financial crisis - peaked at around $5 billion but lately managed a fraction of that after a double digit loss last year and further losses in 2017.</p> <p>The fund’s "<strong>returns over the past two years are unacceptable and cause me to rethink how to manage money in this environment</strong>," Burbank wrote in a Dec. 11 letter to investors, the Wall Street Journal <a href="https://www.wsj.com/articles/passport-capital-to-shut-flagship-hedge-fund-after-losses-redemptions-1513044464">first reported overnight</a>. Passport will continue to operate its roughly $300 million special opportunities fund, which holds some of the firm’s more successful bets on companies such as Alibaba Group Holding Ltd.</p> <p>As <a href="https://www.bloomberg.com/news/articles/2017-12-12/passport-to-shut-global-hedge-fund-after-unacceptable-returns">Bloomberg reminds us</a>, Burbank founded Passport in 2000 which was best known for its big bet on a tumble in subprime mortgages in 2006. His fund made 220% the following year, ushering in the good times - if only briefly - with Passport AUM briefly hitting a peak of $5 billion before a double-digit loss last year and more losses in 2017, <a href="http://www.zerohedge.com/news/2017-08-13/passport-global-slammed-over-60-redemptions-q2">as we reported previously</a>. Total assets declined to $2.4 billion in April, then plummeted further to $900 million amid client withdrawals and after it wound down its Long-Short Strategy fund after an "incredibly disappointing 2016," Bloomberg reported earlier this year.</p> <p>“<strong>You will not hear about Passport shutting down -- there is too much opportunity available to do that</strong>,” Burbank wrote, adding that the firm may announce a new area of investment in the near future.</p> <p>Well, yes, hedge funds rarely want to publicize that they are closing. And yes, even as Passport the hedge fund as we know it no longer exists, the company has decided to pivot into Mike Novogratz' sandbox, <a href="https://www.wsj.com/articles/john-burbanks-struggling-passport-hedge-fund-hopes-for-new-savior-in-bitcoin-1513088044">and as the WSJ reports this morning</a>, even as Burbank's hedge fund is pulling back from traditional investing and trading, it is <strong>launching a new arm that focuses only on cryptocurrencies such as bitcoin. </strong>More from the WSJ<strong>:<br /></strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Despite his recent performance, Mr. Burbank’s pronouncements remain closely followed by his peers. He would become one of the more prominent major investors to go big on bitcoin and the like, along with the former Fortress Investment Group hedge-fund manager Michael Novogratz and Horizon Kinetics Chief Investment Officer Murray Stahl.</p> </blockquote> <p>To be sure, the burly John Burbank - a Duke University graduate - is in some ways an unlikely evangelist for digital currency. As the WSJ describes him, "he made his name buying up credit default swaps ahead of the financial crisis, resulting in a more-than 200% gain for his main fund in 2007. That year, he made $370 million personally, Forbes estimated."</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>His predictions have mostly failed to pan out since. Passport bet big on gold mining companies in 2014, but prices dropped thereafter, and slashed its overall exposure to rising stocks in early 2015, missing out on some of the subsequent rally.</p> </blockquote> <p>Burbank's interest in bitcoin and cryptos is hardly new, however, and was reinforced in his last investor letter in which he shared the <a href="http://www.zerohedge.com/news/2017-08-13/passport-global-slammed-over-60-redemptions-q2">following perspective</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>We have been monitoring block chain technology and cryptocurrencies for some time. We believe this technology represents a secular change with the potential to profoundly disrupt many markets. AMD is the first position in the portfolio that has been a net beneficiary of this trend, but we expect our understanding of block chain technology’s potential to be an increasingly relevant factor in stock selection.</p> </blockquote> <p>Burbank continued in Monday's letter:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>“Technological progress and its non-linear enhancement or deflation of the biggest industries and markets in the world is my choice for what will have mattered most five years from now. I want to capture these extraordinary outcomes in new ways appropriate to the current era.”</p> </blockquote> <p>The new cryptocurrency-focused fund’s leadership will include longtime Passport executive Seth Spalding, the WSJ said. While Passport hasn’t told prospective investors much about its strategy, but has scheduled a call for later this week to lay out more.</p> <p>It is unclear if bitcoin - in addition to everything else - will also emerge as a "hail mary" pass for fading hedge fund managers desperate to attract just enough capital - through the use of buzzwords or otherwise - to stay in business for just one more lap. If Burbank is successful, watch as every other hedge fund and family office promptly launches their own <strong>[Insert Name Here] Crypto Asset Special Situations LLC.