http://www.zerohedge.com/fullrss2.xml/phonebook en Senate Reveals Details Of TrumpCare Bill; Vote Expected Next Week http://www.zerohedge.com/news/2017-06-22/senate-reveils-details-trumpcare-bill-vote-expected-next-week <p>After weeks of drafting in private, much to the dismay of Chuck Schumer, details of the Senate's healthcare bill are set to be revealed today.&nbsp; While we're still awaiting the official text of the bill, the <a href="https://www.nytimes.com/2017/06/22/us/politics/senate-leaders-unveil-bill-to-repeal-the-affordable-care-act.html?partner=bloomberg&amp;mtrref=undefined&amp;gwh=1CA224707D3285F56767E0673FCCD1FE&amp;gwt=pay">New York Times</a>, courtesy of leaks from some D.C. lobbyists, has previewed some of the details which apparently include large cuts to Medicaid, an end to the "mandate" that requires everyone to have health care and a repeal of "<strong>virtually all the tax increases imposed by the Affordable Care Act."</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Senate Republicans, who have promised a repeal of the Affordable Care Act for seven years, took a major step on Thursday to achieve that goal as they <strong>unveiled a bill to end the health law’s mandate that nearly everyone have health care</strong>, remake and cut the Medicaid program and create a new system of federal tax credits to help people buy health insurance.</p> <p>&nbsp;</p> <p>The Senate bill — once promised as a top-to-bottom revamp of the health bill passed by the House last month — instead maintains its structure, with modest adjustments. The Senate version is, in some respects, more moderate than the House bill, offering more financial assistance to some lower-income people to help them defray the rapidly rising cost of private health insurance.</p> <p>&nbsp;</p> <p>But the Senate measure, like the House bill, would <strong>phase out the extra money that the federal government has provided to states as an incentive to expand eligibility for Medicaid</strong>. And like the House measure, it would <strong>put the entire Medicaid program on a budget, ending the open-ended entitlement that now exists.</strong></p> <p>&nbsp;</p> <p>It would also <strong>repeal virtually all the tax increases imposed by the Affordable Care Act to pay for itself,</strong> in effect handing a broad tax cut to the affluent, paid for by billions of dollars sliced from Medicaid, a health care program that serves one in five Americans, not only the poor but two-thirds of those in nursing homes. The bill, drafted in secret, is likely to come to the Senate floor next week, and could come to a vote after 20 hours of debate.</p> </blockquote> <p><a href="https://www.bloomberg.com/news/articles/2017-06-22/senate-gop-health-plan-said-to-add-billions-to-stabilize-markets">Bloomberg</a> has provided additional details:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The plan, to be released Thursday after a private Senate GOP meeting, includes <strong>$15 billion a year in market-stabilizing funds over the next two years and $10 billion a year in 2020 and 2021, the person said.</strong></p> <p>&nbsp;</p> <p>It also would provide <strong>$62 billion allocated over eight years to a state innovation fund, which can be used for coverage for high-risk patients, reinsurance and other items.</strong> The draft bill would phase out Obamacare’s expansion of Medicaid over three years, starting in 2021.</p> </blockquote> <p>The assessment being made by senators will be shaped in part by an analysis of the bill to be released by the Congressional Budget Office, the official scorekeeper on Capitol Hill.</p> <p>Of course, time is of the essence as the <strong>deadline for insurers to finalize their coverage and pricing plans for 2018 is just around the corner on August 16th.</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">What's next for the ACA marketplaces? Two more important dates, which <a href="https://twitter.com/bjdickmayhew">@bjdickmayhew</a> described to me perfectly. <a href="https://t.co/csGWOAopXJ">https://t.co/csGWOAopXJ</a> <a href="https://t.co/nlyey0lRvb">pic.twitter.com/nlyey0lRvb</a></p> <p>— Bob Herman (@bobjherman) <a href="https://twitter.com/bobjherman/status/877883892484763648">June 22, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Meanwhile, with the bill now up for debate and all 48 Democrats expected to vote 'no', the race is on to figure out which Republicans will join them.&nbsp; Of course, Mitch <strong>McConnell can only afford to lose 2 Republican votes which would result in a tie and leave Mike Pence the deciding tie-breaker vote.</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="702" height="401" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Trumpcare%202_3.JPG?1498138146" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/senate-reveils-details-trumpcare-bill-vote-expected-next-week#comments 111th United States Congress American Health Care Act Barack Obama Congressional Budget Office Congressional Budget Office Federal assistance in the United States federal government Federal Tax Health Healthcare reform in the United States Internal Revenue Code Medicaid New York Times Patient Protection and Affordable Care Act Patient Protection and Affordable Care Act replacement proposals Politics Presidency of Lyndon B. Johnson Republican Party Senate Social Issues Statutory law Twitter Twitter United States Thu, 22 Jun 2017 14:23:03 +0000 Tyler Durden 598469 at http://www.zerohedge.com Trump Rages "It's All A Big Dem Hoax" http://www.zerohedge.com/news/2017-06-22/trump-rages-its-all-big-dem-hoax <p>President Trump is on a warpath this morning, raging against the hyporcrisy of Obama excuse-maker Jeh Johnson&#39;s comments. First, Trump asked a tough question...