On Monday, the Ministry of Defense of the Russian Federation issued a warning to NATO that is has started a massive missile drill involving truck-mounted intercontinental ballistic missile launchers across the country.
In a sharp reversal with the recently disclosed official White House policy, Secretary of State Rex Tillerson said the U.S. rejects a 'freeze for freeze' approach that would pause joint U.S./South Korean military drills in exchange for a pause to North Korea's nuclear program.
"Investors have bought the 2nd largest amount of S&P 500 futures since at least 2010, while at the same time net holdings of S&P 500 calls are the highest and the net holdings of S&P 500 puts are the lowest since at least 2010"
With Goldman having shuttered much of its commodity front-office in recent years, it probably won't come as a big surprise that the bank has become increasingly less reliant on commodities as a profit center following repeated probes into manipulation by Goldman and other big banks, as well as organic revenue declines in the sector.
"Bewarethe investment advisor, pundit, or superstar investor who is certain that extremely low rates cause extremely high stock valuations... Stocks may fall, and interest rates may rise, but the historical record disagrees that one causes the other..."