‘Just Stop It’: Frantic Search For New Narrative Ensues As 2018 Trading Kicks Off

I’m not entirely sure what everyone expected. If 2018 were a person, it would probably be thinking something along the lines of this: “well shit, give me at least 48 hours to get my feet wet before you start accusing me of being a cheap knock-off of my predecessor.” 


How Long Can This Last? Survey Says…

We’re in the “sweet spot” – it’s “Goldilocks”- it’s “have your synchronized global growth cake and eat your ongoing central bank accommodation too.” 

‘Fuggedaboutit’: Bill Gross Says ‘This Market Is Fake’


‘Little Wonder!’ Here’s The ‘Bad News’ About Earnings

“Outside of a crisis, changes in share prices and earnings highly correlate, and no more so than today.”

‘These Go To 11’: SocGen ‘Goes There’

“This is the second longest stretch of consecutive gains for the MSCI World since its formation in 1969.”

Euphoria (‘Cough – Don’t Do It’)

It’s kind of like going to a wedding reception and telling one of the newlyweds that the person they just married is a pathological liar or that getting married was a terrible idea in general.

One Strategist Says US Stocks Are ‘Most Expensivest Sh*t’ On The Planet

“If you’re used to eating chicken that costs $5/kg, it’s only natural to look for alternatives if the price rises to $10/kg. The problem is that if beef and pork rise from $10/kg to $50/kg, chicken still looks like the best value.”

The Dog Days: July In Charts

The dog days are here…

‘It’s So Easy!’: 9 Straight Months Of Gains For Global Stocks

Grab a 2-liter and a bag of Bugles…

‘Tantrum Risk’ In 2 Charts

Call that “the case of the disappearing diversification.”

Or just call it “rising tantrum risk.”

‘Chain Reaction’ Strikes: Stocks Dive As Sudden Bund Selloff Triggers Bond Bloodbath

“The magnitude of the sell-off is excessive”…

Crude Crashes Abruptly, North Korea Vows More ‘Good-Looking Boys’ For ‘American Bastards’

We just hit technical levels that were a bridge too far at this stage. That’s from Ole Hansen, head of commodity strategy at Saxo Bank and he imagines that largely explains this: One-minute volume on Brent jumped to ~2.8k lots at 9:52am in London and WTI dropped by a similar amount on one minute volume of 4.6k lots. We’re blaming that…

And God Said “Let There Be Data: And There Was Data.”

It’s Friday and God said, “let there be data: and there was data.” Let’s start in Europe, where inflation slowed to 1.3% y/y this month from 1.4% (final) in May. That’s a bit higher than estimates. The core rate printed at 1.1% y/y, that’s also a bit higher than forecast and higher than May’s 0.9%…

The Day After: Yellen’s Big Mistake

So here we are, the day after a Fed hike that was supposed to (and by a lot of accounts needed to be) dovish. Wednesday’s lackluster CPI and retail sales data should have been a “game changer” for Yellen’s messaging, a lot of folks contended, going into 2 p.m. EST. Simply put: by the time…

Albert Edwards Wins 14th Straight Award, Leaves Haters Salty, Makes Dire Prediction

“If this is, as we strongly believe, an aberration and the equity yield reconnects with the red dotted arrow, then investors should be petrified of the next equity bear market.”