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">By the way, if Russia was working so hard on the 2016 Election, it all took place during the Obama Admin. Why didn&#39;t they stop them?</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/877879361130688512">June 22, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>And then slammed the Democratic Nation Committe&#39;s seming ignorance...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">...Why did Democratic National Committee turn down the DHS offer to protect against hacks (long prior to election). It&#39;s all a big Dem HOAX!</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/877889199353077760">June 22, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">...Why did the DNC REFUSE to turn over its Server to the FBI, and still hasn&#39;t? It&#39;s all a big Dem scam and excuse for losing the election!</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/877891129194102785">June 22, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>These are good questions, which, of course, will never be answered. <a href="http://thehill.com/homenews/administration/338931-trump-if-russia-interfered-in-election-why-didnt-obama-stop-it">As The Hill notes,</a> <em><strong>Trump&rsquo;s comments are the latest indication he does not accept the intelligence community&rsquo;s unanimous conclusion &mdash; released last October &mdash; that Russia tried to interfere in contest by hacking political groups and spreading fake news.</strong></em></p> <p>White House press secretary Sean Spicer on Tuesday refused to say whether the president believes that occurred.</p> <p>Ironically, Trump did have something positive to say about Johnson. The comments come as Trump is battling a special counsel investigation into whether any of his associates colluded with the Russian meddling effort, which the president has repeatedly labeled a &ldquo;witch hunt.&rdquo; <strong>Trump on Thursday pointed to congressional testimony from former Homeland Security Secretary Jeh Johnson to back up his case</strong>...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Former Homeland Security Advisor Jeh Johnson is latest top intelligence official to state there was no grand scheme between Trump &amp; Russia.</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/877878375045447680">June 22, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>But of course The Left will simply ignore that &#39;fact&#39;.</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="486" height="283" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170622_alt_0.jpg?1498140661" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/trump-rages-its-all-big-dem-hoax#comments Alt-right American people of German descent Business Climate change skepticism and denial Democratic National Committee Donald Trump Donald Trump presidential campaign Draft:Hector Sarmiento FBI Federal Bureau of Investigation Politics Politics of the United States The Apprentice The Left United States White House WWE Hall of Fame Thu, 22 Jun 2017 14:11:25 +0000 Tyler Durden 598467 at http://www.zerohedge.com S&P 500; 6-months divergence continues here! http://www.zerohedge.com/news/2017-06-22/sp-500-6-months-divergence-continues-here <p><img src="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/06/all-equal-pic.jpg" alt="all different all equal SP 500 spx spy post kimble charting solutions" title="S&amp;P 500; 6-months divergence continues here!" width="400" style="user-select: none; background-position: 0px 0px, 10px 10px; background-size: 20px 20px; background-image: linear-gradient(45deg, #eeeeee 25%, transparent 25%, transparent 75%, #eeeeee 75%, #eeeeee 100%), linear-gradient(45deg, #eeeeee 25%, white 25%, white 75%, #eeeeee 75%, #eeeeee 100%); display: block; margin-left: auto; margin-right: auto;" /></p> <p><span style="color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif; font-size: 14px;">When it comes to S&amp;P 500 ETF’s, they may be equal (who stocks they own), yet they can be much different when it comes to performance. Below compares the&nbsp;</span><a href="https://finance.yahoo.com/quote/RSP?p=RSP" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: #2ea3f2; outline: 0px; font-size: 14px; font-family: &quot;Open Sans&quot;, Arial, sans-serif;"><strong style="box-sizing: border-box; outline: 0px; background: transparent;">Equal Weight S&amp;P 500 ETF (RSP)</strong></a><span style="color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif; font-size: 14px;">&nbsp;to the S&amp;P 500 (which is Cap Weighted), since the 2009 lows. Which ETF would you rather own, RSP or SPY?</span></p> <p><a href="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/06/rsp-vs-spy-since-2009-lows-june-22-1.jpg" target="_blank" title="S&amp;P 500; 6-months divergence continues here! kimble charting solutions"><img src="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/06/rsp-vs-spy-since-2009-lows-june-22-1.jpg" alt="equal weight RSP and SPY kimble charting solutions" title="S&amp;P 500; 6-months divergence continues here! kimble charting solutions" width="1000" style="user-select: none; background-position: 0px 0px, 10px 10px; background-size: 20px 20px; background-image: linear-gradient(45deg, #eeeeee 25%, transparent 25%, transparent 75%, #eeeeee 75%, #eeeeee 100%), linear-gradient(45deg, #eeeeee 25%, white 25%, white 75%, #eeeeee 75%, #eeeeee 100%); display: block; margin-left: auto; margin-right: auto;" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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;"><strong style="box-sizing: border-box; outline: 0px; background: transparent;"><span style="box-sizing: border-box; outline: 0px; background: transparent; color: #0000ff;">CLICK ON CHART TO ENLARGE&nbsp;</span></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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;">RSP my own the same stocks at SPY, yet the performance is drastically different, due to how much of each stock each ETF owns. RSP &nbsp;has done much better in since the lows in 2009,&nbsp;<strong style="box-sizing: border-box; outline: 0px; background: transparent;">up almost 90% more than the S&amp;P.