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="600" height="338" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/john%20burbank%202_2.jpg?1513095988" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/john-burbank-shuts-flagship-hedge-fund-plans-launch-cryptocurrency-unit#comments Alternative investment management companies Bitcoin Bitcoin block chain technology Burbank, California Business Credit Default Swaps Cryptocurrency default Duke University Finance Fortress Investment Group Hedge funds Institutional investors Investment John Burbank Money Passport Capital Special Situations Subprime mortgage crisis Subprime Mortgages Wall Street Journal Tue, 12 Dec 2017 16:46:42 +0000 Tyler Durden 608994 at http://www.zerohedge.com Stocks Pop After Cornyn Suggests Tax Bill Deal "Possible" Today http://www.zerohedge.com/news/2017-12-12/stocks-pop-after-cornyn-suggest-tax-bill-deal-possible-today <p>Despite numerous headlines indicating a tax bill deal early next week,<strong> Republican Senator John Cornyn just told media that there &quot;may be a tentative tax bill deal today.&quot;</strong> Algos liked the news and immediately bid stocks higher (despite no knowledge of what is in the &#39;deal&#39;).</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;It&rsquo;s possible,&rdquo;&nbsp;</strong>John Cornyn, the No. 2 Senate Republican, tells reporters of tax bill, according to Bloomberg.</p> <p>&nbsp;</p> <p><strong>The Senate has &ldquo;ping-ponged&rdquo; offers back and forth with House and is making good progress,</strong> he says.</p> </blockquote> <p>And stocks popped on it...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_tax.jpg"><img height="338" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_tax_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Of course, its also &quot;possible&quot; that the deal is not done today... and that&#39;s why we were intrigued to see &#39;high tax&#39; stocks underperforming...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_tax1.jpg"><img height="346" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/08/20171212_tax1_0.jpg" width="600" /></a></p> <p><u><strong>The main areas of contention:</strong></u> AMTs and treatment of SALTs (Republicans were planning to tweak corporate rate from 20% to 21-22% to pay for some of the changes but this idea is facing fierce resistance from the business community &ndash; Washington Post).</p> <p><strong>Brady Says Compromise Likely Coming Friday </strong>(reported at 1035ET)</p> <p>House Ways and Means Chairman Kevin Brady, who&rsquo;s overseeing the House-Senate conference committee for tax negotiations, said the panel will likely come to an agreement on final legislation by Friday.</p> <p><em><strong>&ldquo;We are on track for this week,&rdquo;</strong></em> Brady told reporters, referring to a so-called conference report.</p> <p>Conference reports generally go point-by-point through areas of disagreement and say how each was resolved. For example, if the House position on a provision is the one they&rsquo;ve agreed on, the report will say that with respect to that provision, the conferees propose that the Senate recede from its position and concur with the House&rsquo;s position.</p> <p><strong>House Majority Leader Kevin McCarthy told GOP members the goal is for the House to vote on the tax bill next Tuesday, Dec. 19</strong>, according to Representative Lamar Smith of Texas.</p> <p>Representative Tom Cole of Oklahoma said he heard that the goal was Tuesday, but there wasn&rsquo;t an announcement about it directly.</p> <p><em><strong>&ldquo;The time frame of a vote next week is very realistic,&rdquo;</strong></em> said Representative Tom Reed of New York. -- Erik Wasson</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1027" height="579" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_tax.jpg?1513096633" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/stocks-pop-after-cornyn-suggest-tax-bill-deal-possible-today#comments 115th United States Congress Cornyn Government headlines John Cornyn John Cornyn Kevin Brady Kevin Brady Oklahoma Politics Republican Party Senate Texas Texas Attorneys General United States congressional conference committee United States House of Representatives Tue, 12 Dec 2017 16:38:40 +0000 Tyler Durden 608996 at http://www.zerohedge.com How Will The Market Absorb Trillions Of US Treasury Bonds to Replace The Feds Balance Sheet Wind Down? http://www.zerohedge.com/news/2017-12-12/how-will-market-absorb-trillions-us-treasury-bonds-replace-feds-balance-sheet-wind-d <p>First, the facts:</p> <p>At Powell's Nov 28th 2017 testimony to Congress, Powell said that as the Fed allows its 4 trillion dollar balance sheet to wind down, the US Treasury would issue new bonds to the market to replace them (so, technically, US notional debt will neither increase nor decrease as a result of QE).</p> <p>Recall that QE is a sterile operation (this is why we don't have hyper-inflation).&nbsp; What does that mean?