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Manufacturing Depression Enters Uncharted Territory: Caterpillar Retail Sales Have Never Been Worse





Moments ago Caterpillar reported its latest monthly retail sales statistics and the numbers have never been worse.

 
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New Home Sales Spike To 8 Year Highs, Prices Tumble To 7-Month Lows





Following existing home sales post-regs change spike, new home sales (after 9 months of missed expectations) soared 10.8% in December to a seasonally-adjusted annualized rate of 544k (smashing expectations of just 500k). This is 1k short of the February 545k highs going back to Feb 2008. Median home prices dropped however (a good thing for affordability but not so much for The Fed's wealth illusion machine) to the lowest since May.

 
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Trump "Won't Bother" With GOP Debate After Fox Refuses To Drop Megyn Kelly





"She's biased against me, she knows that, I know that. Do you really think she can be fair at a debate?"

"The truth is, he doesn’t get to control the media, and while he’s made his position clear about me after that first debate, Roger Ailes made his position clear too."

 
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In Historic First, Massachusetts Attorney General Warns Gilead To Lower Cost Of Hep C Drug Or Face Lawsuit





In a Jan. 22 letter to Gilead chief executive John C. Martin, made public Wednesday, the attorney general wrote that the high price of the company’s Sovaldi drug, which cost $84,000 for a full course of treatment, and its Harvoni drug regimen, which cost $94,500, “may constitute an unfair trade practice in violation of Massachusetts law.” The newspaper adds that Healey’s letter said her office was looking into bringing an unfair commercial conduct complaint against the company. It is rare, if not unprecedented, for a state attorney general to confront a drug maker on the cost of a therapy.

 
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Gold Stocks Are At A Key Juncture





Gold stocks are testing back up to the level of their recent breakdown to all-time lows; will it be a false breakdown, or the start of a new leg down ?

 
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EUR Jumps Above 1.09 - We're Gonna Need More Draghi





The entire Draghi jawbone tumble in EURUSD has now been erased...

 
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Downgrades Next?





With analyst expectations almost 50% above Apple's current price, and only 1 "sell" recommendation among the 52 analysts covering the "no brainer" stock, one has to wonder how long it will be before the 45 "Buys" downgrade their permabullish perspective...

 
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Italian Banks Sink As "Bad Bank" Plan Underwhelms





Last week, we noted that Italy is rushing to defuse a €200 billion time bomb in the country’s banking sector as investors fret over banks’ exposure to souring loans. On Wednesday we learn that Italy has indeed managed to strike a deal with Brussels to help alleviate banks’ NPL burden but the agreement falls well short of the type of comprehensive "solution" the market was hoping to see.

 
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"No Brainer" Apple Extends Losses Despite Analyst Pleas That Guidance "Better Than Feared"





Apple's guidance was considerably worse than expected, but always spinning positively, analysts proclaim somehows that it was "better than feared." It appears not as AAPL is now down almost 4% despite every sell-side analyst's pleas that "the bottom is in." The ultimate "no brainer" stock is now down over 28% from its highs last year and analyst targets are still at $137 on average - a nearly 50% gain from here. And finally, as if a crashing stock was not enough, Apple's Safari browser is reportedly crashing if users attempt to search - not a great day for Tim Cook.

 
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Boeing Stock Tumbles After Drop In Revenue, Cash Flow; Huge Cut To Guidance





But the biggest hit to Boeing was its slashed guidance, which came in far below consensus estimates: Boeing's 2016 Core EPS guidance of between $8.15 and $8.35 was far below the $9.42 expected; Boeing's 2016Revenue of $93-$95 billion was also well below the $97.3 billion expected.

 
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Frontrunning: January 27





  • Global stocks, dollar struggle ahead of Fed as oil falters (Reuters)
  • Bond Bulls Bank on Fed Mention of Market Chaos as Drag on Growth (BBG)
  • Fees on Mutual Funds and ETFs Tumble Toward Zero (WSJ)
  • China Climbs Back Up Janet Yellen's Worry List (BBG)
  • The World’s Favorite New Tax Haven Is the United States (BBG)
  • New Jersey Gov. Christie backs Atlantic City takeover plan (Reuters)
 
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Bill Ackman Blames Abysmal Performance On Hedge Fund Groupthink





"While it is impossible to know for sure, we believe that our continued negative outperformance in the first few weeks of the year relates primarily to forced selling of our holdings by investors whose stakes overlap with our own."

 
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Futures Slide On Apple Disappointment, Oil Slumps Ahead Of Fed Decision





"Nobody is really sure where we go from here, and nobody is brave enough to make the call,” Peter Dixon, Commerzbank AG’s global equities economist in London told Bloomberg. “Corporate earnings season won’t provide much of a support - markets may find a floor if the Fed is extremely dovish tonight. At least investors will have time to think and reassess valuations."

 
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France's Highways Descend Into "Chaos & Lawlessness"





 
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Something Snapped At The Comex





"We are going to need a bigger dilution chart."

 
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