Here's some irony: just days after Renaissance Technologies, arguably the world's most profitable hedge funds, warned clients of a “significant risk” of a correction, the correction arrived but RenTec was not ready, and the fund lost a whopping 5.4% as markets tumbled.
"It doesn’t take a giant pin to prick the bubble. It just takes something unexpected... Nobody ever knows what will set off the next crisis... But in GE’s case, you can bet there isn’t just one cockroach."
Dow leader Boeing jumped 5%, set for a new all time high with a market cap north of $200 billion, after reporting earnings that blew away expectations, bolstered by buybacks and surging 737 deliveries.
S&P futures rebounded 0.3% from the worst two-day selloff since Sept. 2016, and European and Asian stocks rose modestly from early weakness after Trump's SOTU address did not deliver any major surprises, while traders were cautious ahead of the Fed’s last rate decision under Janet Yellen.
Shut up. Zip it. It is a pathetic and cowardly way of responding to reality, but it is, alas, a widespread behavior pattern in Western Europe today – and, at least in certain milieux in poor little Belgium, it has been all but raised to a sacrament.