&nbsp;</strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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;">Below looks at the RSP/SPY ratio over the past 15-months-</p> <p><a href="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/06/rsp-spy-ratio-continues-to-hit-new-lows-june-22.jpg" target="_blank" title="S&amp;P 500; 6-months divergence continues here! kimble charting solutions"><img src="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/06/rsp-spy-ratio-continues-to-hit-new-lows-june-22.jpg" alt="rsp spx ratio kimble charting solutions" title="S&amp;P 500; 6-months divergence continues here!" width="1000" style="user-select: none; background-position: 0px 0px, 10px 10px; background-size: 20px 20px; background-image: linear-gradient(45deg, #eeeeee 25%, transparent 25%, transparent 75%, #eeeeee 75%, #eeeeee 100%), linear-gradient(45deg, #eeeeee 25%, white 25%, white 75%, #eeeeee 75%, #eeeeee 100%); display: block; margin-left: auto; margin-right: auto;" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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: transparent; color: #0000ff;"><strong style="box-sizing: border-box; outline: 0px; background: transparent;">CLICK ON CHART TO ENLARGE</strong></span></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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 RSP/SPY ratio in the long term, remains in an uptrend, as RSP has been much stronger than SPY. Over the past 6-months, this is not true, as the ratio peaked late last year at (1) and continues to create a series of lower highs, inside new short-term falling channel (2). This week the ratio is&nbsp;<strong style="box-sizing: border-box; outline: 0px; background: transparent;">hitting the lowest level in the past year.&nbsp;</strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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;">Historically bulls want to see this ratio heading higher. The short-term weakness does not send a bearish message, it does send a message that the broad market is not as strong as a few big players in the index.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; 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;">One ratio does not make a trend, please keep that in mind! Keep an eye on this ratio over the next couple of months, as it could send important message to bulls or bears going forward.</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;">&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;">&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;"><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; 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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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;"><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; color: #303030;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><br /></strong></span></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="1296" height="680" alt="" src="http://www.zerohedge.com/sites/default/files/images/user182769/imageroot/rsp-vs-spy-since-2009-lows-june-22-1.jpg?1498140394" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/sp-500-6-months-divergence-continues-here#comments Business Commodity markets Economic history of the Netherlands Economy Exchange-traded funds Finance Foreign exchange market Money S&P S&P 500 SPY Stock market Technical analysis Thu, 22 Jun 2017 14:06:49 +0000 kimblecharting 598466 at http://www.zerohedge.com Democratic Election Commissioner Demands Probe Of Russian Links To Facebook, Drudge, HuffPo; "Faith In Democracy" Shaken http://www.zerohedge.com/news/2017-06-21/democratic-election-commissioner-demands-probe-russian-links-facebook-drudge-huffpo- <p>In what she has called an<strong><em> &quot;all-hands-on-deck moment for our democracy,&quot;</em></strong> Federal Election Commissioner Ellen Weintraub has inserted herself into the fading &#39;Russia-did-it&#39; narrative <strong>demanding the federal government&#39;s probe into alleged Russian influence is widened to foreign companies and internet sites that take political ads</strong>, like Facebook or the Drudge Report.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170621_weintraub.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170621_weintraub.jpg" style="width: 600px; height: 320px;" /></a></p> <p>Citing petitions from leftist anti-Trump groups...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170621_weintraub1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170621_weintraub1_0.jpg" style="width: 600px; height: 1018px;" /></a></p> <p><strong>Her proposal was not posted on the FEC website that was revamped in part to provide more transparency</strong>. Campaign finance reporter David Levinthal of the Center for Public Integrity tweeted it out...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Commissioner <a href="https://twitter.com/EllenLWeintraub">@EllenLWeintraub</a> of <a href="https://twitter.com/FEC">@FEC</a> wants briefings by <a href="https://twitter.com/USDOJ">@USDOJ</a> or <a href="https://twitter.com/USTreasury">@USTreasury</a>, re: foreign activity in elections <a href="https://t.co/u49zcuMl9P">https://t.co/u49zcuMl9P</a> <a href="https://t.co/dTHe7ONdSQ">pic.twitter.com/dTHe7ONdSQ</a></p> <p>&mdash; Dave Levinthal (@davelevinthal) <a href="https://twitter.com/davelevinthal/status/877526530305347587">June 21, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>Some key fearmongeringly over-reaching excerpts include...