Bank of America

Bank of America

BofA Says It Has Found Evidence Of An "Imminent Recession"

"In examining some of some of our favorite indicators’ recent trends, we did find evidence for an imminent recession. While the range of signals is wide, in aggregate they do suggest that, if data were to continue to weaken in line with the recent pace, history would point to a recession in the second half of 2017"

"Hillary Rally" Fizzles As DB Hits New Record Low; Volkswagen Slammed; Oil Slides On Iran Statement

A rally in global risk that started during last night's first presidential debate on the market's take that Hillary came out on top fizzled, following news that the DOJ is assessing how big a criminal fine it can extract from Volkswagen (-3.8%) over emissions-cheating "without putting the German carmaker out of business", while Iran's oil minister Zanganeh told reporters Iran is ununwilling to freeze output at current levels. Deutsche Bank dropped to a new all time low while its default risk hit fresh record highs.

VIX ETF Smashes All Records

For the first time in history, yesterday saw VXX (the VIX ETF) traded more volume than the most-traded stock in the S&P 500. With speculative positioning at record shorts (extreme levered long stocks) and volume soaring beyond Aug 2015's previous record, we suspect this will not end well...

Step Aside London Whale: Goldman Is Now Using Retail Deposits To Fund Investments

Goldman has been using the proceeds from the new deposits to directly fund speculative activity such as trading and investments, as well as more conventional activity such as creating looans. Goldman Sachs built up its consumer bank, led by 40-year-old Goldman partner and credit trading veteran Gerald Ouderkirk, whose job is to use consumer deposits and other types of funding for trades, investments and loans.