http://www.zerohedge.com/fullrss2.xml/wp-login.php/sites/default/files/images/user5/imageroot/2011/09/AAPL en The State Of Illinois Is "Past The Point Of No Return" http://www.zerohedge.com/news/2017-10-18/state-illinois-past-point-no-return <p><em>Authored by <a href="https://seekingalpha.com/author/carl-dincesen/articles" rel="author">Carl Dincesen </a>via <a href="http://stockboardasset.com/insights-and-research/creditworthiness-new-york-illinois-one-bankrupt/">StockBoardAsset.com</a>,</em></p> <p><u><strong style="font-size: 16px;">Summary</strong></u></p> <div class="p p1"> <div class="article-summary article-width"> <div class="a-sum"> <ul> <li><strong>Unless used for capital improvements, any new Illinois State borrowing, regardless of security structure, will amount to nothing more than kicking the can further down the road.</strong></li> <li><strong>Markets remain open to uncreditworthy government borrows longer than they should. In a low interest rate environment,&nbsp;investors will stretch credit standards.</strong></li> <li><strong>Benchmark bond ratings are at variance with the rating agencies.</strong></li> </ul> </div> </div> </div> <div class="sa-art article-width" id="a-body"> <p class="p p1"><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_IL.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_IL_0.jpg" style="width: 500px; height: 313px;" /></a></p> <p class="p p1"><strong>Everyone knows Illinois&rsquo; financial condition is poor.</strong> Conventional thinking seems to be that a bond default, should that happen, would be many years in the future. <em><u><strong>Pardon me, but wasn&rsquo;t that the thinking right up to Puerto Rico&rsquo;s, &ldquo;We can&rsquo;t pay&rdquo; announcement?</strong></u></em></p> <p class="p p1">To answer the question of just how badly off is Illinois, I assembled a list of key creditworthiness indicators and applied them to New York, a highly rated state, and Illinois.</p> <p class="p p1"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_IL1_0.png" style="width: 500px; height: 379px;" /></p> <h3 class="p p1"><u>Commentary and Benchmark Private Bond Ratings</u></h3> <p class="p p1">The State of New York is managing its financial resources and obligations in a better-than-average manner. Particularly, the State&rsquo;s employee pensions are reported to be 90% funded, but the general fund deficit must be contained and then eliminated. Unfunded OPEB costs are too high and can be renegotiated. Funded and pro forma unfunded long-term contractual obligations equaled 23% of general fund revenue in FY ended June 30, 2017, and exceeds the 15% threshold for a Benchmark AA or AA+ credit rating.</p> <p><a href="http://stockboardasset.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-17-at-11.52.12-PM.png"><img class="aligncenter size-full wp-image-34050" src="http://stockboardasset.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-17-at-11.52.12-PM.png" style="width: 500px; height: 229px;" /></a></p> <p class="p p2"><em>*Both NYS income tax and sales tax bonds are payable from annual general fund appropriation. For additional information, click&nbsp;</em><a href="https://seekingalpha.com/article/4006939-just-appropriation-backed-municipal-bonds"><em>here</em></a><em>.</em></p> <p class="p p2"><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_IL2.jpeg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_IL2.jpeg" style="width: 500px; height: 443px;" /></a></p> <h3 class="p p2"><u>Commentary and Benchmark Private Bond Ratings</u></h3> <p class="p p2"><em><strong>The State of Illinois, in my opinion, is past the point of no return. It does not have the ability to raise taxes or cut spending to the degree necessary to reduce the annual cost of bond and retiree benefits from 33% to a sustainable level. The amount of debt issued by Illinois requires a moderate 8% of general fund revenues to pay P&amp;I.</strong></em></p> <p class="p p2">The insolvency is not the result of too much bonded debt, but rather the<strong> government promising retirement and other post-employment benefits that aren&rsquo;t affordable.</strong></p> <p class="p p2">Bear in mind that direct debt of the State is exempt from any form of bankruptcy. Most believe that the State&rsquo;s pension benefit obligations are on parity with states&rsquo; general obligation bonds and bankruptcy-exempt as well.</p> <p class="p p2">Let&rsquo;s assume the State did find itself in a &ldquo;no money to pay everyone&rdquo; position and chose bond default as the relief value over failing to appropriate sufficient funds for pension funding and OEB costs.</p> <p class="p p2">Since neither GO bond holders nor pension fund creditors are subject to any bankruptcy court, who would win? Together they would be by far the State&rsquo;s largest long-term contractual obligors. I think the State&rsquo;s GOB investors would come out ahead because the State would not be able to borrow in its own name until it makes good on past due GO P&amp;I.</p> <p class="p p2"><em><strong>Retired public employees might understand that it is better to negotiate a fair agreement than to demand one the employer can&rsquo;t afford. This is the only scenario, however unlikely, where Illinois stands a change of pulling itself out of its deep financial hole.</strong></em></p> <p class="p p3"><u><em><strong>Benchmark and rating agency ratings</strong></em></u></p> <p><a href="http://stockboardasset.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-17-at-11.52.44-PM.png"><img class="aligncenter size-full wp-image-34051" src="http://stockboardasset.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-17-at-11.52.44-PM.png" style="width: 499px; height: 112px;" /></a></p> </div> <p>&nbsp;</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="869" height="544" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171018_IL.jpg?1508334215" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/state-illinois-past-point-no-return#comments Bond Bond Business Credit rating agency Creditors Debt default Economy Finance Illinois Investment Labor Money Other postemployment benefits Puerto Rican government-debt crisis Puerto Rico Rating Agencies Rating Agency ratings Social Issues Wed, 18 Oct 2017 14:52:04 +0000 Tyler Durden 605549 at http://www.zerohedge.com Oil Algos Shocked As US Crude Production Crashes Most In Over 5 Years http://www.zerohedge.com/news/2017-10-18/oil-algos-shocked-us-crude-production-crashes-most-over-5-years <p>Following <a href="http://www.zerohedge.com/news/2017-10-17/wti-shrugs-despite-huge-crude-draw">API&#39;s huge 7.1mm barrel crude draw overnight,</a> WTI prices are slightly higher (driven more by OPEC jawboning) as last week&#39;s API errors are still on traders&#39; minds, but DOE confirmed a big crude draw but <strong>notable builds in gasoline and distillates surprised</strong>. However, the biggest headline is likely the <strong>11%-plus collapse in US crude production</strong>...</p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>API</strong></span></p> <ul> <li><strong>Crude -7.13mm (-3.2mm exp) - biggest draw in 2 months</strong></li> <li><strong>Cushing -151k - first draw in 2 months</strong></li> <li>Gasoline +1.951mm (+1.05mm exp)</li> <li><strong>Distillates +1.644mm - biggest in 3 months</strong></li> </ul> <p><span style="text-decoration: underline;"><strong>DOE</strong></span></p> <ul> <li>Crude -5.73mm (-3.2mm exp)&nbsp;</li> <li>Cushing +202k</li> <li>Gasoline +908k (+1.05mm exp)</li> <li>Distillates +528k (-1.5mm exp)</li> </ul> <p>Traders clearly did not trust the API data (after last week&#39;s flip-flop) but DOE confirmed a big draw and notable builds in both gasoline and distillates...