"There is no meaningful risk of Christians committing acts of terror. If there were a group of radical Christians pledging to murder anyone who had a different religious view than they, we would have a different national security situation."

"The Chinese government has the right and the ability to recover the islands and reefs illegally occupied by neighboring countries"...

"We are sellers of risk SPX 2050-2100, DXY>100. Terror/geopolitics can keep ZIRP for longer, but bullish FMS indicates big EPS needed for sustained new risk highs."
- BOfA

For the second straight day, France hit ISIS "targets" in Raqqa while domestic security personnel conducted more than 120 fresh raids across the country in a frantic effort to head off further attacks. Meanwhile, President Hollande is making a bid to change the constitution in what some are billing as a French "Patriot Act." 

According to Bank of America, the smart money is taking advantage of this latest rebound in stocks to sell to who else: the traditionally biggest sucker in the room - retail investors.

Brazil is expected to increase oil production by 180,000 barrels per day in 2015, hitting 3.04 million barrels per day (mb/d). But 2016 is a different story. Petrobras has been embroiled in a corruption scandal since last year, which has cost the company tens of billions of dollars. Given that Petrobras was already the most indebted oil company in the world, major cut backs in spending were in order. OPEC sees Brazilian oil production plateauing as soon as next year. That is a pretty significant development considering the fact that, not too long ago, Petrobras thought output would continue rising rapidly through the rest of the decade.