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"Chinese Trade Sources tell us... expects that 10% to go to 25% because China will stand firm and not buy US Agriculture..."

Preliminary North America Class 8 net order data shows the industry booked 10,200 units in July, an astonishing 81% year over year fall...

On a fundamental national basis, this means the imbalance only gets more severe with significantly more potential sellers versus just a trickle of growth among potential buyers... and the Fed will do all it can to kick the can as long as possible. 

"We are in a new bull market in gold, and the price is headed to at least $2,500 per ounce..."

"The New York Fed will seek leaders who are visionary and collaborative, and who will inspire, support, and develop outstanding teams."

But bonds ain't buying it...

Gold just hit the highest level in 6 years and according to Goldman it is set to go much higher.

"Trump's trade war has accomplished nothing tangible because that is the point. The goal of the trade war is to act as a distraction and scapegoat for the implosion of the Everything Bubble..."

"We were never worried about capacity, but demand remains our biggest concern, even if central banks come to the economic rescue with monetary accommodation..."

We have a bingo.

...is that a sign of washed-out conditions or a deteriorating foundation?

"It's a bloodbath"...

"Eventually, the all too easy to dismiss negative externalities that come from overzealous monetary policies become systemic risks..."

What has been a rough year for Wall Street's front office is about to get even worse...

10Y US Treasury yields are down 8bps overnight, accelerating in the last hour to 1.62% (as 30Y yields crash below Effective Fed Funds rates) and stocks are starting to catch down...