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE1.jpg"><img height="318" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE1_0.jpg" width="600" /></a></p> <p>As a reminder -<em><strong> Supplies remain bloated at about 21% above the five year average despite rising exports.</strong></em></p> <p>US Crude imports from Venezuela and Saudi Arabia have collapsed to record lows...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE5_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>Following the previous week&#39;s drop in production, <strong>this week saw a 12% collapse in US Lower 48 output - presumably affected by Hurricane Nate!! </strong></p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE2_0.jpg" style="width: 600px; height: 317px;" /></p> <p><strong>The biggest drop since Hurricane Isaac in Aug 2012</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE4_0.jpg" style="width: 600px; height: 302px;" /></a></p> <p>Energy complex prices had limped higher into the DOE print - with even OPEC jawbining unable to really budge them... and the oil agos are completely bewildered now after the collapse in production...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_DOE3_0.jpg" style="width: 600px; height: 284px;" /></a></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="961" height="507" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171018_DOE2.jpg?1508337320" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/oil-algos-shocked-us-crude-production-crashes-most-over-5-years#comments API Business Cartels Crude Distillates OPEC OPEC Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Primary sector of the economy Saudi Arabia Wed, 18 Oct 2017 14:39:11 +0000 Tyler Durden 605557 at http://www.zerohedge.com BeHolLD THe SWaMP DRaiNeR! http://www.zerohedge.com/news/2017-10-18/beholld-swamp-drainer <p><a href="https://www.flickr.com/photos/expd/23921924968/in/dateposted-public/" title="SWAMP DRAINER"><img src="https://farm5.staticflickr.com/4447/23921924968_b9ceb401ac_b.jpg" alt="SWAMP DRAINER" width="1024" height="853" /></a></p> <script src="//embedr.flickr.com/assets/client-code.js"></script> http://www.zerohedge.com/news/2017-10-18/beholld-swamp-drainer#comments Baseball Hall of Fame balloting Education Politics Wed, 18 Oct 2017 14:30:31 +0000 williambanzai7 605555 at http://www.zerohedge.com Tesla Model S Burns Down After Accident In Austria http://www.zerohedge.com/news/2017-10-18/tesla-model-s-burns-down-after-accident-austria <p>In the latest conflagration involving a Tesla car unexpectedly bursting into flames, a Model S burned to a crisp after an accident on an Austrian highway on Tuesday afternoon.</p> <p>According to the <a href="http://www.tt.com/panorama/unfall/13565308-91/tesla-brannte-bei-unfall-in-pians-komplett-aus-lenkerin-verletzt.csp">Tiroler Tageszeitung</a>, a Tesla Model S had an accident on the Arlberg Expressway (S16) in Pians. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/austria%20highway%20map.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/austria%20highway%20map_0.jpg" width="500" height="398" /></a></p> <p>The 19-year-old driver from Innsbruck was traveling towards Bludenz around 1 pm on Tuesday. Entering a construction zone on the highway, the 19-year-old driver shifted from the local to the fast lane, at which point the car lost control and hit the concrete divider wall along the side of the road. A moment later the electric car burst into flames.</p> <p> The young woman driver managed to get out just in time; she suffered unknown injuries and was sent to Zams hospital.</p> <p><a href="The operation resulted in considerable traffic restrictions.">According to Krone</a>, the crash resulted "in considerable traffic restrictions."</p> <p>The fire brigade arrived at the scene, however as the following photos show, there was little to salvage as the car completely burned down. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/dt.common.streams.StreamServer%20%281%29.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/dt.common.streams.StreamServer%20%281%29_0.jpg" width="500" height="281" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/tesla%20model%20burned%20down.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/dt.common.streams.StreamServer_0.jpg" width="500" height="281" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/630x356%20%281%29.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/630x356%20%281%29_0.jpg" width="500" height="283" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/dt.common.streams.StreamServer%20%282%29.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/dt.common.streams.StreamServer%20%282%29.jpg" width="501" height="626" /></a></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="620" height="349" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/dt.common.streams.StreamServer%20%283%29.jpg?1508335908" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/tesla-model-s-burns-down-after-accident-austria#comments Arlberg Automotive industry Disaster Electric car Hatchbacks Innsbruck Private transport Tesla Model S Transport Zams hospital Wed, 18 Oct 2017 14:27:14 +0000 Tyler Durden 605554 at http://www.zerohedge.com Bring Out The Gimp: Everybody Loves Hitler http://www.zerohedge.com/news/2017-10-18/bring-out-gimp-everybody-loves-hitler <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://www.thedailybell.com/news-analysis/bring-out-the-gimp-everybody-loves-hitler/">Via The Daily Bell</a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Everybody loves Hitler.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Hitler is a one-size-fits-all kinda guy. He’s always on time, never complains and works for free. The perfect Government stooge.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Have doubts about free-for-all immigration?<br style="box-sizing: border-box;" />Annoyed by militant feminism?<br style="box-sizing: border-box;" />Believe in traditional values?<br style="box-sizing: border-box;" />Not seduced by Socialism?<br style="box-sizing: border-box;" />Got no love for Sharia law?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Why, you must be a Nazi.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">It’s simple.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Hitler is the most prized horse in the entire stable. He has got more guff than Saddam. More grit than Bin Laden. And that fat little North Korean could never compete.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">He’ll outlast them all by a long shot because this&nbsp;<span style="box-sizing: border-box; font-weight: bold;">fascist</span>&nbsp;is always in fashion.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Make no mistake, he’s Hollywood’s whore. They get to pimp him out because they’re the ones who resurrected him right after he blew his own brains out.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Then for the next 75+ years, they injected his specter into damn near everything.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But why is&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">he</em>&nbsp;the favorite whipping boy?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Why not Stalin or Mao? Didn’t they murder even more? Why don’t they get anywhere near the treatment Hitler gets in Film and Media?