“One must ask, ‘is it really worth the votes?’ Or is it that our values just don’t matter anymore? Have we become that jaded?”
Author: therealheisenberg
Why JPMorgan Thinks You Should Just BTFD
“Admittedly, North Korea remains a wild card, but we now believe that one should use any weakness as a buying opportunity.”
The Most Important Paper Of The Next Decade
“Higher real rates, inflation and wage growth to pick up, and inequality going down. This is the opposite conclusion that almost all economists are subscribing to.”
Some Folks Are ‘Cheesed Off,’ But Here’s Why The Treasury Rally Can Continue
“At last Treasury yields are rising,” Bloomberg’s Paul Dobson writes this morning, projecting what he imagines
Yuan Tumbles As PBoC Gambit Puts The Brakes On – At Least For Today
I’m not sure it will ultimately be enough to get the job done, all things considered, but the PBoC’s decision to effectively remove a barrier to speculation against the yuan (that’s a crude way to describe it, but it gets the point across) by cutting a reserve requirement put in place in the days following the devaluation in 2015 seems to have succeeded in putting the brakes on the rally – if only for a day.
Japanese Shares Surge Amid Asia Rally As Investors Super-Excited World Didn’t End
It’s all green screens out there early on as the relief rally gathered steam in
Key Calls (Monday): Upgrades, Downgrades & Initiations
You need an upgrade.
‘I Can’t Do It’
“I can’t do it. I can’t embrace the machines and the vol selling and the ETF parade and the central bankers’ “communication policyâ€. So I’m NOT happy. I don’t sleep well. I DON’T trust the Fed, much less love them, and I never will.”
No ‘Apocalypse Now’, But Maybe Later – Full Week Ahead Preview
This week’s market-moving events are likely to be unscheduled. Remember, Irma is still a catastrophic natural disaster even if it didn’t quite turn into a scene out of a bad Jake Gyllenhaal movie. And as the above mentioned Ben Purvis notes, “Kim Jong Un [could decide] to inject himself into the conversation again,” at any time.
Asian Shares Rally, Gold Falls As Markets Breathe Heavy Sigh Of Relief
As noted late last week, things would look quite different on Monday, one way or another.
Disaster Capitalism
“This is the most amazing thing about capitalism, which transcends anything seen across different ideologies, religions or philosophical systems. It has a metabolism of a super-adaptive virus, an absolutely magical property.”
As Irma Hits, A ‘Disastrous’ Econ Retrospective
So I guess the silver lining here is that if we just keep denying climate change and the disasters continue to get worse, we can “look forward” to more frequent and increasingly “bigly” GDP-boosting cleanup efforts.
Dollar, Futs On The Rebound Early As Irma, Kim ‘Disappoint’
Everyone’s worst fears “fail to materialize.”
Clooney Rips Steve Bannon: ‘He’s A Failed F*&%^ng Screenwriter Who Licks My…’
“I’d be ashamed ten years from now if those weaselly little putzes, whose voices are getting a lot higher every week as this presidency starts to look worse and worse weren’t still [after me].”
Janet Napolitano: Here’s Why I’m Suing The Trump Administration
“I recognize that it is unusual for a former Cabinet official to sue the agency she once led. It may be even more unusual to challenge as unconstitutional, unjust and unlawful the elimination of a program originally established by the plaintiff — me — in this litigation.”
Qatari Stocks Fall For 5th Day After Phone Call With Saudis Goes Horribly Wrong
If you have any ideas on how to get negotiations up and running again, please contact the appropriate parties in Riyadh and Doha – just make sure you don’t say they called you.
‘People Really F@&@ing Hate Me’: Trump Finally Gets It
“For someone who has spent his life lapping up adulation, however fake, it was a harsh realization.”
Ignorance By Design And The Social Costs Of Stupidity
“Within this universe, economic policies are designed primarily for political marketability; economic science exists largely to provide impressive diagrams and equations to sell them with. Phrases designed in think tanks and focus groups (e.g. free market, wealth creators, personal responsibility, shared sacrifice) are repeated like incantations until it all seems like such unthinking common sense that no one even asks what the resulting picture has to do with social reality.”
This Is The ‘Trickiest’ Thing For Today’s Macro Traders
As Bloomberg’s Cameron Crise notes, this is “a particularly acute issue for currency and bond traders,” but given the fact that the fate of the risk rally depends in no small part on whether policymakers exhibit an “appropriate” level of dovishness as they attempt to normalize, one could well argue that it’s even more “acute” for equity investors, especially considering the fact that the retail variety isn’t usually very informed and is thus subject to being unhedged and blindsided.
(Still) Hakuna Matata?
Perhaps the most amusing thing about it all is that it’s become so ubiquitous and reliable that it can now be summarized succinctly in the form of a bullet point (and apparently “bulletproof”) investment thesis…
‘They Bought It All – Literally’
To be sure, traders and investors were left to cope with conflicting signals in the
‘Real Question’ – Lindy West Blasts Ivanka In Truly Scathing NYT Op-Ed
“Ms. Trump’s self-professed commitment to corporate gender parity (about as milquetoast as feminism gets, but in Trump’s America, radicalism is relative) was trotted out incessantly during the campaign, especially as an antidote to her father’s self-professed commitment to nonconsensually sticking his hands on women’s genitals.”
Liquidation Event?
“…there is less apparent effect for the SPX, but taken together with the behavior of the level of rates and curve slope, the modest depression in SPX at roughly the same post-storm horizon could also be consistent with some asset liquidation.”
The Question Every Goldman Client Is Asking: ‘Is An Equity Correction Imminent?’
“The question every client asks: ‘Is an equity correction imminent?’ The impetus for the inquiry comes from several sources”…
History Will Judge ‘Donald Trump’s Fed’
“History’s verdict on presidents rests more than they might wish on the competence of the Fed during their time in the White House. When it comes to those other Fed appointments, the president would be smart to reflect on what made Fischer such a good choice and strive, for his own sake as well as everybody else’s, to choose as wisely.”Â
One Bank’s Advice: ‘Stay Long Gold’
Gold’s recent rally has of course reignited the eternal debate about the relative merits of owning largely useless pieces of metal as a “hedge” against the end times. But perhaps more important than the debate about whether it makes sense to own something that can’t be eaten or burned as protection against a scenario that leaves us all living in Cormac McCarthy’s The Road, is the question of where real rates are headed…
‘The Clocks Stopped At 1:17’…
Ok, get ready.
For now, the fiscal-chaos-can has been kicked, Harvey is behind us, and North Korea’s latest nuclear test has come and gone.
But dead ahead is Irma’s landfall in Florida, North Korea’s “founding day” (which by most accounts will be “celebrated” with an ICBM launch), and of course, more gridlock in D.C. We are, figuratively and literally, in the eye of the storm on Friday.
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