Apple

Frontrunning: June 22

  • European stock markets stumble as oil languishes near lows (Reuters)
  • Some Trump Aides Want a New Leader at the Fed (BBG)
  • Goal of Saudi Shake-Up: Drag Country Into the Modern Era (WSJ)
  • Under fire in Washington, Trump back in campaign mode in Iowa (Reuters)
  • Revenue Slides at Some Trump Businesses, but Vegas Tower Brings Windfall (WSJ)

Oil Bear Market Sends Global Stocks, Yields Sliding; Chinese MSCI Addition Fizzles

In an eventful overnight session which saw a historic transition in Saudi Arabia, an unexpeted Republican victory in the Georgia Special Election, China's inclusion in the MSCI EM index and Travis Kalanick's resignation, S&P futures continued to fall, alongside stock markets in Asia and Europe, while oil prices extended their drop despite a larger than expected draw reported by API on Tuesday.

What Is The Market Telling Us?

The entire global economy now depends on this stripped-of-information "market" for its stability...It's difficult to see this as healthy or sustainable.

Frontrunning: June 20

  • Central bank caution beefs up stock gains (Reuters)
  • Pound Drops as BOE's Carney Says Not Yet Time to Raise Rates (BBG)
  • Oil Just Hit Its Lowest Level of the Year (BBG)
  • Britain charges Barclays, ex-bosses over 'unlawful' Qatari deal (Reuters)
  • Senate GOP Sets Ambitious Deadline on Health-Care Vote (WSJ)

Stockman: Orange Is The New Black (Swan)

"Black swans are supposedly unexpected, stealthy and come of a sudden. But not this one — it is bright orange, and in your face day and night... I refer to the Donald, of course, and the fact that he is truly the Great Disrupter."

Risk... Is How Much You Lose When You're Wrong

"Historically speaking, such levels of exuberance have tended to have poor outcomes for investors who did not realize the level of 'speculative risk' that had built up in portfolios over time... This 'time' will not turn out any differently – it is just the 'timing' and the 'catalyst' that will be..."