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">It may be that Hitler’s greatest affront to the Elite was that he was a&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">National</em>&nbsp;Socialist. And anything to do with Nationalism is a no-go in their eyes. Had he been an&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">International</em>&nbsp;Socialist like Stalin or Mao, he might not have pissed off the big boys as much.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">(Of course, there’s that whole thing with the Jews as well, no doubt. But hey, that bone is picked dry.)</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">So Hitler gets to be the shit paintbrush. Anything they don’t like they smear with him. The nation-state, family, and tradition are constant targets. Because these are the biggest barriers to a malleable people.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But why are the reactions to the Hitler smears so mindless and predictable? Why do people duck and cover like cowards as soon as he’s summoned?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Kubrick laid it all out in his masterpiece&nbsp;<a href="http://amzn.to/2zy7e5j" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">A Clockwork Orange</em></a>.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">In the film, the character Alex DeLarge has been very naughty. He ends up in jail after a night out drinking drug-laced milk with the boys (as you do).</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://amzn.to/2zy7e5j" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><img src="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-1.jpg" width="600" height="300" style="box-sizing: border-box; vertical-align: middle; max-width: 100%; display: block; margin: 5px auto; height: auto !important;" class="aligncenter wp-image-24191 size-full" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">To cure him of his criminal habits the State brainwashes him in a movie theatre. They drug him and subject him to repeated showings of violence and, funny enough, Hitler. Afterwards, he can no longer defend himself when abused and to avoid abuse he licks boots.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://amzn.to/2zy7e5j" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><img src="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-2.png" width="576" height="338" style="box-sizing: border-box; vertical-align: middle; max-width: 100%; display: block; margin: 5px auto; height: auto !important;" class="aligncenter wp-image-24192 size-full" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Welcome to 2017 – There are bootlickers everywhere. That’s because Hitler is everywhere waiting for you to slip up. From ‘Putin is Hitler’ to Saturday Night Live and your kid’s cartoons, he’s there.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">75+ years of Hitler being hammered home in the movie theaters has shaped the modern mind. We allow would-be dictators to use a dead dictator to dictate the narrative.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-3.jpg" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><img src="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-3.jpg" width="600" height="726" style="box-sizing: border-box; vertical-align: middle; max-width: 100%; display: block; margin: 5px auto; height: auto !important;" class="aligncenter size-full wp-image-24195" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">It’s no wonder groups like Antifa see him in every nook and cranny. They are the ultimate pawns in the age of psycho-cultural control. Spawned in the&nbsp;<span style="box-sizing: border-box; font-weight: bold;">school and television bubble</span>&nbsp;Hitler is all they were ever allowed to know.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-4.jpg" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><img src="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-4.jpg" width="1024" height="592" style="box-sizing: border-box; vertical-align: middle; max-width: 100%; display: block; margin: 5px auto; height: auto !important;" class="aligncenter size-full wp-image-24193" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">(Even Satan isn’t as evil as Hitler. Look at the After School Satan Clubs popping up around the county.)</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">The handful of Nazis that actually exist suckle the same teats as Antifa. They think they’re rebels because they’re told loving Hitler is the ultimate taboo. Nurturing idiots is what Hitler does, Left and Right.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">There is a very simple mechanism that makes Hitler so popular. You’ll find it everywhere.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><span style="box-sizing: border-box; font-weight: bold;">Repetition</span>.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://www.thedailybell.com/news-analysis/media-islamic-faith-prevents-sexual-assault/" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">Muslim</a>&nbsp;minarets bang the Allah drum 5 times a day, every day, for life. Is it any wonder all Jihadis can ever manage to say is&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">Allah Akbar</em>? You must have noticed.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">How about the radio playing songs on repeat until you want to vomit. They’re hammering home a message. The pop star is only the packaging, your brain is the receptacle.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">A Beyonce song from a few years back has the line “<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">Who run the world? Girls!</em>” in it repeated more than 50 times. If a hit song gets 3 hours of heavy rotation per day, then Beyonce spewed the line “<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">Who run the world? Girls!</em>” 1,800 times per day on a single station.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-5.jpg" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;"><img src="http://cdn.thedailybell.com//wp-content/uploads/2017/10/pic-5.jpg" width="350" height="264" style="box-sizing: border-box; vertical-align: middle; max-width: 100%; display: block; margin: 5px auto; height: auto !important;" class="aligncenter size-full wp-image-24194" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">I guess men and women aren’t allowed to run the world together. No wonder Beyonce is an Establishment favorite. She’s busy brainwashing young women to turn against men, pure divide and conquer.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">This is what technocratic control looks like. They stopped with the physical lashings and now apply the mental ones. And repeated mental lashings turn you onto the path of their choice.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Hijacked bootlick culture&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;"><span style="box-sizing: border-box; font-weight: bold;">on repeat</span></em>&nbsp;breeds reflexive, emotional distress. The victims are Pavlov’s Dogs and the scale is epic.