SPY

SPY

McCain: "The New World Order Is Under Enormous Strain"

In a "new world order under enormous strain" and in "the titanic struggle with forces of radicalism … we can't stand by and lament, we've got to be involved," said John McCain who quoted by the EU Observer. "I trust the EU," he said, defending an opposite view from that of US president Donald Trump, who said in January that the UK "was so smart in getting out" of the EU and that Nato was "obsolete."

Retail Flows Are Finished: RBC Warns "New Regime" For Stocks About 'Hard' Data & Earnings

'Reflation'-themed fund-flows are fading fast (with equities, cyclicals outflows accelerating), and 'higher rate beneficiaries'-linked bond flows (bank loans, HY, inflation protected) slowing to multi-month lows. As RBC's head of cross-asset strategy, Charlie McElligott notes, their model shows the ETF inflow story is no longer a price-driver of short term stock market pricing... "it's a new regime."

Frontrunning: March 24

  • Trump Says If Vote on Health Bill Fails, Obamacare Stays (WSJ)
  • Risky House healthcare vote to test Trump's negotiating skills (Reuters)
  • Trump Dares GOP in High-Stakes Vote on Troubled Health Bill (BBG)
  • All drill, no frack: U.S. shale leaves thousands of wells unfinished (Reuters)
  • Twitter explores subscription-based option for first time (Reuters)

NSA To Provide "Smoking Gun" Proof Obama Spied On Trump

"Republican congressional investigators expect a potential “smoking gun” establishing that the Obama administration spied on the Trump transition team, and possibly the president-elect himself, will be produced to the House Intelligence Committee this week."

Frontrunning: March 24

  • Republicans Struggle to Unite on Health Bill (WSJ)
  • Trump Still Negotiating in Bid to Save Healthcare Bill Before Vote (BBG)
  • Trump Tantrum looms on Wall Street if healthcare effort stalls (Reuters)
  • High stakes for Trump in vote on healthcare plan (Reuters)
  • GOP Lawmaker Sparks New Battle Over Trump Spy Claim (WSJ)

Paul Craig Roberts Exposes "The Conspiracy Against President Trump"

What the Democrats tried to do yesterday was to criminalize everyone who works for better relations between the US and Russia. To be for peace between the nuclear powers is to be a Russian agent and to be put on a list. The Democrats insisted that Russia was an enemy out to get us, and the Democrats had no difficulty getting Comey and Rogers, both Obama appointees, to agree.

Tail-Risk Hedges Spike To Record High

While VIX declined last week, the cost of protecting against major market swings has spiked above its previous Brexit-vote-day peak, reaching a fresh all-time high.

New Zealand Expels US Spy With Broken Nose And Black Eye, After "Incident"

It's not just US-Russian relations that have devolved to the level of spontaneous diplomat expulsion.  According to Reuters, New Zealand has expelled an attache at the U.S. Embassy after Washington refused to waive his right to diplomatic immunity in relation to a police investigation of a potentially serious crime, after an "incident" which gave him a broken nose and a black eye, media and authorities said.