“‘I did not make, and do not have, any such recordings.’ Missing is the standard exclamation mark.”
Day: June 23, 2017
“We Are Close To A Point When The Narrative Changes”: Deutsche Warns On High Yield, Oil
“Historical evidence suggests that D/EV ratios at 60% or higher lead to a material jump in expected credit losses.”
ETFs To The Rescue!
“ETFs own almost 6% of the equity market, the highest ETF share on record. In contrast, mutual fund ownership fell to its lowest level since 2004 (24%).”
Explaining Low Vol In Dollar Terms (Literally)
“We believe that this risk-on phase (that started in January 2016) is coming to an end.”
Here’s A List Of Every Lie Trump Told In June
A big, beautiful list…
SocGen: “Watch Out For Oil Spills” When There’s “Nothing Else To Do”
“But then the market, with nothing else to do, started to focus on oil prices”…
This Is The “Most Vulnerable” Index In Credit To Macro Risk
“Quite in contrast to the past couple of years, this index now appears to be the most vulnerable to macro risks compared to other benchmarks in credit.”
Guest Post: Somewhere Cheap To Hide
“I don’t think there is any rush to buy. Yet for me, this is a perfect uncorrelated value story. Somewhere cheap to hide while the rest of the crazy extended market swings around.”
Analyst: Wal-Mart Could Outbid Amazon For Whole Foods Because “Godzilla Vs. King Kong” Isn’t Just A Movie
“King Kong vs. Godzilla is not only a theme but a reality – never underestimate the competitive dynamics in this industry.”
One Trader Trusts Numbers Even Less Than He Trusts You – And That’s Saying Something
“The dictionary speaks of facts and specifics. But in reality it includes, biases, positions and a whole lot of other subjective factors. You and I can, quite properly, look at the same data and react differently.”
Kolanovic Warns Of “Market Turmoil,” “Tail Risks” As Gandalf Ruins Your Friday
“Medium term, this is likely to lead to market turmoil, and a rise in volatility and tail risks.”
“They Don’t Want To See A Low Close”: China Is Still Manipulating Their Stock Market
““There’s still belief that authorities are trying to maintain the stock market at a certain level and don’t want to see a very low close.”
Russell Shuffle Day, Brexit Anniversary, & Crude Carnage
It’s Russell reshuffle day, which means equities will likely be jarred out of any summer
Key Calls (Friday): Upgrades, Downgrades & Initiations
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