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>This Commission is <strong>sworn to fulfill &ldquo;the sovereign&rsquo;s obligation to preserve the basic conception of a political community.&quot;</strong></p> <p>&nbsp;</p> <p><strong>This is an all-hands-on-deck moment for our democracy.</strong> Former Vice President Dick Cheney has said that <strong>Russia&rsquo;s alleged actions could be considered &ldquo;an act of war&rdquo; against the United States.</strong></p> <p>&nbsp;</p> <p>...</p> <p>&nbsp;</p> <p><strong>The mere allegation that foreign interference may have occurred shakes the faith of Americans in our democracy. </strong></p> <p>&nbsp;</p> <p>The FEC must find out the facts of what happened during the 2016 U.S. presidential election and move swiftly and firmly to fix any problems we find.</p> <p>&nbsp;</p> <p><strong>Only then can we begin to restore the American people&rsquo;s resilient but battered faith that our federal elections belong to us &ndash; and not to some foreign power.</strong></p> </blockquote> <p><a href="http://www.washingtonexaminer.com/fec-dem-eyes-widening-russia-probe-to-facebook-drudge-foreign-companies/article/2626674"><em>As The Washington Examiner&#39;s Paul Bedard notes,</em></a> <strong>critics of the idea called it a &quot;federal power grab&quot; beyond the scope of the FEC&#39;s powers.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>In her new proposal, she goes much further than earlier concerns about corporations and internet sites, though offered no evidence of interference other than news reports and two petitions from leftist groups.</strong></p> <p>&nbsp;</p> <p>She is urging the FEC to look into <strong>political spending by foreign sources on the internet, including Facebook, and presumably any other site that runs political ads, like the Drudge Report or Huffington Post</strong>.</p> <p>&nbsp;</p> <p>As part of that she called for open- and closed-door briefings by Justice and Treasury financial officials on the issue.</p> <p>&nbsp;</p> <p>She also suggested that the FEC get investigators from other agencies, prompting a critic to ask<strong><em>, &quot;why would the FEC take resources away from other agencies, like DOJ, that have far more authority to actually do something about Russia?&quot;</em></strong></p> <p>&nbsp;</p> <p>What&#39;s more, she wants to assure public that state and federal databases are safe, though the agency doesn&#39;t have any authority over state elections boards, and has <strong>reportedly farmed out large portions of its U.S. campaign data entry tasks to workers in India</strong>.</p> </blockquote> <p>Perhaps notably,<strong><em> her previous efforts to focus on politically active U.S. corporations with foreign ownership have been blocked by Republicans on the FEC</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="514" height="274" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170621_weintraub.jpg?1498094747" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-21/democratic-election-commissioner-demands-probe-russian-links-facebook-drudge-huffpo-#comments Campaign finance in the United States DOJ Drudge Report Federal Election Commission federal government India Politics Politics of the United States Transparency Twitter Twitter Thu, 22 Jun 2017 13:43:33 +0000 Tyler Durden 598438 at http://www.zerohedge.com Junk Bonds Signal the Great Global Debt Binge Is Coming to an End http://www.zerohedge.com/news/2017-06-22/junk-bonds-signal-great-global-debt-binge-coming-end <p>The market has gone absolutely nowhere for 15 weeks now.</p> <p>That is not a typo, nor am I bearing overly negative. Since the end of February, when President Trump last tweeted that he had big plans for the economy, the S&amp;P 500 is up a total of just 1.6% or roughly 39 points.</p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2017/06/05/GPC622171.png" style="width: 460px; height: 284px;" /></p> <p>And THIS is the raging bull market that everyone is so crazy about? A market in which it took almost FOUR months for stocks to eek out a 1.6% gain?</p> <p>Meanwhile against this backdrop of unhinged bullishness, the credit markets are flashing MAJOR warning signals.</p> <p>Junk Bonds have broken their bull market trendline from the 2016 bottom. This is a MAJOR warning that the markets are switching into &ldquo;risk off&rdquo; mode.</p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2017/06/05/GPC622172.png" style="width: 460px; height: 284px;" /></p> <p>Even worse, the rally higher from the 2016 bottom FAILED to reclaim the bull market trendline that has driven HUG higher since mid-2009. This is the hallmark of a major top formation, and it strongly suggests that the Central Bank driven credit bubble from 2009 is now ending.</p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2017/06/05/GPC622173.png" style="width: 460px; height: 284px;" /></p> <p>&nbsp;</p> <p>A Crash is coming&hellip;</p> <p>And smart investors will use it to make literal fortunes from it.</p> <p>We offer a FREE investment report outlining when the market will collapse as well as what investments will pay out massive returns to investors when this happens. It&#39;s called <strong><u>Stock Market Crash Survival Guide</u></strong>.</p> <p>We made 1,000 copies to the general public.</p> <p>As I write this, only 67 are left.</p> <p>To pick up one of the last remaining copies&hellip;</p> <p><a href="http://phoenixcapitalmarketing.com/stockmarketcrash1.html"><strong>CLICK HERE!