&nbsp; Sterile means that the US public debt will neither increase or decrease as a result of QE, and neither will the money supply.&nbsp; Another way to say this is that QE is a cash neutral operation.&nbsp; Where cash is pushed into the system at one point, it must be drained someplace else (in our case, the Fed offers interest to banks to store their cash at the Fed...mostly with IOER - interest on excess reserves..and all the banks have indeed been doing this).&nbsp; This is also why banks are not over-excited to lend you money...they get risk free money to deposit their cash at the Fed.&nbsp; QE simply took US debt off the markets balance sheet, and placed onto the Fed's (yes, the Fed printed digital fiat currency to make this happen...but the unwind will reverse&nbsp; this "money" creation).&nbsp; So, the Fed bought 10yr notes with funny money..will hold them to maturity...and then when those 10yr notes mature, the US Treasury will auction new bonds into the market to repay the Fed, making the funny money disapear like magic.&nbsp; This whole process together "sterilizes" the Feds money printing...but in the meatime, the market pushed that money into other assets (mostly stocks).</p> <p>Here is the simplified flow of money:<br />Fed QE --&gt; bond market --&gt; stock market --&gt; bank accounts --&gt; Fed accounts(IOER)</p> <p>Such that total dollars in circulation didn't change much...they ended up back at the Fed (with a nice uptick in asset prices as an inbetween step).<br />There was a nice side effect to this...while the Fed holds a large balance sheet...the US Treasury doesn't have to pay interest on its debt (because the Fed remits all its profits back to the Treasury...and interest income is considered profit).&nbsp; When the Fed winds down its balance sheet, the Treasury will have to start paying interest on that debt again.</p> <p>The interesting question is thus:&nbsp; When the US Treasury tries to sell 1-2 Trillion dollars of long term debt back into the market...what happens to interest rates and the stock market?&nbsp; Recall #1 that after the Trump election, 10 year interest rates moved from 1.80% to now 2.40% (expectation of Trump borrowing lots of long term money to finance his infrastructure and deregulation projects).&nbsp; But that hasn't even happend yet (analysis of the Republican tax plan cost estimates an additional 1 Trillion US long term debt).&nbsp; Recall #2 that the Fed is currently holding a lot of that debt...which minimized the need to liquidate bad long positions in the post Trump bond market selloff.&nbsp; US Treasury debt is "high quality" and so the market will buy it...but at what price?&nbsp; This is the big question.&nbsp; Will the market sell stocks to make room to buy up all this new debt (reverse QE)?&nbsp; Does this cause the next stock market crash?&nbsp; (hint hint - probably)</p> <p>&nbsp;</p> <p>The piper must be paid eventualy.&nbsp; However, just like in Cyprus...the banks will have a heads up...and their assets will be safe.&nbsp; What will happen to yours?</p> http://www.zerohedge.com/news/2017-12-12/how-will-market-absorb-trillions-us-treasury-bonds-replace-feds-balance-sheet-wind-d#comments Bank Banking Bond Bond Business Congress Economy Excess Reserves Excess reserves Federal Reserve System Finance Financial markets Financial services Free Money Inflation Market Crash Monetary policy Money Money Supply Money supply National debt of the United States Next Stock Market Crash Testimony U.S. Treasury US Federal Reserve Tue, 12 Dec 2017 16:36:00 +0000 govttrader 608995 at http://www.zerohedge.com Tax-Reform Opponents Blast Treasury Report As "Nothing More Than One Page Of Fake Math" http://www.zerohedge.com/news/2017-12-12/tax-reform-opponents-blast-treasury-report-nothing-more-one-page-fake-math <p>Yesterday,<a href="http://www.zerohedge.com/news/2017-12-11/treasury-forecasts-tax-reform-will-lead-longest-period-without-recession-history"> we highlighted</a> a one-page report prepared by the Treasury Department which claimed that &ndash; in what was perhaps one of the most unrealistically optimistic budget projections to ever be produced by the US government agency - the Senate&rsquo;s version of the Republican tax plan would, somehow, bolster GDP to a 2.9% real growth rate over 10 years.</p> <p>The report &ndash; a transparent attempt to distract from the plan&rsquo;s elimination of more than $1.5 trillion in total receipts, while emphasizing its potential pro-growth aspects &ndash; <strong>relies on a scenario where the economy achieves a baseline of 2.9% GDP growth over the coming decade, compared with the Treasury&rsquo;s previous projection of 2.2%.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12mnuchin.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12mnuchin_0.JPG" style="width: 500px; height: 245px;" /></a></p> <p>This additional 0.7 percentage point of annual growth, the report claims, will lead to an increase in tax revenue of $1.8 trillion. Treasury &quot;expects approximately half of this 0.7% increase in growth to come from changes to corporate taxation, while the other half is expected to come from changes to pass-through taxation and individual tax reform, as well as from a combination of regulatory reform, infrastructure development, and welfare reform as proposed in the Administration&rsquo;s Fiscal Year 2018 budget.