</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="1000" height="602" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230058/imageroot/Bring%20Out%20The%20Gimp.jpg?1508336684" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/bring-out-gimp-everybody-loves-hitler#comments Adolf Hitler Anti-Catholicism Anti-European sentiment Anti-Protestantism Nationalism Persecution of Christians Persecution of Jews Racism Religion Stateless people Wed, 18 Oct 2017 14:25:45 +0000 TDB 605553 at http://www.zerohedge.com Is a Breakout Brewing for the VanEck Steel ETF (SLX)? http://www.zerohedge.com/news/2017-10-18/breakout-brewing-vaneck-steel-etf-slx <p><img src="https://kimblechartingsolutions.com/wp-content/uploads/2017/10/man-of-steel-pic-256x300.jpg" width="256" height="300" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-medium wp-image-39400" /></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 the past few week’s we’ve highlighted some assets and indicators that point to a stable/improving economy: Copper prices, firmer interest rates, etc. Time to add one more to the list: rising steel prices.</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;">Today we’ll look at a chart of the&nbsp;<a href="https://finance.yahoo.com/quote/SLX?ql=1&amp;p=SLX" style="box-sizing: border-box; background: 0px 0px; color: #2ea3f2; outline: 0px;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">VanEck Vectors Steel ETF</span>&nbsp;(</a>NYSEARCA:SLX).</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;">Looking at the chart below, investors can see that the Steel ETF (SLX) remains inside its rising trend channel. As long as this remains the case, it’s bullish.&nbsp;But there’s more. &nbsp;A big test is looming for steel bulls. SLX is now testing this year’s price highs (see points 1 &amp; 2 on the chart). &nbsp;This “breakout test” is particularly important because it comes as steel prices (SLX) are straddling the lower side of the rising trend channel.</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;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">Implications:&nbsp;</span>A steel ETF breakout here would be huge for steel bulls and keep the bullish trend channel intact. &nbsp;For that to happen, the bulls want to see a price breakout above the prior highs on a closing basis (and preferably on strong volume). &nbsp;Note that a breakout here would target $50 next (the&nbsp;2013 &amp;&nbsp;2014 highs).</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;">On the flip side, a price reversal here would signal caution… especially if the rising trend line is broken to the downside and steel prices (SLX) fall out of the rising trend channel.</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;">This post was originally written for&nbsp;<a href="https://www.seeitmarket.com/" style="box-sizing: border-box; background: 0px 0px; color: #2ea3f2; outline: 0px;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">See It Markets</span></a>. To see rest of the article and SLX breakout test chart&nbsp;<a href="https://www.seeitmarket.com/is-breakout-brewing-van-eck-steel-etf-slx-investing-17379/" style="box-sizing: border-box; background: 0px 0px; color: #2ea3f2; outline: 0px;"><span style="box-sizing: border-box; font-weight: bold; outline: 0px; background: 0px 0px;">CLICK HERE</span></a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 14px; line-height: 1.3; font-family: &quot;Open Sans&quot;, Arial, sans-serif; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; 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: &quot;Lucida Grande&quot;, &quot;Lucida Sans Unicode&quot;, sans-serif; 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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; 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; 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; 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="881" height="467" alt="" src="http://www.zerohedge.com/sites/default/files/images/user182769/imageroot/slx-van-eck-steel-etf-bullish-breakout-price-level_october-17-2017.jpg?1508336285" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/breakout-brewing-vaneck-steel-etf-slx#comments Breakout Business Copper ETC Exchange-traded funds Finance Investment Money Price channels SLX Stock market Technical analysis VanEck Wed, 18 Oct 2017 14:20:53 +0000 kimblecharting 605552 at http://www.zerohedge.com Bitcoin Tumbles Most In A Month On CFTC ICO Anxiety, South Korea Tax Concerns http://www.zerohedge.com/news/2017-10-18/bitcoin-tumbles-most-month-cftc-ico-anxiety-south-korea-tax-concerns <p>After soaring to new record highs near $6000 last week (as China returned to work following its Golden Week holiday), the <strong>start of the National Congress last night, combined with CFTC comments on ICO crackdowns has spooked cryptocurrencies</strong> with Bitcoin down 8% - its biggest drop in a month..</p> <p>Crytpos are down across the board...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_btw1.jpg"><img height="283" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_btw1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>With Bitcon back to a $5100 handle...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_btw_1.jpg"><img height="264" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/17/20171018_btw_1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p><strong><u>Some have suggested the weakness is due to US CFTC comments</u>,</strong><a href="https://www.bloomberg.com/news/articles/2017-10-18/bitcoin-dips-most-in-month-on-oversight-fear-that-s-not-a-lot"> as Bloomberg reports, </a>in a primer on the asset class published Tuesday, the agency said virtual &ldquo;tokens&rdquo; used in initial coin offerings can come under CFTC oversight, a message that a market averse to scrutiny did not take well. But this <strong>seems old news since the U.S. Securities and Exchange Commission has already said tokens from some ICOs can be securities under its oversight</strong>. &ldquo;There is no inconsistency between the SEC&rsquo;s analysis and the CFTC&rsquo;s determination&rdquo; from 2015 that virtual currencies are commodities, the CFTC said.</p> <p>Another possibloe catalyst is news,<a href="http://coinivore.com/2017/10/18/south-korean-government-prepares-tax-bitcoin-altcoin-use/"> via Coinivore, </a>that <u><strong>South Korea is preparing to tax Bitcoin use...</strong></u></p> <p>The South Korean government is preparing to tax Bitcoin use after the cryptocurrency&rsquo;s trading volume largely increased past the country&rsquo;s stock exchange Kosdaq.&nbsp;Han Seung-hee, the commissioner of the country&rsquo;s National Tax Service, told lawmakers this weekend that the issue of how to best tax cryptocurrencies is being discussed, including the areas of capital gains tax, the VAT, and gift tax, Bitcoin.com&nbsp;<a href="https://news.bitcoin.com/south-korea-tax-bitcoin-use/">reported</a>.</p> <p>South Korea&rsquo;s lawmakers held a National Tax Service (NTS) hearing in Sejong last week on October 13th. The NTS Commissioner Han Seung-hee answered several questions about the taxation of cryptocurrencies.</p> <p>Seung-hee was asked, &ldquo;as the daily transaction value of virtual money grows beyond the Kosdaq, we must actively cope with the shift away from the conventional reservations. What is the taxation plan?&rdquo;&nbsp;Business Post&nbsp;reported.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;I am still taxing business income, and I am discussing whether to tax the value-added tax or capital gains tax with regard to virtual currencies such as Bitcoin,&rdquo;Seung-hee said.</strong></p> </blockquote> <p>According to Seung-hee, his department is currently discussing the VAT and capital gains tax issues with the Ministry of Strategy and Finance. Additionally, he stated that &ldquo;the gift tax will be reviewed as it needs to be supplemented,&rdquo; the publication wrote. The Commissioner further pointed out that the use of Bitcoin may lead to &ldquo;gift tax evasion,&rdquo; therefore valuations methods need to be implemented with respect to the taxation of cryptocurrency gifts.