Sour Note.

Well, an eventful week ended on a sour note, which is a shame for the bulls because Thursday was a barnburner. 

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A ‘Golden’ Opportunity: Mueller, Flynn, Trump And The Case Of Reza Zarrab

This opens all kinds of doors.

It Could Have Been Worse – A Lot Worse.

The setup was terrible, with falling commodities, a downbeat Asian session, and junk jitters weighing on sentiment.

More Questions, Less Answers.

Not what I would call an “upbeat” session.

Mueller Probing Flynn Plot To Kidnap Pennsylvania Cleric, Deliver Him To Turkey For $15 Million

“Under the alleged proposal, Mr. Flynn and his son, Michael Flynn Jr., were to be paid as much as $15 million for delivering Fethullah Gulen to the Turkish government.”

All’s Well That Ends In An Epic Mideast Death Match.

Tension is running high on Monday…

This Is Where The Next EM Crisis Will Start

“Fragile Five” and “an alternative version of monetary policy reality.”

‘Do Something!’

And that, folks, is the week.

Roasted Turkey: Of Gold Traders, Runaway Inflation And Angry Autocrats Named Erdogan

“…when Erdogan met with Biden a year ago, he claimed bizarrely that Preet Bharara was a Gulenist tool.”

Fireworks.

“…or what counts as ‘fireworks.'”

Trader: ‘You Don’t Always Get Something For Nothing’

“Traders like to blame all the world’s ills on central bank behavior and then scream when markets act like markets. Or their machines act like robots.”

Risks Aplenty.

And now, back to your regularly scheduled programming…

Stocks, Bonds Plunge In Turkey As Spat With U.S. Spills Over

Late Sunday evening we explained how Turkish autocrat and genocidal goblin, Recep Tayyip Erdogan, has engineered a diplomatic crisis with the U.S. by effectively taking hostages and demanding the extradition of arch nemesis Fethullah Gulen in exchange for their release. Well…

Lira Collapses Most Since Coup As Gulen Witch Hunt Triggers Diplomatic Crisis With U.S.

This of course stems directly from Erdogan’s ongoing efforts to bring arch nemesis Fethullah Gulen to “justice.” Pretty much anything that goes wrong for Erdogan gets blamed one of two things: 1) a Kurdish conspiracy, 2) a Gulen-linked conspiracy. This latest spat with Washington is no exception. 

Powder Keg Alert: Kurdish Referendum In Focus As Erdogan Threatens Oil Flows, Military Strike

“Our military is not (at the border) for nothing. We could arrive suddenly one night.”