&quot;</p> <p>To transform these projections into a reality, the US economy would need to achieve the longest cycle of uninterrupted growth in US history.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12businesscycle_0.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12businesscycle_0.JPG" style="width: 500px; height: 330px;" /></a></p> <p>Unsurprisingly, the report has elicited howls of outrage from Democratic lawmakers and academics, who blasted Treasury Secretary Steven Mnuchin &ndash; a former Goldmanite &ndash; for the obviously bogus report, as <a href="https://www.reuters.com/article/us-usa-tax/u-s-treasury-tax-study-slammed-as-fake-math-by-democrats-idUSKBN1E52MB">Reuters </a>reported.</p> <p>Even Mnuchin&rsquo;s fellow Republicans joined in the outrage pow-wow: Case in point, the Committee for a Responsible Federal Budget, a conservative fiscal watchdog in Washington, <strong>claimed the report, which was prepared by Treasury&rsquo;s Office of Tax Policy, &ldquo;makes a mockery of dynamic scoring and analysis.&quot;</strong></p> <p>Meanwhile, Senate Minority leader Chuck Schumer said the Treasury analysis was <u><strong>&ldquo;nothing more than one page of fake math.&quot;</strong></u></p> <p>Of course, when the next recession hits &ndash; which, if the past is any guide, should happen before the end of 2019 - the yield curve will be steeply negative, crushing the financial sector. Government tax revenues will plunge and government-borrowing will soar. In a scramble to monetize the explosion of debt before it snowballs into one of the most severe debt crises in modern history, the Fed will launch QE4 at a time when interest rates are still low by historical standards and the central bank&rsquo;s swollen, post-crisis balance sheet may not yet be fully unwound.</p> <p>In what was perhaps the report&#39;s most entertaining paragraph, Mnuchin &amp; Co. engage in what could be construed as a little light-hearted trolling of the economic community.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>We acknowledge that some economists predict different growth rates.</strong> OTP projects that at approximately 0.35% of incremental annual GDP growth, Treasury tax receipts would generate approximately $1 trillion of incremental revenue. Neither JCT nor Treasury has released a score showing increased tax receipts from the House plan, though we would not expect the results to be materially different.</p> </blockquote> <p>As <a href="https://www.reuters.com/article/us-usa-tax/u-s-treasury-tax-study-slammed-as-fake-math-by-democrats-idUSKBN1E52MB">Reuters </a>points out, the Wharton Business School at the University of Pennsylvania also issued a report on Monday, which found that the plan approved by the full Senate would add $1.5 trillion to the national debt over 10 years, &ldquo;even with assumptions favorable to economic growth.&quot;</p> <p><a href="http://www.zerohedge.com/news/2017-12-11/treasury-forecasts-tax-reform-will-lead-longest-period-without-recession-history">One week ago, </a>in its latest assessment of the current state of tax reform in the aftermath of the Senate&#39;s passage of the tax bill, <strong>Goldman analysts calculated that, while the growth impact from tax reform would increase fractionally to around 0.3% in 2018 and 2019 &quot;reflecting the slightly larger amount of tax cuts in the Senate plan following revisions, and our expectations regarding the eventual compromise&quot;, <u>there would be a very modest - if any - boost to US economic growth from tax reform.</u></strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12goldmanchart.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12goldmanchart_0.JPG" style="width: 500px; height: 315px;" /></a></p> <p>Notably, the sparring over economic forecasts came as Republicans resumed efforts to reconcile two tax-overhaul bills, one approved by the Senate and one by the House of Representatives.</p> <p>Regardless of whether its projections are based on sound numbers, Republicans probably won&rsquo;t hesitate to use it as a cudgel to beat back deficit hawks who are threatening to delay the tax plan by demanding that Republicans rein in cuts to stop the plan from blowing out the deficit and piling on the debt.