• Marc To Market
    10/03/2015 - 09:57
    The poor jobs report weighed on the dollar, but the greenback recovered as the session progressed.  It is not clear the jobs report was a game changer.  Stay tuned.  


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Summarizing The "Black Monday" Carnage So Far

We warned on Friday, after last week's China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. "The risk is that there isn't one." We were spot on, because not only was there no RRR cut, but Chinese stocks plunged, with the composite tumbling as much a 9% at one point, the most since 1996 when it dropped 9.4% in a single session. The session, as profile overnight was brutal, with about 2000 stocks trading by the -10% limit down, and other markets not doing any better: CSI 300 -8.8%, ChiNext -8.1%, Shenzhen Composite -7.7%. This was the biggest Chinese rout since 2007.

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"Black Monday" - Shanghai Composite Goes Red For The Year, Wiping Out 60% In Gains, 2000 Stocks Limit Down

But... but... pension funds are "allowed" to buy stocks. Judging by the first few minutes of trading in the first thing to open this evening on the mainland, the CSI 300 Index Futures which immediately tumbled by 4% to 3340, China's attempt to deflect attention from the fact that it did not do a 50-100 bps RRR cut is not doing too well.

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The Demands For Another Fed Bailout Have Begun

Is it any wonder that with "personal finance experts" such as these, that the personal finances of America have never been worse?

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Where Does The Market Go From Here?

The only question, now that stocks are back to their fair excess-liquidity implied value, is what happens next?

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Chinese Stocks Crash To "Red Line" Support, US Futures Rebound Then Sink Again

Perhaps the biggest surprise about the overnight Chinese stock rout is which followed the lowest manufacturing PMI since March 2009, is that it happened despite repeat sellside pleas for a PBOC RRR cut as soon as this weekend: usually that alone would have been sufficient to push the market back into the green, and it almost worked when in the afternoon session stocks rebounded after dropping as much as 4.7% below the "hard" floor of 3500, but then a second bout of selling just before the close took Chinese stocks right back to the lows with the Shanghai Composite closing at 3,507, down 4.3% on the day, having wiped out the entire 18% rebound from July 8 when the PBOC first threatened both sellers and shorters with arrest.

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Looking Back On The Presidency Of Donald Trump - A Dispatch From The Future

In the end, Trump is what America had earned. Trump is what America deserved. Trump was our reckoning. And while his rise to power was born of our failings, it also forced us to find our strength. It’s amazing how adaptable we are as human beings, isn’t it? Trump saved us.

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Twitter Down 65% From Highs - Crashes Below IPO Price

But, but, but...

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