</p> <p><strong>In the meantime, he confirmed that &ldquo;we are currently monitoring the status of the cryptocurrency transactions and will move forward quickly.&rdquo;</strong></p> <p dir="ltr">And additionally, <a href="https://cointelegraph.com/news/bitcoin-fork-segwit2x-makes-enemies-in-brazil-argentina-as-50-sign-opposition-letter">as CoinTelegraph reports</a>,<u><strong> a group of Latin American Bitcoin businesses and entities has issued a joint letter expressing &ldquo;deepest concerns&rdquo; over&nbsp;<a href="https://cointelegraph.com/tags/segwit2x" target="_blank">SegWit2x</a>.</strong></u></p> <p>The letter, signed by around 50 supporters from the Brazilian and Argentinian Bitcoin space,&nbsp;<a href="https://medium.com/@Ulrich_98986/why-the-brazilian-and-argentinian-bitcoin-communities-oppose-segwit2x-801edc213af8" rel="nofollow" target="_blank">went live</a>&nbsp;on Medium Wednesday.</p> <p>The collective &ldquo;opposition&rdquo; to the forthcoming Bitcoin hard fork is the the latest to come from the industry, which has already seen exchanges and others signal public condemnation.</p> <p><strong>Last week, South Korea&rsquo;s largest Bitcoin meetup released a&nbsp;<a href="https://cointelegraph.com/news/koreas-biggest-bitcoin-meetup-publicly-condemns-segwit2x" target="_blank">similar open statement</a>&nbsp;denouncing SegWit2x.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;We do believe the NYA signatories have the best of intentions in attempting to improve Bitcoin&rsquo;s protocol, and we also recognize the invaluable service historically provided by the companies and the talented individuals associated with S2X,&rdquo; the Brazilian-Argentinian letter reads.</p> <p>&nbsp;</p> <p>&ldquo;We profoundly disagree, however, with the means chosen to carry out such a plan. And therein lie all the discord, controversy, feverish debates, and even resentment for some actors.&rdquo;</p> </blockquote> <p><strong>The group provided what it calls a &ldquo;non-exhaustive&rdquo; list of eleven factors influencing its decision, many of which match with reasons given by both South Korea and&nbsp;<a href="https://cointelegraph.com/news/bitmex-exchange-joins-segwit2x-opposition-confirms-zero-support" target="_blank">exchanges</a>&nbsp;confirming they will not support any Bitcoin chain split.</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="1691" height="743" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171018_btw.jpg?1508335479" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/bitcoin-tumbles-most-month-cftc-ico-anxiety-south-korea-tax-concerns#comments Alternative currencies Bitcoin Bitcoin Business China Commodity Futures Trading Commission Cryptocurrencies Cryptography Currency E-commerce Legality of bitcoin by country or territory Ministry of Strategy and Finance Money National Congress National Tax Service Securities and Exchange Commission South Korean government U.S. Securities and Exchange Commission Virtual currency Wed, 18 Oct 2017 14:11:23 +0000 Tyler Durden 605551 at http://www.zerohedge.com Watch Live: AG Sessions To Be Grilled By Senate Judiciary On Russian Nuclear Bribery Case http://www.zerohedge.com/news/2017-10-18/watch-live-ag-sessions-be-grilled-senate-judiciary-russian-nuclear-bribery-case <p>Earlier this morning <a href="http://www.zerohedge.com/news/2017-10-18/senate-judiciary-launches-probe-russian-nuclear-bribery-case-netted-clintons-million">we learned</a> that the Senate Judiciary Committee has finally decided they're going to take a look into a shady deal that handed Russia 20% of America's uranium reserves, was approved by the Obama administration during an ongoing FBI investigation into charges of bribery, extortion and money laundering by the Russian buyer and netted the Clintons millions of dollars in donations and 'speaking fees."&nbsp; Per <a href="http://thehill.com/policy/national-security/355957-senate-judiciary-opens-probe-into-obama-era-russian-nuclear-bribery">The Hill</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>The Senate Judiciary Committee has launched a full-scale probe into a Russian nuclear bribery case, demanding several federal agencies disclose whether they knew the FBI had uncovered the corruption before the Obama administration in 2010 approved a controversial uranium deal with Moscow.</strong></p> <p>&nbsp;</p> <p><strong>"It has recently come to the Committee’s attention that employees of Rosatom were involved in a criminal enterprise involving a conspiracy to commit extortion and money laundering during the time of the CFIUS transaction,</strong>" Grassley wrote in one such letter addressed to Sessions. </p><p>&nbsp;</p> <p><strong>"The fact that Rosatom subsidiaries in the United States were under criminal investigation as a result of a U.S. intelligence operation apparently around the time CFIUS approved the Uranium One/Rosatom transaction raises questions about whether that information factored into CFIUS’ decision to approve the transaction,"</strong> the chairman added.</p> </blockquote> <p>As it turns out, all these new revelations surfaced just ahead of Jeff Sessions' previously scheduled appearance before the Senate Judiciary Committee.&nbsp; All of which provides the perfect opportunity for some Wednesday fireworks on The Hill.</p> <p>Live feed:</p> <p><iframe src="https://www.youtube.com/embed/X7ufRWlYNfk" width="600" height="337" frameborder="0"></iframe></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="1255" height="749" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Jess%20Sessions_3.JPG?1508330360" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/watch-live-ag-sessions-be-grilled-senate-judiciary-russian-nuclear-bribery-case#comments Bribery Committee on Foreign Investment in the United States Corruption Crime Economy FBI Federal Bureau of Investigation Federal Bureau of Investigation Government Jeff Sessions Judiciary Committee Law Money laundering Obama Administration Obama administration Russian interference in the 2016 United States elections U.S. intelligence United States trade policy Uranium Uranium One Wed, 18 Oct 2017 13:55:00 +0000 Tyler Durden 605543 at http://www.zerohedge.com Did Syria Just Strike An Israeli F-35 Jet http://www.zerohedge.com/news/2017-10-18/did-syria-just-strike-israeli-f-35-jet <p><em><a href="https://southfront.org/israel-hiding-state-art-f-35-warplane-hit-syrian-s-200-missile-reports/">With the assistance of South Front</a></em></p> <p>It looks that the Israeli &ldquo;demonstration of power&rdquo; during the recent visit of Russian Defense Minister Sergey Shoigu may have turned into a total failure. On October 16, Shoigu arrived in Israel for meetings with Defense Minister Avigdor Lieberman and Israeli Prime Minister&nbsp;Benjamin Netanyahu. The two were reportedly set to discuss the situation in the region, including Syria,&nbsp;the fight against terrorism, as well as military and technical cooperation.</p> <p>On the same day,&nbsp;<a href="https://southfront.org/syrian-forces-launched-anti-aircraft-missile-against-israeli-warplane-idf-destroyed-syrian-s-200-battery/" target="_blank">the Israeli Defense Forces (IDF) claimed that its warplanes&nbsp;targeted an anti-aircraft battery of the Syrian Air Defense Forces</a>&nbsp;that had launched a missile at&nbsp;Israeli aircraft flying over Lebanon.