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="925" height="454" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.12.12mnuchin.JPG?1513088924" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/tax-reform-opponents-blast-treasury-report-nothing-more-one-page-fake-math#comments Business Committee for a Responsible Federal Budget Department of the Treasury Economy Economy of the United States Finance House of Representatives National Debt Political debates about the United States federal budget Politics Presidency of Barack Obama Presidency of George W. Bush Reality Recession Reuters Senate Steven Mnuchin Tax cut Tax Cuts and Jobs Act Tax Revenue the University of Pennsylvania Treasury Department Treasury’s office of Tax Policy United States federal budget US Federal Reserve Wharton Business School Yield Curve Tue, 12 Dec 2017 16:28:17 +0000 Tyler Durden 608986 at http://www.zerohedge.com Emerging markets bull trend could fail here! http://www.zerohedge.com/news/2017-12-12/emerging-markets-bull-trend-could-fail-here <p style="text-align: center;">&nbsp;</p> <p><img src="https://i3.wp.com/kimblechartingsolutions.com/wp-content/uploads/2017/12/chicken-breaking-out-of-egg-pic-300x229.jpg" width="300" height="229" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-medium wp-image-40138" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;"><a href="https://finance.yahoo.com/quote/EEM?p=EEM" style="box-sizing: border-box; background: 0px 0px; color: #23527c; outline: -webkit-focus-ring-color auto 5px; outline-offset: -2px;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">Emerging Markets ETF (EEM</span></a>) has done very well over the past year, gaining over 30%. The gain is nearly 50% more than the S&amp;P 500 during the same time period. Impressive gain and impressive relative strength compared to the S&amp;P 500!</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">An important bull market test looks to be at hand for EEM this week, see chart below-</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;"><a href="https://i0.wp.com/kimblechartingsolutions.com/wp-content/uploads/2017/12/emerging-markets-testing-rising-support-dec-12.jpg" target="_blank" title="Emerging markets bull trend could fail here! chris kimble chart"><img src="https://i0.wp.com/kimblechartingsolutions.com/wp-content/uploads/2017/12/emerging-markets-testing-rising-support-dec-12-640x362.jpg" width="640" height="362" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter wp-image-40139 size-large" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif; text-align: center;"><span style="box-sizing: border-box; outline: 0px; background: 0px 0px; color: #0000ff;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">CLICK ON CHART TO ENLARGE</span></span></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">In 2011, EEM looks to have created a head and shoulders top, with the “right shoulder” taking place at line (1). EEM declined for the next 5-years after creating this topping pattern, falling over 40% during that time frame.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">In 2015/2016, EEM looks to have created an inverse head and shoulders pattern, where a strong rally over the past 18-months has taken place off the lows. The rally&nbsp;took EEM back to test line (1), which was the right shoulder back in 2011. While hitting line (1) a reversal pattern (bearish wick) took place. Since hitting line (1), EEM has declined a small percent, where it finds itself testing 1-year rising channel support at (2).</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">The trend in EEM remains up and the small decline of late has&nbsp;<em style="box-sizing: border-box; outline: 0px; background: 0px 0px;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">NOT</span></em>&nbsp;changed that trend. EEM bulls want/need to see support hold at (2). If it fails to hold, some selling pressure could take place.</p> <p>&nbsp;</p> <p>&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; color: #303030;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: 13.008px; line-height: inherit; font-family: inherit; color: #000000;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Arial, sans-serif; border: 1pt none windowtext;">Chart pattern analysis with brief commentary:&nbsp; &nbsp;</span></strong></strong></p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: normal; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Arial, sans-serif; border: 1pt none windowtext;">There is a ton of news and opinions about markets and stocks that make&nbsp;the decision-making process more difficult than it needs to be.&nbsp; &nbsp;</span></strong><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Verdana, sans-serif;">&nbsp;</span></p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: normal; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Arial, sans-serif; border: 1pt none windowtext;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">I believe&nbsp;</span><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">the&nbsp;</span></span></strong><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: inherit; border: 1pt none windowtext;">Power of the chart Pattern&nbsp;</span></em><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: normal; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Arial, sans-serif; border: 1pt none windowtext;">provides all you need to see what is taking place in an asset and&nbsp;determine the action to take.&nbsp;</span></strong><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Verdana, sans-serif;">&nbsp;</span></p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; padding: 0in; font-style: inherit; font-variant: inherit; font-weight: normal; font-stretch: inherit; font-size: 10pt; line-height: inherit; font-family: Arial, sans-serif; border: 1pt none windowtext;">This approach&nbsp;has worked well for me and our clients and I encourage you to test it for yourself.