• Phoenix Capital...
    10/07/2015 - 18:54
    If you think this sounds like some kind of conspiracy theory, consider that France just banned any transaction over €1,000 Euros from using physical cash. Spain has already banned transactions...


Tyler Durden's picture

Why The Market Is Poised For A Rebound: Gartman Says "Bear Market" Will Take S&P To 1420-1550

Forget China, Volkswagen, Glencore, Noble, and pretty much everything else. The only catalyst that matters for today's price action has just been revealed. Earlier today, Dennis Gartman, whose flop-flip-flop-flipping calls on stocks, commodities and everything else have become a blur, just went mega bearish, and is predicting that the S&P has some 400 points of imminent downside.

Monetary Metals's picture

Price Moves and Term Structures 20 Sep, 2015

Don't trade yesterday’s news. There was backwardation. However, it's a sensitive indicator and you need an updated picture before buying after a sizeable price move.

Tyler Durden's picture

VIX Has Not Done This Since The USA Was Downgraded

The VIX term structure has been inverted (spot higher than 3rd futures) for 17 days - that is the longest period of backwardation since August 2011, when uncertainty soared around the USA credit rating downgrade. In fact, much of the VIX term structure is higher today than it was at the peak of the crisis on Black Monday as both government shutdown and Fed rate hike fears dominate the forward curve...

Tyler Durden's picture

The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent

"One-by-one, the oil-majors will start to participate, then others will follow. While it might take some time to establish itself due to choppy markets and regulatory hurdles as well as the fact that it would introduce a foreign exchange element to crude futures, it is overdue for a Chinese contract to established."

Tyler Durden's picture

Anyone Who Believes The COMEX Numbers Is Very Naive (They Are Much Worse!)

Following our detailing the Comex gold futures to deliverable physical gold ratio that is now north of 200:1, several correspondents noted that "they are probably bluffing...based on JPMorgan's previous lies, the real number is likely significantly higher than 200:1." History tells us that all Ponzi schemes and market interventions fail, and it appears we are on the cusp of a massive failure in the scheme to cover up the truth about the precious metals market.

Tyler Durden's picture

This Has Never Happened To VIX Before

Amid the carnage and chaos of the last two weeks, one thing has become crystal clear - the effect of massive one-way bets on 'everything', predicated on the omnipotence of central bankers, has left a market (stocks, bonds, FX, commodities) bereft of fundamental linkages and instead driven entirely by technicals (flows, forced unwinds, systematic gamma). While many 'records' were broken in terms of velocity of moves, it is the VIX complex that seems to have suffered most, and as the following chart shows, positioning is now at an extreme in both stocks, vol, and bonds once again.

Tyler Durden's picture

The Market's "Other" Panic Indicator Just Went Off The Charts

With indicators from macro-fundamentals (e.g. retail sales, core capex, inventory-to-sales) to market-oriented measures (VIX levels and backwardation, HY credit spreads, commodity prices) all flashing various colors of dead canary in the coal-mine red, we thought today's colossal spike in the Arms (TRIN) Index was a notable addition.

Tyler Durden's picture

VIX ETFs Are In Crisis Mode

That's what happens Larry when there are 64 million shares short and only 52.3 million shares outstanding...

Tyler Durden's picture

Mysterious Buying And Selling By China Distorts Mid-East Oil Price, Baffles Traders

Two state-owned Chinese oil trading companies (Chinaoil, which is the trading arm of state-run China National Petroleum Corp. and Unipec, which is owned by Sinopec) have been busy monopolizing the Dubai spot market, as a bout of suspicious trading activity between the two has served to distort prices and confuse other traders.

Tyler Durden's picture

VIX ETF Short Squeezes For 6th Day In A Row, Long-Dated Vol Above Monday's Peak

While all eyes are on the front-end of the VIX term structure, today's volatility term structure in the out-dates is now higher than they were at the close on Monday at "peak crisis." VXX - the VIX ETF - is still surging, as the massive short position continues to get squeezed amid the ongoing backwardation in VIX...

Tyler Durden's picture

VIX ETF Surges After Serious Short Squeeze For 5th Day In A Row

That's what happens Larry when you have 64.08mm shares short against 59.5mm shares outstanding... and traders read this (and the VIX is stuck in backwardation).

Tyler Durden's picture

VIX Backwardation Continues - It's Not Over Yet

While oil prices are surging (global economic meltdown averted), stocks are back in the green on the week (crisis averted), and bonds are collapsing (not because of China selling according to the mainstream because "everything is awesome" again), we point traders' attention to the continued inversion in the VIX term structure. While well off the peak crisis levels, we have a long way to go to "normalized" levels of risk...

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