What may be the most controversial annual shareholder meeting in Wells Fargo history, in which the board is seeking re-election after last year's misselling scandal, devolved into a screaming match on Tuesday morning and was briefly halted following interruptions by angry shareholders as the bank's chairman and chief executive tried to calm nerves ahead of a vote that could oust the majority of its board.
The biggest problem for individuals, and the culprit of the great “ETF buying panic,” is the “herding effect” as investors rush to chase market returns. The coming problem will be “loss aversion,”as the herding effect runs in reverse in the rush to get out.
European stocks rose amid earnings beats, offsetting weakness in the energy sector and easing investor concerns ahead of the weekend’s French election. Asian shares and U.S. futures also rise. The dollar weakens against the euro and most crosses, while crude oil rebounds following renewed OPEC chatter of a production cut, this time with Saudi Arabia seemingly onboard.
"Maybe this GDXJ problem is the shot across of the bow. Maybe Grant Williams’ theory about how little it will take to move this market is starting to come true. There is precious little room for everyone in the gold boat."
If Venezuela defaults on its debt obligations, it could result in Russia taking control over U.S. refining assets, leading to more Russian “control over oil and gas prices worldwide,” which would “inhibit U.S. energy security, and undermine broader U.S. geopolitical efforts.”
Wells just reported that the all important for the US housing market amount of Mortgage Applications tumbled by a whopping 23% in Q1 to just $59 billion, below the lows hit in early 2014, and the lowest since the financial crisis.