</span></strong><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 10pt; 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margin: 0in 0in 0.0001pt; padding-left: 30px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; padding-left: 30px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; padding-left: 30px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="1191" height="673" alt="" src="http://www.zerohedge.com/sites/default/files/images/user182769/imageroot/emerging-markets-testing-rising-support-dec-12.jpg?1513095907" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/emerging-markets-bull-trend-could-fail-here#comments Chart patterns EEM Fail Finance Financial economics Head and Shoulders Head and shoulders Money S&P 500 Technical analysis Twitter Twitter Tue, 12 Dec 2017 16:25:09 +0000 kimblecharting 608993 at http://www.zerohedge.com Gold: Isn’t the Whole Idea to Buy Low and Sell High? http://www.zerohedge.com/news/2017-12-12/gold-isn%E2%80%99t-whole-idea-buy-low-and-sell-high <h2>Isn’t the Whole Idea to Buy Low and Sell High?</h2> <p><span class="cke_widget_wrapper cke_widget_inline cke_widget_image cke_image_nocaption cke_widget_selected"></span><img src="http://www.zerohedge.com/sites/default/files/images/user238352/imageroot/2017/12/12/1.PNG" width="813" height="555" /></p> <p><em>Authored by <a href="https://advantagegold.com/author/adam/">Adam Baratta</a></em></p> <p>When it comes to the gold market, perhaps the old saying should be changed to “buy low and sell high-if ever.” That is likely the mentality behind gold investors at this point, as the yellow metal remains stuck in a trading range.</p> <p>The gold market has some issues working against it currently. Higher stocks, a stronger economy and overall robust appetite for risk are all playing a role in the market’s current lack of upside follow through. In the absence of any fresh, bullish catalyst, gold could remain on the weaker side of the ledger going into the New Year.</p> <p>Such a view is, however, dangerous as it does not really examine the bigger picture. If there were no significant reasons for gold to eventually start moving higher, the market would likely have sunk far below its recent lows by this point. Despite short sellers and others taking a bearish view of the metal currently, the market has held its ground. This is undeniably a sign of underlying strength.</p> <p>Investors have an interesting tendency to view gold very differently from other asset classes such as stocks, for example. But in many ways, some of the same investment principles still apply. For example, if you were a long-term investor in Microsoft, would you rather buy shares at $25 per share or $30 per share? Obviously, buying the stock at $25 per share would be preferable, allowing the investor to potentially realize more gains if the price goes up while also possibly making better overall use of investment capital.</p> <p>The gold market is no different in this regard. While many investors seemingly want to wait and see the market moving higher before taking action, the savvy investors realize that the old notion of buy low and sell high still applies. This is exactly why the market has not been able to really breakdown-the buyers have met and neutralized any significant selling pressure.</p> <p>For the investor that is interested in value, and is taking more of a long-term view rather than a short-term view, the current range in the gold market could represent an excellent long-term buying opportunity. The market has shown time and time again that it has the ability to move sharply higher in a short period of time, and the next upside breakout could see such price action once again. Would you rather buy gold at $1250 per ounce or $5000 per ounce?</p> <p>Now is the ideal time to add to a gold portfolio, and if you don’t already have an allocation in this key asset class, now is the ideal time to get started.</p> <p>Adding physical gold to your holdings has never been easier than it is today, and you can get started by simply picking up the phone. Speak with an Advantage Gold account executive today about the potential benefits of gold ownership. Our associates are here to answer any questions you may have, and can even show you how to make this asset class a key part of your portfolio using an IRA account.</p> <p><strong>&nbsp;Read more&nbsp;from Adam at&nbsp;<a href="https://advantagegold.com/">Advantage Gold</a></strong></p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="813" height="555" alt="" src="http://www.zerohedge.com/sites/default/files/images/user238352/imageroot/1_1.PNG?1513095269" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/gold-isn%E2%80%99t-whole-idea-buy-low-and-sell-high#comments Behavioral finance Business Contrarian investing Economy Finance Financial markets Gold as an investment Investment Investor Market sentiment Money Price Action Security Short Tue, 12 Dec 2017 16:14:41 +0000 Vince Lanci 608992 at http://www.zerohedge.com