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Earlier today,an anti-aircraft missile was launched from Syria towards IDF aircraft during a routine flight over Lebanon. No hits confirmed</p> <p>&mdash; IDF (@IDFSpokesperson) <a href="https://twitter.com/IDFSpokesperson/status/919859742180339712?ref_src=twsrc%5Etfw">October 16, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&ldquo;The army targeted the battery with four bombs and, according to the IDF, the battery was damaged to the extent it was no longer operational. The army said the battery targeted was the same that fired at Israeli jets last March, prompting Israel make use of its Arrow anti-missile system for the first time,&rdquo;&nbsp;<a href="https://www.haaretz.com/israel-news/1.817472" target="_blank">the Israeli newspaper Haaretz reported</a>.</p> <p>The&nbsp;Syrian military confirmed the Israeli strikes and said that they caused &ldquo;material damage.&rdquo; But it&rsquo;s interesting to note that, according to the Syrian Defense Ministry statement,&nbsp;<a href="https://southfront.org/syrian-forces-launched-anti-aircraft-missile-against-israeli-warplane-idf-destroyed-syrian-s-200-battery/" target="_blank">Israeli warplanes violated Syria&rsquo;s airspace on the border with Lebanon in Baalbek area.</a>&nbsp;The incident took place at&nbsp;8:51 am local time.</p> <p>Did the Israeli Air Force<strong> intentionally provoke the reaction from the Syrian military</strong> in order to justify the strike on the Syrian air defense battery? It wouldn&#39;t be the first time.</p> <p>Furthermore, some pro-Israeli experts and media activists clearly linked the incident with the visit of the Russian&nbsp;defense minister to Tel Aviv saying that it was a&nbsp;nice demonstration of power to the Russian-Iranian-Syrian alliance.</p> <p>However, something went wrong. According to the available information,&nbsp;<strong>the Syrian Defense Forces used its S-200 missile against the Israeli warplane.</strong>&nbsp;This Soviet-made missile is the most advanced long range anti-aircraft system operated by the Syrian military. But even in this case, it&rsquo;s old-fashioned in terms of modern warfare and advances in stealth technology.</p> <p>Despite this, the Syrian Defense Ministry said in its statement that&nbsp;government forces responded to the violation of the airspace and&nbsp;<strong>&ldquo;directly hit one of the jets, forcing [Israeli aircraft] to retreat&rdquo; </strong>- in&nbsp;contradiction to the Israeli&nbsp;claim that &ldquo;no hit&rdquo; was confirmed.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/f35%20storks.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/17/f35%20storks_0.jpg" style="width: 500px; height: 515px;" /></a></p> <p>A mere few hours after the missile incident with Syria,<strong>&nbsp;<a href="http://www.kan.org.il/item/?itemId=23623" target="_blank">Israeli media reported</a>&nbsp;that the Israeli Air Force&rsquo;s F-35 stealth multirole fighter&nbsp;went unserviceable as a result of an alleged bird collision during a training flight.&nbsp;</strong>According to <a href="https://www.timesofisrael.com/storks-hit-f-35-sending-stealth-jet-to-garage/" target="_blank">the Times of Israel</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Two storks hit an F-35 fighter jet during a training flight on Tuesday, requiring the plane to undergo maintenance work, the army said.</p> <p>&nbsp;</p> <p>The birds hit the F-35, called the &ldquo;Adir&rdquo; in Hebrew, just before it was due to return to the Nevatim air base in the central Negev desert.</p> </blockquote> <p>However, Israeli sources were not able to show a photo of the F-35 warplane after the &ldquo;bird collision&rdquo;. Furthermore,&nbsp;it is not clear if the F-35 can become operational again &quot;in the next few days&quot; - as&nbsp;<a href="https://www.timesofisrael.com/storks-hit-f-35-sending-stealth-jet-to-garage/" target="_blank">the Israeli Army&#39;s statement</a>&nbsp;claims - because its&nbsp;stealth coating was likely damaged.&nbsp;</p> <p>Thus, according to the Israeli version,&nbsp;the&nbsp;warplane&nbsp;reportedly became no longer operational after&nbsp;the bird collision, despite the fact that the F-35 earlier passed the bird strike certification with outstanding results (<a href="http://www.f-16.net/forum/download/file.php?id=13106" target="_blank">official info here</a>). The F-35 is the world&rsquo;s most expensive warplane with its price of development now at about&nbsp;$406.5 billion.</p> <p>Israel is actively buying the world&rsquo;s supposedly most advanced fighter, paying&nbsp;about&nbsp;$100 million for each plane.</p> <p>So what really hit the F-35?</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="640" height="296" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/israel%20f35.jpg?1508331117" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/did-syria-just-strike-israeli-f-35-jet#comments army central Negev desert Foreign relations of Syria IDF International relations Iran–Israel proxy conflict Israel Israel Defense Forces Israeli Air Force Israeli Air Force Israeli Army Israeli–Syrian ceasefire line incidents during the Syrian Civil War Military Military of Syria Newspaper Politics S-200 Spillover of the Syrian Civil War stealth technology Syrian Air Defense Force Syrian Armed Forces Syrian Defense Ministry Syrian military War Wed, 18 Oct 2017 13:54:36 +0000 Tyler Durden 605544 at http://www.zerohedge.com "When", Not "If" http://www.zerohedge.com/news/2017-10-18/when-not-if <p><a href="https://realinvestmentadvice.com/technically-speaking-clarifying-overbought-extended-bullish/"><em>Authored by Lance Roberts via RealInvestmentAdvice.com,</em></a></p> <p>The market is downright bullish. <strong>There is little reason to argue the point given the bullish trends of markets globally which are strongly trending, positively correlated, and simultaneously breaking out to all-time highs.</strong> Of course, such is not surprising given the massive levels of Central Bank interventions, suppressed interest rates, and global coordination between Government&rsquo;s and major asset managers<em> (banks)</em> over the last eight years.</p> <p>Importantly, as bullishness has reached historically high levels, the fear of a market crash, or another crisis, has faded into the abyss. <a href="http://www.marketwatch.com/story/sp-500-is-poised-to-make-uncanny-stock-market-historyfor-doing-almost-nothing-2017-10-12" rel="noopener" target="_blank">As Mark DeCambre noted:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;</strong></em>By at least one measure, <strong>the S&amp;P 500 index is on pace to register its lengthiest period of quiescence in more than two decades&mdash;and perhaps ever.</strong></p> <p>&nbsp;</p> <p>The broad-market benchmark hasn&rsquo;t experienced a decline of at least 3% since Nov. 7, 2016. That 236-day span registers as the second-longest period without a single-session drop of that magnitude since the 241 days from Jan. 26, 1995 to Jan. 9, 1996, according to Pension Partners&rsquo; Charles Bilello (see table below):<em><strong>&ldquo;</strong></em></p> </blockquote> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Pension-Partners-Volatility-Table.png"><img class="alignnone size-full wp-image-24894" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Pension-Partners-Volatility-Table.png" style="width: 600px; height: 578px;" /></a></p> <p>This lack of volatility, flood of liquidity from Central Banks, and a seemingly <em>&ldquo;bullet-proof&rdquo;</em> rise in the market has boosted investor confidence to exuberant levels.