</strong></a></p> <p>Best Regards</p> <p>Graham Summers</p> <p>Chief Market Strategist</p> <p>Phoenix Capital Research</p> <p>&nbsp;</p> http://www.zerohedge.com/news/2017-06-22/junk-bonds-signal-great-global-debt-binge-coming-end#comments Behavioral finance Business Capitalism Economic history of the Netherlands Economy Finance Investment Market Crash Market sentiment Market trend Money Rally S&P 500 Stock market Stock market crash Thu, 22 Jun 2017 13:26:25 +0000 Phoenix Capital Research 598463 at http://www.zerohedge.com Is There Still Hope For Higher Oil Prices? http://www.zerohedge.com/news/2017-06-22/there-still-hope-higher-oil-prices <p><a href="http://oilprice.com/Energy/Oil-Prices/Is-There-Still-Hope-For-Higher-Oil-Prices.html"><em>Authored by Nick Cunningham via OilPrice.com,</em></a></p> <p>Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and <strong>any sense of optimism has almost entirely disappeared.</strong> All signs point to a period of &ldquo;lower for longer&rdquo; for oil prices, a refrain that is all too familiar to those in the industry.</p> <p>WTI dipped below $44 per barrel on Tuesday, and the bearish indicators are starting to pile up.</p> <p><strong>Libya&rsquo;s production just topped 900,000 bpd, a new multi-year high that is up sharply even from just a few weeks ago.</strong> Libyan officials are hoping that they will hit many more milestones in the coming months. Next stop is <a href="http://oilprice.com/Energy/Crude-Oil/OPEC-Deal-In-Jeopardy-As-Libyan-Oil-Output-Nears-1-Million-Bpd.html">1 million barrels per day</a> (mb/d), which Libya hopes to breach by the end of July.</p> <p><strong>U.S. shale is arguably the biggest reason why prices are floundering again.</strong> The rig count has increased for 22 consecutive weeks, rising to 747 as of mid-June, up more than 100 percent from a year ago. Production continues to rise, with output expected to jump by 780,000 bpd this year, according to the IEA. Ultimately, the shale rebound appears to have <a href="http://oilprice.com/Energy/Energy-General/Dj-Vu-Shale-To-Kill-Oil-Prices-Once-Again.html">killed off yet another oil price rally</a>, the latest in a series of still-born price rebounds since the initial meltdown in 2014.</p> <p><strong>Hedge funds and other money managers <a href="https://www.bloomberg.com/news/articles/2017-06-18/oil-s-gloomy-summer-triggers-hedge-fund-doubts-on-gasoline">slashed</a>&nbsp;their bullish bets on crude oil futures in the latest data release.</strong> Sentiment is profoundly pessimistic at this point, and because the IEA, OPEC and EIA recently published very <a href="http://oilprice.com/Energy/Crude-Oil/Oil-Prices-Fall-As-IEA-Points-At-Poor-Fundamentals.html">downbeat assessments</a> about the pace of rebalancing, a grim mood will be sticking around for a little while. The next reports from those energy watchers won&rsquo;t come out for almost another month.</p> <p>In the meantime, the weekly EIA data on production and inventories will have outsized importance, mainly because it is one of the few concrete indicators that comes out on a routine basis. Analysts are now worried that a string of bearish data could push prices down even further.<em> &quot;We cannot afford to have another build in crude or gasoline,&quot;</em> Bob Yawger, director of futures at Mizuho Securities USA Inc., told <a href="https://www.bloomberg.com/news/articles/2017-06-18/oil-trades-below-45-as-u-s-drillers-extend-record-rig-streak?utm_content=commodities&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;cmpid%3D=socialflow-twitter-commodities">Bloomberg</a>&nbsp;before the latest data release. <strong>&quot;</strong><em><strong>The market&rsquo;s just dying for a reason to buy this thing,</strong> but you can&rsquo;t really do that before&quot;</em> the EIA publishes its next batch of weekly data on Wednesday. Gasoline demand also <a href="https://www.bloomberg.com/news/articles/2017-06-18/oil-s-gloomy-summer-triggers-hedge-fund-doubts-on-gasoline">looks weak</a>, just as the summer driving season in the U.S. gets underway, a period of time that typically sees demand rise.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_oil1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_oil1_0.jpg" style="width: 600px; height: 309px;" /></a></p> <p>The market got a bit of a reprieve on Wednesday when the EIA <a href="http://ir.eia.gov/wpsr/wpsrsummary.pdf">reported</a>&nbsp;some decent figures &ndash; a drawdown in crude oil inventories by 2.5 million barrels. Also, imports were flat and gasoline stocks fell slightly.</p> <p><strong>Still, the figures aren&rsquo;t enough to put the market at ease.</strong></p> <p>Amid all this doom and gloom, <strong>Saudi Arabia&rsquo;s energy minister Khalid al-Falih tried to put on a brave face,</strong> <a href="http://oilprice.com/Energy/Oil-Prices/Saudi-Oil-Minister-Oil-Markets-To-Rebalance-In-Q4-2017.html">arguing</a>&nbsp;on Monday that the market will <em>&ldquo;rebalance in the fourth quarter of this year taking into account an increase in shale oil production.</em>&rdquo; He waved away the recent price drop, dismissing the importance of such short-term movements in the market.</p> <p>But with WTI dropping below $45 per barrel, most sober oil market analysts are not nearly as sanguine. OPEC&rsquo;s objective of bringing global crude oil inventories back into five-year average levels is looking increasingly difficult to achieve, at least in the timeframe laid out by the cartel.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;There seems to be very low conviction in the market that there really will be any inventory drawdown in the second half of the year,</em>&rdquo; said Bjarne Schieldrop, chief commodities analyst at SEB AB.</p> <p>&nbsp;</p> <p><strong>&ldquo;<em>This is like a falling knife right now, I genuinely haven&#39;t seen sentiment this bad ever,&rdquo;</em> </strong>Amrita Sen, the co-founder and chief oil analyst at Energy Aspects, told <a href="http://www.cnbc.com/2017/06/21/oil-prices-like-a-falling-knife-as-sentiment-hits-all-time-low.html">CNBC</a>&nbsp;on Wednesday.