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Well, as documented (and lampooned) extensively in our week ahead preview, Shinzo Abe arrives at Mar-a-Lago today and Trump is stoked:

Here it is:

stable

Don’t worry, world. TPP should be renegotiated shortly and the North Korea problem will be all sorted out in no time. What? Can’t you tell?

 

Speaking of “truly fine gentlemen”, here’s what the guy Michael Cohen sent to threaten Stormy Daniels looks like, according to a sketch:

brady

Needless to say, that’s all kinds of silly and it was received as such on Twitter, where netizens immediately fingered Tom Brady as the likely culprit. It’s also possible it’s Melania:

And I mean, just take a second to appreciate that this comes just a day after we learned that Cohen represents Sean Hannity (another “truly fine gentleman”). This whole thing is so goddamn absurd that it boggles the mind and it seems like there’s no end in sight.

Stocks were up again, with the Nasdaq pacing gains (Netflix was a big winner). S&P has now cleared 2,700 if you’re into round numbers:

Stocks

14 handle for the VIX (we’re a long way from 50), which is still trying to catch back down the FX vol., where there’s no sign of that trade war:

Vol

Speaking of vol., the CBOE EM ETF Volatility index has collapsed steadily over the past couple of weeks:

VXEEM

30Y yields fell below 3% on Tuesday…

30Y

…as the 5s30s flattened for an eight consecutive day to 32bp.

Curve

Goldman turned in solid results that tipped a revival in trading, but the buyback suspension news wasn’t great and generally speaking, it seems like the banks are succumbing to a “sell the news” trade around earnings:

GS

There were more Russia sanctions headlines a day after Trump embarrassed Nikki Haley by effectively calling her a liar. On Tuesday it was Kudlow with this:

  • U.S. CONSIDERING ADDITIONAL RUSSIA SANCTIONS, KUDLOW SAYS

You can see when that hit pretty clearly:

USDRUB

And here’s a two-day chart of the Russia ETF:

RSX

The lira came under renewed pressure on news that early elections are possible (more here):

USDTRY

Tough day for Tesla as the bad press just keeps on comin’.

That hit last night and on Tuesday, Bernstein said another capital raise is likely unless Elon can manage to get opex or capex spend under control. It’s been a rough week so far:

TSLA

New York Attorney General Eric Schneiderman is embarking on a “fact-finding inquiry” into the practices of cryptocurrency exchanges. He sent letters to 13 platforms asking for disclosures on their operations, use of bots, conflicts of interest, outages, and other matters. Bitcoin flash crashed just after 3 New York time:

Bitcoin

Finally, add this one to the archive:

koi

thafuck

 

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2 comments on “Truly Fine Gentlemen.

  1. Anonymous

    Kudlow says Haley was “momentarily confused”. Kudlow is the new Trump hatchet man inside the white house.
    Why the hell did Kudlow take this job. Is he really that dumb?

  2. PaulMiller

    “momentarily confused” was meant as a compliment to Haley, as compared to trump being permanently confused.

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