&nbsp;<strong>That consistent push higher, without a correctionary process along the way, has pushed the market into <em>&ldquo;extremely overbought, extended, and bullish territory.&rdquo;</em></strong>&nbsp;As <a href="https://realinvestmentadvice.com/the-coming-snap-back-of-markets-10-13-17/" rel="noopener" target="_blank">shown visually in last weekend&rsquo;s newsletter:</a></p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MarketUpdate-100617-5.png"><img class="alignnone size-full wp-image-24687" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MarketUpdate-100617-5.png" style="width: 601px; height: 392px;" /></a></p> <p>When I discuss this, I am often asked exactly what is meant by such a statement. This week, I am going provide a basic course in technical analysis as the <em>&ldquo;overbought, bullish and extended&rdquo;</em> theme is likely to remain intact for several months to come.</p> <h2><u><strong>Clarifying Over Bought, Extended &amp; Bullish</strong></u></h2> <p>What exactly is meant by the markets being overbought, overextended and overly bullish? These are concepts, which once understood, will hopefully lead you to managing your money more successfully over the long term.</p> <p><u><em><strong>What Do You Mean By Overbought?</strong></em></u></p> <p>I am often asked that since there is <em>&ldquo;always a buyer for every seller,&rdquo;&nbsp;</em>then how can a market become overbought?</p> <p>Before we get into the raw technical analysis of showing the&nbsp;<em>&ldquo;overbought&rdquo;&nbsp;</em>condition let&rsquo;s rationalize what one is and how it occurs.</p> <p>First, while it is true that there is always a buyer and seller in every transaction it is the&nbsp;<em>&ldquo;supply and demand&rdquo;</em>&nbsp;of those buyers and sellers at a particular price point that affects the overall price. Let me explain.</p> <p>Imagine two rooms of 100 individuals each that want to buy shares of ABC stock. Room A has 100 individuals that currently own ABC stock and Room B has 100 individuals with cash wanting to buy shares of ABC. The table below shows a very simplified model of this process.</p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Overbought-Sold-Table.png"><img class="alignnone size-full wp-image-24897" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Overbought-Sold-Table.png" style="width: 601px; height: 229px;" /></a></p> <p>At $10 a share, there are numerous buyers but sellers are few. The demand for the shares drives the price higher which entices more sellers. A<strong>s long as the demand for shares outpaces the supply of sellers &ndash; the price is pushed higher.</strong> However, at some point, the price reaches a level that exhausts the supply of buyers.&nbsp; <strong>The next price decline occurs as sellers have to begin lowering prices to find buyers.</strong></p> <p>So, while there is always a buyer and seller for every transaction it is the relative supply and demand for those shares at current prices that determine the&nbsp;<em>&ldquo;overbought&rdquo;</em>&nbsp;and&nbsp;<em>&ldquo;oversold&rdquo;</em>&nbsp;conditions.</p> <p><strong>The chart below shows several methods I look at to try and determine if buyers are potentially reaching a point of <em>&ldquo;exhaustion&rdquo;</em> which might lead to a price reversal in the short-term.</strong> The top of the chart looks at the historic deviation between the price of the market as compared to the 200-dma. The bottom 4-indicators are measures of price movement and participation <em>(The bottom two panels are the number of stocks above the 50 and 200-dma.)</em></p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MarketUpdate-101517-2.png"><img class="alignnone size-full wp-image-24898" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MarketUpdate-101517-2.png" style="width: 600px; height: 637px;" /></a></p> <p>Don&rsquo;t get too hung-up on trying to understand all the nuances of the chart. <strong>The important point, from a money management standpoint, is the determination of the potential risk/reward opportunity for allocating capital to the markets at any given time.</strong></p> <p>As a portfolio manager, clients tend <em>&ldquo;not to like&rdquo;</em> having their capital invested in the markets only to almost immediately suffer a principal loss. By using some measures to determine the current risk/reward outcome, the deployment of capital can be more effectively timed.</p> <p>While the chart is suggesting the market has reached levels where buyers have typically been turned into sellers, it is important to understand that just because the indicator has reached an extreme level &ndash; the market will not necessarily fall apart immediately. <strong>It is a warning sign that suggests further upside in the market is relatively limited compared to the downside risk that currently exists.</strong></p> <p>The average correction that resolved the overbought condition, since the end of the last financial crisis, has been as little as -3% but as much as -19%. It is for this reason that I continue to suggest&nbsp;<strong>NOT chasing the markets</strong>&nbsp;at the current time. There will be a correction of some magnitude in the near future that will allow for a safer entry of new capital into the markets.&nbsp;<strong>Patience, however, will likely be tested before that opportunity presents itself.</strong></p> <p><u><em><strong>How Can A Market Get Over Extended?</strong></em></u></p> <p>Now that we have defined what overbought means &ndash; I can explain what I mean by overextended. As I discussed in&nbsp;<a href="https://realinvestmentadvice.com/bob-farrells-illustrated-10-investment-rules/" rel="noopener" target="_blank">&ldquo;Visualizing Bob Farrell&rsquo;s 10 Investing Rules&rdquo;:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;Like a rubber band that has been stretched too far &ndash; it must be relaxed in order to be stretched again. This is exactly the same for stock prices that are anchored to their moving averages. <strong>Trends that get overextended in one direction, or another, always return to their long-term average.</strong> Even during a strong uptrend or strong downtrend, prices often move back (revert) to a long-term moving average.</em></p> <p>&nbsp;</p> <p><em>The chart below shows the S&amp;P 500 with a 52-week simple moving average.&nbsp;</em><em>The bottom chart shows the percentage deviation of the current price of the market from the 52-week moving average.&nbsp; During bullish trending markets, there are regular reversions to the mean that create buying opportunities.&nbsp; However, what is often not stated is that in order to take advantage of such buying opportunities profits should have been taken out of portfolios as deviations from the mean reached historical extremes.&nbsp; Conversely, in bearish trending markets, such reversions from extreme deviations should be used to sell stocks, raise cash and reduce portfolio risk rather than &lsquo;panic sell&rsquo; at market bottoms.&rdquo;</em></p> </blockquote> <p><strong><em>The dashed blue lines denoted when the markets changed trends from positive to negative. This is the very essence of portfolio &ldquo;risk&rdquo; management.</em></strong></p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MeanReversions-101517.png"><img class="alignnone size-full wp-image-24899" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-MeanReversions-101517.png" style="width: 600px; height: 374px;" /></a></p> <p>The idea of&nbsp;<em>&ldquo;stretching the rubber band&rdquo;</em>&nbsp;can be measured in several ways, but I will limit our discussion this week to two:&nbsp;<strong>Standard Deviation</strong>&nbsp;and&nbsp;<strong>Distance</strong>.