“These days, Bannon is a dishevelled presence in the Oval Office, but he cut a different figure in Beverly Hills, where he looked the part of a Hollywood executive—fast-talking, smartly dressed, aggressively fit, carrying himself with what one former colleague described as an “alpha swagger.â€
Day: April 24, 2017
As Vol “Re-Enters The Doldrums,” Goldman Weighs In
“Around major political events over the past year implied vol has usually spiked close to the event given late positioning, as being long vol has been a negative carry trade. In the week after these events vol has fallen materially as the events have turned out to be less negative for markets than feared.”
Marine Le Pen Isn’t A Nazi – And She’ll Prove It By Stepping Down As FN Leader
“Tonight, I am no longer the president of the National Front. I am the presidential candidate.”
Goldman: Globalization Will Prevail, Macron To Beat Le Pen Handily
“Following the first-round outcome, the Le Pen camp have claimed that the second round of the election will represent a choice between Mr. Macron’s pro-globalisation agenda and their candidates more protectionist stance. Ms. Le Pen proposes the cancellation of existing free-trade agreements and opposes future ones.”
Monday Humor: Connect The Dots
“Muhahaha”
Warning: “Cliches May Be Boring,” But Nature Does “Abhor A Vacuum”
“Given the large number of gaps that have developed over the weekend because of the French election, traders will no doubt wonder how seriously to take the traditional warning.”
“A Small Spark” Could Trigger An EM Correction, But For Now: “No Bears Allowed”
“Despite the 16 weeks of inflows into EM debt, positioning is not that extreme, as investors have been reducing risk in last few days ahead of binary events. Market participants agree that valuations are stretched but carry seems to be the only game in town.”
One Bank Asks: “Who Will Burst This Bubble?”
“We have no political expertise but nonetheless recognise the palpable relief but we also understand the real problem for equities worldwide is one of high valuations, high expectations, yet still lacklustre growth and ever worrying and mounting levels of leverage.”
Jeff Sessions Thinks “Nobody Has A Sense Of Humor Anymore” When It Comes To What’s A State
“Why not just call it the state of Hawaii?”
“Of Sharks And Men”: A Reader Weighs In On The Future Of French Politics
“The blow-out personal performance of Mr Melenchon with almost 20% is very similar to the Le Pen vote in the desperation of broad areas of the country – the rural areas who feel abandoned, the suburbs where law and order are in short supply, the South exposed to poorly integrated immigrants.”
Nikki Haley Isn’t “Looking For A Nuke Fight,” But If That’s What Kim Wants, Well Then…
“What we have said from the beginning and what I’ll continue to say is the United States is not looking for a fight so don’t give us a reason to have one.”
Hellz Yeah! European Stocks Explode, US Set To Rally As Market Celebrates Macron
The final tally was Macron 23.75%, Le Pen 21.53% and to say markets are relieved
Mind The “Le Spread” Euphoria
“200-DMA at 45bps could limit further spread compression as oversold conditions warrant corrective unwind.”
Here’s How Wall Street’s Feeling About European Stocks On Monday Morning
So at least for Monday, the verdict is already in on European stocks and how
Trader: “Presto Chango!” All Is (Not) “Right” In The World
“Springtime in Paris can indeed be very enchanting.”
Key Calls (Monday): Upgrades, Downgrades & Initiations
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