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Frontrunning: October 19

  • Rajoy Deploys Ultimate Weapon of Law on Catalonia (BBG)
  • Congress Rolls Toward Shutdown Fight Over Immigration, Obamacare (BBG)
  • Hong Kong Stocks Tumble Most This Year as Geely, Developers Sink (BBG)
  • Inside battle imperils $230 million cryptocurrency deal (Reuters)
  • From Damascus, Iran vows to confront Israel (Reuters)

Global Markets Shaken By Sudden Equity Sell-Off: Hong Kong Crashes, VIX Surges

Global markets have been shaken by a sudden wave of overnight equity selling as worst case scenario for Spain finally materialized, while a slide in Apple stock has spiked the VIX, which coupled with a plunge in the Hang Seng and several other notable macro events may have finally woken up from their comatose state.

Something Wicked This Way Comes: McDonalds – A Bear In A Bull Costume

"Building wealth on faulty underpinnings is a strategy ultimately destined for failure... As Halloween nears, we thought it might be an appropriate time to describe the most popular costume on Wall Street, one which many companies have been donning and fooling investors with terrific success..."

The S&P 500 Is Now Overvalued On 18 Of 20 Metrics

According to Bank of America, the S&P is substantially overvalued on 18 of 20 valuation metrics. According to Goldman, the S&P is now in the 98% percentile of median historical valuations, meaning the almost market has never been more expensive.

iPhone 7 Outselling iPhone 8, Channel Checks Reveal

"Many respondents indicated that a meaningful portion of customers are buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone," KeyBanc analyst John Vinh wrote in a client note.

Hedge Fund CIO: "Never In Human History Have So Many Things That Weigh Nothing Had So Much Value"

Never in human history have so many things that weigh nothing had so much value, fueled such vast fortunes. Data weighs nothing. Knowledge weighs nothing. Software weighs nothing. Algorithms weigh nothing. And as the singularity approaches - that point when artificial intelligence surpasses all human intelligence - we struggle to fathom its infinite weight, uncertainty.