</p> <p>&nbsp;</p> <p><strong>&ldquo;<em>We have had clients emailing saying they have been trading this for 20 or 30 years and they have never seen something like this.&rdquo;</em></strong></p> </blockquote> <p>One pivotal factor that could really cause prices to plunge is if compliance with the agreed upon cuts starts to fray. There are several reasons why some participants might start to abandon their pledges. Russia, for example, tends to produce more oil in <a href="http://oilprice.com/Energy/Energy-General/Will-A-9-Month-Production-Cut-Extension-Be-Enough.html">summer months</a>, a fact that might tempt them to boost output. Iraq is also eyeing <a href="http://oilprice.com/Energy/Oil-Prices/Iraq-Could-Make-Or-Break-The-OPEC-Deal.html">higher production</a> capacity this year. In addition, weak prices could start to undermine the group&rsquo;s resolve.<strong> &quot;<em>Lack of major upside price response to the OPEC output cuts upping the odds of reduced compliance to the agreement in our opinion,&quot;</em></strong> Jim Ritterbusch, president of energy advisory firm Ritterbusch &amp; Associates, <a href="http://www.reuters.com/article/us-global-oil-idUSKBN19A029">wrote</a>&nbsp;in a research note.</p> <p><strong>Moreover, simmering <a href="http://oilprice.com/Energy/Energy-General/Oil-Markets-Unmoved-By-Brewing-Conflict-In-The-Middle-East.html">conflict</a>&nbsp;in the Middle East could continue to grow, threatening to derail cooperation between OPEC members.</strong> The conflict between Saudi Arabia and its Gulf allies on the one hand, and Qatar and Iran on the other, could deteriorate. Although that could spark some price gains for crude oil if supplies are affected, it could also undermine the OPEC deal.</p> <p><strong>One unknown factor that could prevent oil prices from falling further is the possibility that prices floundering in the mid-$40s actually puts a lid on shale production.</strong> If U.S. shale underperforms over the next year, the OPEC deal could succeed in balancing the market. But <strong>if U.S. shale continues to rise, and OPEC fails to extend its deal beyond the first quarter of 2018, oil could <a href="https://www.platts.com/latest-news/oil/singapore/oil-at-30b-oil-next-year-if-opec-fails-to-deepen-26755447">fall</a>&nbsp;to $30 per barrel</strong>, according to Fereidun Fesharaki, chairman of consultants FGE.</p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170621_EOD2_0.jpg" style="width: 600px; height: 317px;" /></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="273" height="182" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170622_oil.jpg?1498134505" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/there-still-hope-higher-oil-prices#comments Business Commodity markets Crude Crude Oil EIA Energy crisis IEA Iran Iraq Meltdown Middle East Middle East OPEC OPEC Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Petroleum politics Price of oil Pricing Primary sector of the economy Saudi Arabia World oil market chronology from Thu, 22 Jun 2017 13:23:37 +0000 Tyler Durden 598460 at http://www.zerohedge.com It Wasn't Just The NSA: Germany Spied On The White House For Years http://www.zerohedge.com/news/2017-06-22/it-wasnt-just-nsa-germany-spied-white-house-years <p>One of the profound revelations from the data released by NSA whistleblower Edward Snowden was that in addition to spying on its own citizens, the NSA engaged in aggressive espionage on some of America's closest allies, most notably Angela Merkel and her Blackberry. It now turns out that Germany had been returning the favor.</p> <p>According to Germany's <a href="https://www.thelocal.de/20170622/germany-spied-on-the-white-house">Spiegel</a>, <strong>Germany's foreign intelligence service had long spied on numerous official and business targets in the United States, including the White House. </strong>The magazine said it had seen documents showing that the intelligence service, the BND, had a list of some 4,000 so-called selector keywords for surveillance between 1998 and 2006. <strong>These included telephone or fax numbers, as well as email addresses at the White House as well as the US finance and foreign ministries.</strong></p> <p>Other monitoring targets ranged from military institutions including the US Air Force or the Marine Corps, space agency NASA to civic group Human Rights Watch. Additionally, hundreds of foreign embassies as well as international organisation like the International Monetary Fund were not spared, Spiegel said.</p> <p>Germany reacted with outrage when information leaked Snowden revealed in 2013 that US agents were carrying out widespread tapping worldwide, including of Chancellor Angela Merkel's mobile phone. Ironically, Merkel, who grew up in communist East Germany where state spying on citizens was rampant, declared repeatedly that "spying among friends is not on" while acknowledging Germany's reliance on the US in security matters.</p> <p>But to the great embarrassment of Germany, <strong>it later emerged that the BND helped the NSA spy on European allies</strong>. Berlin last June approved new measures, including greater oversight, to rein in the BND following the scandal.</p> <p>In other words, spying was, is and will remain business as usual in a world where information is commoditized, and espionage is more valuable than ever. Of course, with the US relationship with Europe in general, and Germany in particular in a very sensitive position, we doubt this report will get much airplay in the popular US press.