“Quite frankly, demand has not been as strong as what we would like.”

So where does this leave us? We're on our own...

...deposit flight all from large banks (small banks see inflows).

...'soft' data at nine-year lows, new record highs for stocks and gold, bitcoin and bonds bid, oil at six week highs...

...off-exchange volume reached its highest level on record.

"...the market is - correctly -- discounting the value of survey data these days.  To my eye, this just underscores the value of the hard data in the current cycle..."   

... given that we are now in a world where there is little conviction of returning to a 2% inflation regime anytime soon, bullion has room to grind higher.

It's like clockwork: every time China's FX outflows jump, bitcoin erupts higher. Rinse, repeat.

Investors believe the deviation between fundamentals and fantasy doesn’t matter as long as the Fed supports asset prices. Such a point remains challenging to argue...

Thanks for playing retail. 

...approximately 25% of index gamma expiring today, and with that volatility has the opportunity to increase next week

"While Grand Theft Auto VI has been delayed, the long-term opportunity..." 

The new program powerfully signals that policymakers are pushing... 

"I've been critical of Tesla shorts like @davidein because they fundamentally misunderestimate Tesla's core value driver: autonomy."

“The markets are now at a bit of a crossroads,” said Stuart Cole, head macro economist at Equiti Capital. “With the central banks all very much in a data-dependence mode, the markets will be also adjusting expectations to each piece of relevant data that comes out.”

Despite its pivot to electric cars, VW is still selling many combustion engine vehicles and is likely to exceed its emissions allowance next year.

"The decision was made by the pilot in command immediately after takeoff, considering engine problems..." 

"Stronger population growth outside the Tier 1 counties has meant somewhat faster house price appreciation..."