</p> <p>As I noted in this <a href="https://realinvestmentadvice.com/the-coming-snap-back-of-markets-10-13-17/" rel="noopener" target="_blank">past weekend&rsquo;s newsletter,</a> <em>&ldquo;Standard Deviation&rdquo;</em> is defined as:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated&nbsp;as the square root of the variance.&rdquo;</em></p> </blockquote> <p><strong>In plain English this means, and as shown in the chart below, is that the further away from the average that an event occurs the more unlikely it becomes.</strong>&nbsp;As shown below, out of 1000 occurrences, only three will fall outside of the area of 3 standard deviations. 95.4% of the time events will occur within two standard deviations.</p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Standard-Deviation.png"><img class="alignnone size-full wp-image-24853" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Standard-Deviation.png" style="width: 600px; height: 430px;" /></a></p> <p>For the stock market, and as shown in both charts above, the standard deviation is measured is with Bollinger Bands.&nbsp; John Bollinger, a famous technical trader, applied the theory of standard deviation to the financial markets.</p> <p><strong>Because standard deviation is a measure of volatility, Bollinger created a set of bands that would adjust themselves to the current market conditions.</strong>&nbsp;When the markets become more volatile, the bands widen&nbsp;<em>(move further away from the average)</em>, and during less volatile periods, the bands contract&nbsp;<em>(move closer to the average)</em>.</p> <p><strong>The closer the&nbsp;prices&nbsp;move to the upper band, the more overbought the market, and the closer the prices move to the lower band, the more oversold the market.</strong></p> <p><strong><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-BollingerBands-50wk-MA-101317.png"><img class="alignnone size-full wp-image-24854" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-BollingerBands-50wk-MA-101317.png" style="width: 600px; height: 343px;" /></a></strong></p> <p><strong>The dashed purple line is the 50-week moving average&nbsp;<em>(or mean)</em>&nbsp;with shaded area representing 2-standard deviations.</strong>&nbsp;As shown in the chart above, 2-standard deviations encompass 95.4% of all probable price movement.<strong>Even during the 2012-15, QE3 driven, stock advance, there were several corrections back to the 50-week moving average which allowed for increases in equity risk.</strong></p> <p>The chart on the next page shows this more clearly. The blue colored vertical bars represent when the price of the index has risen 5%, or more, above the 50-week moving average. The orange-ish bars represent a move of 5%, or more, below the moving average.</p> <p><strong>Currently, with the index more than 7% above its 50-week moving average, there is little questioning that the markets are extended to the upside.</strong> From this point, there are two things that could occur. If this is only an intermediate-term top, and the markets are going to remain in a bullish trend, then any correction should remain confined to a retracement back to the 50-week moving average.</p> <p>However, if the markets are building a longer term top then a reversion past the 50-week moving average will denote a possible change into a bear market. Bull and bear markets are denoted below by how they trade either above or below the 50-week moving average.</p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-5Pct-Dev-50WMA-101517.png"><img class="alignnone size-full wp-image-24900" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/SP500-5Pct-Dev-50WMA-101517.png" style="width: 601px; height: 378px;" /></a></p> <p><u><em><strong>Measuring Extreme Optimism</strong></em></u></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><span style="color: #993300;"><em>&ldquo;It is a bad sign for the market when all the bears give up. If no-one is left to be converted, it usually means no-one is left to buy.&rdquo; &ndash; Pater Tenebrarum</em></span></p> </blockquote> <p>That quote got me thinking about the dearth of bearish views that are currently prevalent in the market. The chart below shows the monthly level of bullish outlooks according to our composite indicator of both individual and professional investors.</p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Market-Greed-Fear-Index-100517-2.png"><img class="alignnone size-full wp-image-24286" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/Market-Greed-Fear-Index-100517-2.png" style="width: 600px; height: 401px;" /></a></p> <p>The extraordinarily low level of&nbsp;<em>&ldquo;bearish&rdquo;</em>&nbsp;outlooks combined with extreme levels of complacency within the financial markets has historically been a&nbsp;<em>&ldquo;poor cocktail&rdquo;</em>&nbsp;for future investment success.</p> <p><strong>Much like measuring overbought and overextended conditions &ndash; overly bullish optimism, or a&nbsp;<em>&ldquo;lack of fear&rdquo;</em>&nbsp;of a market correction, are historically seen at intermediate and longer-term market peaks.</strong> This is also the case with consumer <em>&ldquo;sentiment&rdquo;</em> which also just registered the highest level on record of individuals expecting the markets to rise over the next 12-months.</p> <p><a href="http://realinvestmentadvice.com/wp-content/uploads/2017/10/UofM-Confidence-In-Higher-Stock-Prices-101517.jpg"><img class="alignnone size-full wp-image-24901" height="311" src="http://realinvestmentadvice.com/wp-content/uploads/2017/10/UofM-Confidence-In-Higher-Stock-Prices-101517.jpg" width="600" /></a></p> <p>As I <a href="https://realinvestmentadvice.com/3-things-records-are-records-for-a-reason/" rel="noopener" target="_blank">wrote previously,</a><span style="color: #993300;"><em> &ldquo;records are records for a reason.&rdquo;&nbsp;</em></span></p> <p><strong>With bullish sentiment and complacency at extreme levels, it only further supports the idea that the current risk of investing new capital in the markets outweighs the potential reward</strong>. It is very likely that sometime within the next couple of weeks, to a couple of months, the markets will experience at least an intermediate-term correction.</p> <p>Could it turn into a more serious correction? Sure. However, we won&rsquo;t know that until we get there.</p> <p>I hope this helps clarify things.</p> <p>For now, holding a little extra cash certainly won&rsquo;t detract significantly from portfolio performance but will provide an opportunity to take advantage of panicked sellers later. It&rsquo;s not a question of<em>&nbsp;<strong>&ldquo;if,</strong>&rdquo;</em>&nbsp;only of&nbsp;<strong><em>&ldquo;when.&rdquo;</em></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="698" height="348" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171018_RIA.jpg?1508332044" /> </div> </div> </div> http://www.zerohedge.com/news/2017-10-18/when-not-if#comments B+ Bear Market Bollinger Bands Bollinger Bands Business Capitalism Central Banks Economy Finance Financial economics Financial markets Investment Market Conditions Market Crash Market trend Money Moving Averages S&P 500 Standard deviation Stock market Technical Analysis Technical analysis Volatility Wed, 18 Oct 2017 13:36:00 +0000 Tyler Durden 605545 at http://www.zerohedge.com