What The Charts Say: Fatally Attracted To New Highs

So we’re short term overbought, with 3 unfilled gaps below and lower highs still in place with stocks being the most expensive in years and yet the NYSE Composite Index is still below key resistance. Ignore it all if you find yourself attracted to new highs. They may indeed come, just remember who gets hurt when the attraction proves fatal...

This Is What Would Make Jeff Gundlach Bullish

Is there anything that would make a gloomy Jeff Gundlach bullish? As it turns out the answer is yes, but it is a big bogey. “The market has been going sideways for 18 months, and when it breaks, either up or down, it should be a large move. So let the market prove itself. If it breaks to the upside, which I define as accelerating above 2,200, it is a good, low-risk, ‘go with’ buy." Aka, chase the momentum in either direction.

Just Stop It!

The posse of fools in the Eccles Building is so petrified of a stock market hissy fit that it has more or less created a Wall Street doomsday machine.

Tiffany Shares Slide After Biggest Sales Drop In 6 Quarters, EPS Miss, Guidance Cut

Tiffany reported its steepest sales drop in six quarters, missing analysts' estimates, as a strong dollar discouraged tourists from buying its high-end jewelry and ate into revenue from markets outside the United States. "We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong."

Knave Dave's picture

This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve tried to push back up to that distant high that means new life several times, but each time the market falls into a pit again to where the market is once again lower than it was a year ago. These are the last gasps of a stock market (and economy) that is struggling to rise again, which it simply cannot do now that QE has been turned off and the oxygen tank of zero interest is being slowly turned down.

SEC - Do Your Job!!

It looks like the SEC is finally ready to put a stop to accounting shenanigans.

Why One Trader Sees The S&P Plunging 500 Points

A "technical red flag" looms according to Sven Henrich - better known to Zero Hedge readers as Northman Trader. "The technical target that I see would be 1,573 on the S&P," Henrich warns an anxious CNBC anchorette, adding that the S&P 500 must stay above the 2,025 to 2,030 range in order to keep the index from falling by nearly 500 points from current levels. "If we break below this level by the end of May, then stocks may actually indeed retest lows or break lower.."

"We Should Be Concerned" - Stock Buybacks Plunge Most Since 2009

After snapping up trillions of dollars of their own stock in a five-year shopping binge that dwarfed every other buyer, U.S. companies from Apple Inc. to IBM Corp. just put on the brakes. Announced repurchases dropped 38 percent to $244 billion in the last four months, the biggest decline since 2009, data compiled by Birinyi Associates and Bloomberg show. “If the only meaningful source of demand in the market is companies buying their own shares back, then what happens if that goes away?” asked Brad McMillan, CIO of Commonwealth “We should be concerned.”

Did Apple's Didi Investment Just Kill All The Unicorns?

“But there is of course a much bigger reason why Apple and Didi were so keen to join forces: The deal is an incredible “f### y##” to Uber, a company that neither Apple nor Didi want to get much more dominant in the US... The clues that this was not just an investment but a Statement were easy to spot: A billion dollars isn’t a random number — it’s a headline-grabbing way to telegraph This Is A Big Deal.So here we have what could be the poster-child for all unicorn valuation metrics (i.e., Uber) having their valuation story for future investment and/or IPO dreams gutted in one fell swoop by Apple.

After An Abysmal First Quarter, Second Quarter Earnings Expectations Are Already Tumbling

Q1 earnings marked the first time the index has seen four consecutive quarters of year-over-year declines in EPS since Q4 2008 through Q3 2009. It also marked the largest year-over-year decline in earnings since Q3 2009 (-15.7%). More troubling is that Q2 appears set for more of the same:  the estimated decline for Q2 2016 is -4.6%, compared to "only" a 2.8% drop as of March 31, while for revenues, the estimated decline for Q2 2016 is -1.3%, a doubling in the -0.6% deterioration forecastjust 45 days ago.

David Stockman Warns "Get Out Of The Casino!"

Forget the "wall of worry," former Reagan OMB Director David Stockman warns a shocked CNBC anchorette that "the frogs are in the boiling water again on Wall Street...and they don't have enough sense to get out." The last 600 days of range-bound trading marks the top he explains adding that "we have reached the cyclical top in both GDP and earnings," which leaves a market trading at extremely expensive levels - "why would you stay in?" Stockman believes that the world economy is heading into a "deep and lasting deflationary recession." There is no evidence that America is immune, he adds, warning of the potential for 40% downside and just 2% upside in stocks...