</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="1500" height="838" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/german%20spied.jpg?1498136662" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/it-wasnt-just-nsa-germany-spied-white-house-years#comments Angela Merkel cellular telephone Edward Snowden Espionage German Parliamentary Committee investigating the NSA spying scandal Germany Global surveillance Global surveillance disclosures Government Human Rights Watch International Monetary Fund International Monetary Fund Mass surveillance National Aeronautics and Space Administration National security National Security Agency Politics Spiegel SPY United States Marine Corps US Air Force White House White House Thu, 22 Jun 2017 13:04:29 +0000 Tyler Durden 598462 at http://www.zerohedge.com Sears Canada Announces Bankruptcy http://www.zerohedge.com/news/2017-06-22/sears-canada-announces-bankruptcy <p>It&#39;s official - <strong>the US &#39;retail apocalypse&#39; has moved north</strong> as Sears Canada (and some of its subsidiaries) have applied to Ontario Superior Court of Justice for protection under the companies&rsquo; Creditors Arrangement Act (CCAA),<strong> in order to continue to restructure its business</strong>.</p> <p><strong>Sales at Sears Canada have fallen sharply</strong> since it was spun off from its equally-troubled US-based parent in 2012; the slump coincides with a broader shift in consumer preferences away from brick and mortar retailers and toward e-commerce.</p> <p>This shouldn;t come as a surprise to anyone, in an admission last week, <strong>Sears Canada said it has &ldquo;significant doubt&rdquo; that it can continue to operate for much longer. </strong>Meanwhile, its American counterpart announced that <strong>it would lay off 400 employees as part of an initiative to produce $1.25 billion in savings</strong> after admitting back in March that the future of its business is also in serious jeopardy, <a href="http://fortune.com/2017/06/13/sears-layoffs-headquarters-400/">as Fortune reported.</a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_sears1.jpg"><img height="316" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_sears1_0.jpg" width="600" /></a></p> <p>Statement from Sears Canada (note you would hardly think this is a &#39;bad&#39; thing judging by this PR spin)</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><span style="text-decoration: underline;"><strong>Sears Canada Reinvention Continues</strong></span></p> <p>&nbsp;</p> <p><strong>Over the past 18 months, Sears Canada embarked on a reinvention plan that has now begun to gain traction with customers.</strong> Sears Canada rebuilt its front and back-end technology platform, redefined its brand positioning, revamped its product assortment, and rebooted its customer experience and service standards.&nbsp; The new product assortment is reflected in two pillars, The Cut @ Sears, which offers designer labels at everyday value prices, and the Sears Label, which offers premium quality and enduring styles, also at everyday value prices. <strong>&nbsp;The customer experience was reinvented, both online, with a newly designed site built in-house by a new technology team, and in-store with a new format called Sears 2.0.</strong> Sears Canada also redefined its customer service standards to be best-in-class, and launched a new store in downtown Toronto to showcase its reinvention to an entirely new audience.</p> <p>&nbsp;</p> <p>The Company&#39;s hard work to bring its vision to reality is reflected in reported growth in same store sales in its two most recently completed quarters. <strong>Sears Canada believes this indicates that the new brand positioning is starting to resonate with consumers.&nbsp;</strong> The brand reinvention work Sears Canada has begun requires a long-term effort, but the continued liquidity pressures facing the Company as well as legacy components of its business are preventing it from making further progress&nbsp;and from restructuring its legacy assets and businesses outside of a CCAA proceeding.</p> <p>&nbsp;</p> <p><strong>If granted, the Sears Canada Group will work to complete its restructuring in a timely fashion and hopes to exit CCAA protection as soon as possible in 2017, better positioned to capitalize on the opportunities that exist in the Canadian retail marketplace.</strong></p> </blockquote> <p>As a reminder, we noted last week that if Sears Canada was to go bankrupt, <strong>Lambert loses his equity stake, but he remains the company&rsquo;s principal creditor</strong>. Already, Lampert has effectively laid claim to enormous amounts of the company&rsquo;s assets through loans he&rsquo;s made. His hedge fund, ESL Investments, also owns large stakes in Lands&rsquo; End and a Real Estate Investment Trust that gained control of some of Sears&rsquo; best properties in a $2.8 billion deal back in 2015, then leased them back to the company. Lambert owns a stake in that vehicle, too.</p> <p><strong>In other words, while Sears was floundering, Lambert was busy shielding himself from the worst of the fallout. His former employees will need to make due with the public safety net.</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="474" height="353" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170622_sears.jpg?1498134684" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/sears-canada-announces-bankruptcy#comments Business Chicago metropolitan area Cook County, Illinois Creditors Eaton's Hoffman Estates, Illinois Ontario Superior Court of Justice Real estate Reality Retail apocalypse Same Store Sales Sears Sears Sears Canada Sears Holdings Trade Whirlpool Corporation Thu, 22 Jun 2017 12:52:40 +0000 Tyler Durden 598454 at http://www.zerohedge.com Gartman Turns Bullish On Oil http://www.zerohedge.com/news/2017-06-22/gartman-turns-bullish-oil <p>There has been a distinct shift in sentiment when it comes to oil this morning: after plunging 22% from its February highs, many commentators are suggesting that the bottom is finally in and that it is time to turn "contrarian."