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Futures Rebound From Overnight Lows On Stronger European Manufacturing Surveys, Dovish ECB





On a day full of Manufacturing/PMI surveys from around the globe, the numbers everyone was looking at came out of China, where first the official, NBS PMI data disappointed after missing Mfg PMI expectations (3rd month in a row of contraction), with the Non-mfg PMI sliding to the lowest since 2008, however this was promptly "corrected" after the other Caixin manufacturing PMI soared to 48.3 in October from 47.2 in September - the biggest monthly rise of 2015 - and far better than the median estimate of 47.6, once again leading to the usual questions about China's Schrodinger economy, first defined here, which is continues to expand and contract at the same time.

 
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The Demobilization Of The American People & The Spectacle Of Election 2016





The desire to take the American public out of the “of the people, by the people, for the people” business can minimally be traced back to the Vietnam War, to the moment when a citizen’s army began voting with its feet and antiwar sentiment grew to startling proportions not just on the home front, but inside a military in the field.  It was then that the high command began to fear the actual disintegration of the U.S. Army. From that moment on, the urge to demobilize the American people and send them to Disney World would only grow.

 
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Futures Fade As Hawkish Fed Deemed Not So Bullish After All





Based on the overnight market prints which are an oddly reddish shade of green, it took algos about 12 hours to realize that the reason they soared for most of October, namely hopes of an easier Fed which were launched with the terrible September jobs report and continued with increasingly worse US economic report in the past month, can not be the same reason they also soared yesterday after the announcement of a more hawkish than expected Fed statement which envisioned a stronger US economy and a removal of foreign considerations, which even more curiously took place on even worse data than the Fed's far more dovish September statement.

 
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"Hawkish" FOMC Statement Confirms "Moderate" Domestic Growth, No Longer Focused "Abroad"





With a 4% probability, it is no surprise that The Fed did not raise rates. Since The FOMC "folded" in September blaming global turmoil, stocks, bonds, and precious metals have soared as China (and EM) chaos has calmed while domestic data has declined. This has led to 'lift-off' expectations extending to April 2016, and so the question today is - how will The Fed convince the world it 'will' raise rates when it really can't...

  • *FED REMOVES LINE THAT GLOBAL DEVELOPMENTS MAY RESTRAIN GROWTH
  • *FED SAYS U.S. ECONOMY `HAS BEEN EXPANDING AT A MODERATE PACE'

A definite hawkish bias but so we are left data-dependent (fundamentals bad, stocks good), and less economically optimistic, but are supposed to believe that December (34%) is still a live meeting (because of some hockey-stick expectation in data) because The Fed needs to raise to show that it can.

 
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Record Swarm Of California Earthquakes Continues A Series Of Unusual Events That Began In Late September





First it was wildfires, then it was unprecedented flooding, and now it is earthquakes.  In the past two weeks alone, more than 400 earthquakes have shaken San Ramon – a small city that sits approximately 45 miles east of San Francisco.  Never before have so many earthquakes been recorded in that area in such a short span of time

 
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Futures Flat After Yen Carry Tremors As Fed Starts 2-Day Policy Meeting





Two biggest move overnight came from everyone's favorite carry pair, the USDJPY, which may have finally read what we said yesterday, namely that with the Fed and ECB both doing its job, there is little need for the Bank of Japan to repeat its Halloween massacre for the second year in a row, and as a result will keep its QQE program unchanged. It promptly tumbled from its 121 tractor level, to just above 120.25, where BOJ bids were said to be found. With the FOMC October meeting starting today, the other overnight catalyst was not surprisingly the latest Hilsenrath scribe in which he removed any uncertainty about a Wednesday hike, "leaving mid-December as the central bank’s last chance to raise rates this year."

 
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Stop Blaming OPEC For Low Prices





OPEC altered the course of the oil markets last year when it decided to cast aside its traditional role of maintaining balance through production cuts. Instead it pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. WTI and Brent then went on to dive below $50 in the weeks following OPEC’s decision. OPEC is widely expected to continue its current strategy at its next meeting, and as such, no rebound in oil prices is expected, at least not because of the results of the group’s meeting in Vienna. But that raises a question about what the world of oil expects from OPEC: Why is it that the responsibility for balancing the market falls on OPEC? Why should OPEC be the one to fix the imbalances in the global crude oil trade?

 
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BTFD Bravado Hails From A Hill Made Of Bull





One would think that 'little incident in August' never happened. Yes, the markets once again rewarded the BTFD crowd. But (and it’s a very big but) not because it’s a market. This is what takes place in a casino. Confusing financial market expertise and casino gambling is the mistake today’s “bull” crowd keeps making. And just like most gamblers – the odds turn out of your favor just when you believed you had “the” sure-fire system to beat them.

 
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Superyacht Getaway Subs And Luxury Bomb Shelters: The Elite Are The Most Paranoid Preppers Of All





When it comes to “prepping”, many among the elite take things to an entirely different level. 

 
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Existing Home Sales Surge In September (Thanks To Massive Seasonal Adjustment)





September Existing Home Sales fell 6.5% from August, but you will not see that in the headlines as after adjustments for seasonals, existing home sales actually rose in September by 4.7%, bouncing back from a 5.0% revised lower drop in August (and beating expectatations of a mere 1.5% rise). 2015 has seen unprecedented volatility in the NAR's reported data, but a they note, "Unfortunately, first–time buyers are still failing to generate any meaningful traction this year."

 
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The Morning After: Valeant Default Risk Soars After Called Next "Tyco", Sellside "Analysts" Humiliated





As always happens after shocking events like yesterday which "nobody could have possibly predicted", watching the Penguin gallery reel in its humiliation is absolutely worth the price of admission.

 
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Futures Firm On Hope Draghi Will Give Green Light To BTFD





After yesterday's dramatic late day market rout catalyzed by the tumble in the biotech sector in general, and Valeant in particular, and foreseen in its entirety by Gartman who went bullish just hours before, this morning US equity futures and European stocks have recouped some losses on the recursive, and traditional, hope that Mario Draghi will say something to push risk higher when he speaks in 2 hours at the ECB's press conference in Malta. And yet, just like Yellen a month ago, Draghi faces the paradox of reflexivity that after years of being ignored, is the "new thing" in town: how does he intervene and demonstrate he is readier than ever to set up stimulus, without panicking investors over euro area’s health.

 
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