And The Market Breaks (Again)

For the second time today, the most liquid, transparent, efficient stock market in the world... has broken.

Forget Italy, Turkey Is The Main Course

While investors are focused on Italy, Bloomberg's Mark Cudmore warns that another Mediterranean country is poised to grab their attention very soon. A currency crisis in Turkey is rapidly deteriorating, setting the stage for dramatic and unscheduled central bank action.

Wall Street Analysts Are Slowly Losing It

"I can’t justify any of this. The lesson investors are getting is that everything is a buying opportunity and you need to not miss the boat. Brexit? Bullish. Trump winning the election? Bullish. Italy saying no to the referendum and the Prime Minister handing in his resignation? Bullish. Heck, all we need is the entire Belgian banking system to go kablooey and the S&P 500 will be at 3,000 by Christmas Eve."

Deutsche Bank CEO Warns Employees "Europe Is Endangered" After Italy Vote

"The environment remains uncertain with a number of potentially frosty developments. The result of the constitutional referendum in Italy is a harbinger of renewed turbulence that could spill over from the political arena to the economy – with Europe particularly endangered."

What Happens Next In Italy: Here Is Goldman's Take

While the market overcame its initial scare following yesterday's counter-establishment Italian referendum vote, and European stocks proceeded soar in the overnight session by the most since Trump's presidential victory, what happens next in Italy is largely unknown. What follows are Goldman's snap thoughts on the Italian next steps.

Fed Labor Market Conditions Index Contracts For 5th Straight Month

Despite a small rise MoM, The Fed's own Labor Market Conditions Index has now deteriorated year-over-year for 5 straight months, despite significant upward revisions over the last 6 months, most notably in September and October. As Deutsche's Jo Lavorgan notes,"the upshot is that the economic outlook remains fragile despite the ostensible robustness of the labor market."