A Market Reality Check: Here Are Some Idiot-Proof Charts
Reality check courtesy of the simplest charts imaginable.
What’s It Like To Be Robert Mueller?
“While the new head of Trump’s personal legal team, John Dowd, has denied any discussion of the pardon power within the White House, the Post writes that both the president and his lawyers have inquired about Trump’s ability to pardon aides, family members, and himself.”
Tech Or Financials, Which Sector Will Outperform? Goldman Answers
“After many years of consistently high return correlation, the Financials and Information Technology sectors have posted significantly divergent performances twice during the past nine months.”
Welcome To The Scaramucci Propaganda Era
“In his mind, reporters do not exist to press him for answers on behalf of the American people but to communicate whatever message Trump chooses to give the American public.”
The Swarm Effect
“You can say no, but it is inconsequential.”
NY Times Rips Sean Spicer In Brutal Send Off
Oh, Sean Spicer, our four-Pinocchio press secretary, is this the end? We know we are not supposed to “just yell out questions,†but rather “raise our hands like big boys and girls,†but is it really, truly over?
‘The Risk Has Risen’: When Will Oil Prices Matter For Junk?
“In our view, the bar remains high for oil prices to become the main directional driver of HY spreads but the risk has risen.”
Gradually And Then Suddenly
“But, hey, we’re hitting our numbers just fine as it stands and, if you hadn’t noticed, our stock price hit a new high yesterday. Why mess up a good thing?”
Your Tails Aren’t As Fat This Week…
“…conversely declining vol of vol relative to vol, as we are seeing now, implies lower tail risks for the given present level of volatility.”
Wall Street Journal Blasts Jeff Sessions: ‘He’s Giving Law Enforcement A License To Steal’
“Taking property from citizens who have been convicted of no crime is constitutionally dubious.”
Albert Edwards And 1 ‘Quite Amazing’ Chart
“This is quite amazing given where we are in the global economic cycle.”
Are They Pressing Their Luck? Specs Now Most Short Yen Since 2014
This isn’t exactly a “no-brainer.”
Donald Trump Cannot Pardon Himself – Sorry.
“Self-pardon under this rubric is impossible.”
Trump Says NY Times ‘Foiled’ U.S. Plot To Kill ISIS Leader, Says He Can Pardon Himself
Just when you thought it couldn’t possibly get any more absurd…
Loonie Tunes: Closing The Book On A Short Gone Horribly Wrong
And thus ends one of the most painful chapters in the history of spec positions gone horribly wrong.
‘There Aren’t Many Things That Irritate’ Me More Than ‘Mindless Vol. Sellers’: Pirate
“There are few things more irritating to a macro trader than trying to scratch out directional returns in a static market as “mindless” vol sellers garner easy profits through a willingness to ignore risk.”
A Total Return Chart Lesson
“The problem that arises is that most traders look at charts that simply ignore this fact. When a new contract takes over as lead month, they simply flip over to the new contract.”
DAX VIX Soars As German Stocks Plunge Most This Year
…when you combine that batshit crazy scenario with the new report on automaker collusion and a surging euro, what do you get? Well, you get the worst day for German equities this year.
Sean Spicer Resigns
SEAN SPICER RESIGNS AS WHITE HOUSE PRESS SECRETARY
Undercutting Mueller: Are Trump’s Lawyers Abandoning America?
“They may be right. But they may not be as well.”
That ‘Throw Away Line’ Was Not, In Fact, A ‘Throw Away Line’
“That throw away line, that people came to expect and then ignore, was very likely to have been delivered with serious intent and forethought.”
German Stocks Dive; Volkswagen, Daimler, BMW Plunge On Collusion Report
Look out below – the DAX is in trouble, down some 1.5%.
And I’m going to go ahead and assume this isn’t helping…
Here’s A Market That’s ‘Unambiguously Stretched’
“Despite overall mixed macro data and the failure to pass health care legislation in the US, spreads on virtually all indices have converged back to their post-crisis tights.”
Oil Suddenly Dives As Oil Tanker Tracking Company Throws Cold Water On Bulls
“I’m surprised that people didn’t already expect higher OPEC output.”
Aussie Plunges Most Since May 3: ‘Two Birds, One Stone’
“Debelle smashed two arguments in one sitting. Two birds, one stone.”
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