</p> <p>One among them is GS Banque's Loic Schmid, who posits three ideas on why oil is weaker:</p> <ul> <li><strong>Is it the hedge funds?</strong> They have massively cut back their net exposure.</li> <li><strong>Is it supply? </strong>There is currently too much output.</li> <li><strong>Is it demand?</strong> Recent US macroeconomic figures have been rather disappointing.</li> </ul> <p>Which prompts him to ask if this is the time for a logical bounce, as oil at $42.50 is a problem for the industry and OPEC, and shows that we are currently close to the bottom of the range and technical indicators suggest that oil is oversold, noting that "we would not be surprised if OPEC trims output in the next few days..."</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/04/loic%20oil_0.jpg" width="500" height="355" /></p> <p>For now OPEC is not budging, because as Bloomberg reported overnight, discussions on Tuesday at the OPEC, non-OPEC Joint Technical Committee focused how to deal with resurgence of Libyan and Nigerian crude output, rather than deepening production cuts by other members. </p> <p>That said, another factor, however temporary, may be Tropical Storm Cindy, which will likely mothball US production for at least a few days, leading to several million bbls in production losses.</p> <p>Which leads us to the point of this post: having been bearish (and correct) on oil for the past few weeks Dennis Gartman (who not that long ago predicted that oil would not rise above $44 again in his lifetime), has just turned bullish on oil.</p> <p><em>From his note:</em></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>CRUDE OIL PRICES CONTINUE TO PLUNGE, but we begin this morning noting that Tropical Storm Cindy is making landfall along the Texas/Louisiana border, and although she is only a tropical storm and is not a hurricane she’s forced some of the oil and nat-gas operations in the Gulf of Mexico to be shuttered in. She will pass northward and eastward today, leaving a great deal of rain behind, but likely causing no damage of any sort to these operations.However, Cindy does raise everyone’s awareness that the “Hurricane Season” has begun in earnest with another “disturbance” shaping up to the west of the Caribbean&nbsp; Islands that bears watching. </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/04/cindy.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/04/cindy_0.jpg" width="500" height="411" /></a></p> <p>&nbsp;</p> <p>That said, we move on by making the following rather definitive statement for we’ve ended our comments on the energy markets for the past two or three weeks with the statement that “Strength is to be sold; weakness is not to be bought” and have added even later in our commentaries that “We trust we are clear.” <strong>This morning, given the myriad downgrades that the energy stock analysts have put forth in the course of the past several days and given the decided one-sidedness of the psychology, and given the severity of the recent weakness we think it is wise to say that for at least a while strength is not to be sold and that for a while weakness is indeed to be bought</strong>. </p> <p>&nbsp;</p> <p>That does not mean that we have suddenly turned bullish of crude oil and nat-gas prices for clearly we have not; but aggressive selling is to be avoided for a while and we can make the case that nearby WTI, now having fallen for five weeks in a row and having falling precipitously, could easily bounce back toward $46-$47/barrel. <strong>That may seem optimistic, but we must remember that nearby WTI was trading $47/barrel only two weeks ago!</strong></p> </blockquote> <p>For oil bulls, this may be good news...&nbsp; or not so good news.</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="310" height="162" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gartman%20confused%2054_6.jpg?1498135764" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/gartman-turns-bullish-oil#comments Business Caribbean Cartels Crude Crude Oil Dennis Gartman Energy crisis Energy economics Gulf of Mexico Mexico OPEC OPEC OPEC Joint Technical Committee Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Petroleum politics Price of oil Primary sector of the economy Technical Indicators World oil market chronology from Thu, 22 Jun 2017 12:49:26 +0000 Tyler Durden 598458 at http://www.zerohedge.com Yield Curve Inversion Looms As Jobless Claims Hover Near 44-Year Lows http://www.zerohedge.com/news/2017-06-22/yield-curve-inversion-looms-jobless-claims-hover-near-44-year-lows <p>With all eyes on a collapsing yield curve and its implications - exposing the dismal reality of US economic growth expectations that The Fed would really rather you ignore - this morning's jobless claims data (at 240k, near 44 year lows) further <strong>confirms the historical pattern that suggests yield curve inversion looms...</strong></p> <p>As good as it gets and the yield curve knows it...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_claims.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170622_claims_0.jpg" width="600" height="311" /></a></p> <p>Is good news now, bad news for the future? It appears so... but while the music is still playing for AMZN and TSLA, keep dancing, right?</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="962" height="499" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170622_claims.jpg?1498135598" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-22/yield-curve-inversion-looms-jobless-claims-hover-near-44-year-lows#comments Business Economy Financial markets Fixed income analysis Fixed income market Physics Reality US Federal Reserve Yield Yield Curve Yield curve Thu, 22 Jun 2017 12:47:48 +0000 Tyler Durden 598457 at http://www.zerohedge.com