Jeff Gundlach Is Absolutely Sure There’s More To Do In Buffalo Than “Jerk Off”
“Going out on a limb here”…
Guest Post: China Downgrade – Buy The News?
“I know it’s not what the cool kids are doing, but count me in the camp that believes this is not the start of the China unraveling, and if anything, the decline offers a decent buying opportunity.”
This Has Only Happened 3 Times Since 1984
“…history would suggest markets are likely to perform poorly.”
Trader: This Market Needs A Healthy Dose Of “Blunt-Force Trauma”
“The errors weren’t policy mistakes from the Fed or BOE, but from investment banks-turned-hedge funds that refused to listen to what they were being told and fought the tightening cycle every step of the way.”
“Investors Have Been Lulled To Sleep”: BofAML Deep-Sixes The Recovery Myth
“The S&P 500 is at near record levels despite the fact that EPS hasn’t really changed in 3 years. So which economy is going to show up later this year and in 2018? We think the jury is still out.”
“Unexplained, High-Volume Drops,” Yuan Shenanigans, And A Cartel Meeting
Well, things have been “choppy” overnight and especially around the flood of OPEC headlines that
OPEC Agrees To 9-Month Extension Of Cuts, Market Shrugs
The OPEC headlines started coming in hot and heavy around 4:30 a.m. EST and it
Key Calls (Thursday): Upgrades, Downgrades & Initiations
Are your stocks on the list?
Guest Post: Trump In Wonderland
“They are incapable of creating a deception when they need it – the conceptual difference between a deception and a lie seems to elude them — so they lie instead, and when they are called on a lie, they lie more and blame facts, which further undermines their credibility until there is none left. As a result, after less than a month in office, Trump had to declare war on facts and pronounce the press the enemy of the people.”
Revisiting The “Tokyo Whale”
“We assume the BoJ’s current ETF holdings stand around Â¥15.7tn ($144bn), i.e. approximately 75% of the total assets in Japanese equity ETFs.”
Wednesday Satire: Pope Calls Trump A Fat Ass, Other Countries Cancel Visits
“We don’t see why we should be speaking to Donald Trump when even Melania isn’t doing that.”
Fed Minutes: “Soon” Or “Soon”-ish
“Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation. A number of participants pointed out that clarification of prospective fiscal and other policy changes would remove one source of uncertainty for the economic outlook.”
Don’t Forget That Iron Ore Crashed Last Night…
So last night Moody’s downgraded China for the first time since 1989. China was pissed.
The Ugly Truth About ETFs Is Revealed (In A Footnote)
“[This assumes] the ETF secondary market remains balanced between buyers and sellers. this higher liquidity profile of ETF assumes secondary market liquidity does not disappear, which may be the case in theory during a sell-off or a one-way market. In these instances, the client (sale) order execution would require tapping underlying market liquidity. ETF liquidity would then just be the same as that of the underlying assets. If these underlying exposures are not liquid, ETFs would be not liquid either.”
Goldman Pukes All Over Trump Budget; Clinton Calls It “Unimaginably Cruel”
“In general, the President’s Budget is a political document more than a working fiscal proposal.”
You Hate That Giant Equity Position Right? Well Hedge It With Bonds And “Hope To Lose Money”
“People love the Plunge Protection Team conspiracy theory when looking at equities. Well that’s exactly what is happening in bonds, right out in the open.”
“Equities Are The New HY” – “Weep” Now Or Forever Hold Your Peace
“Equities for yield, bonds for capital appreciation.”
“It’s All About Optics”: For OPEC, 6 Months Ain’t Gonna Cut It
“After Khalid Al-Falih’s comments over the weekend that “We think we have everybody on board†and “Everybody I’ve talked to indicated that nine months was a wise decision†It would appear that a 6-month extension would be a backtracking of sorts.”
Chinese Stocks Stage Hilarious Comeback After “Absolutely Groundless” Moody’s Downgrade
It’s all fun and games until someone gets downgraded. So last night, Moody’s handed China
Goldman: Here’s Which Credits Are At Risk From Moody’s China Downgrade
So obviously China isn’t loving the Moody’s downgrade, which the Ministry Of Finance hilariously called
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
Are your stocks on the list?
Dangerous Dynamics
“China and its growing herd of commodity traders and financial exchanges are clearly having greater influence on world commodity pricing.”
Moody’s Downgrades China; Aussie, Yuan Slip
China Cut to A1 From Aa3 by Moody’s, Outlook to Stable
Goldman Epiphany: Stocks, Junk Perform Worse When Econ Slowdown Dead Ends In Recession
So Goldman has something new out on Tuesday about ISM peaks and what generally happens
Tuesday Satire: “Ok Google, When Is It Safe To Turn On Trump?”
“I think it’s important for people to know that important things are, in fact, getting done, and setting this Google News alert is one of those things.”
Cramer Apologizes To Poland For Comparing Nazi Fight To Macy’s
“The Polish army fought gallantly against all odds. Along and outgunned, Poland mustered every unit it could to defend against the attack.”
How The ECB “Actively” Rescued Markets Ahead Of The French Election
“But the ECB is more than just a “passive acquirer†of assets, in our view. We think they are taking an active role in bond buying to manage the fallout from policy uncertainty (and prevent a tightening in credit conditions that would ensue if they didn’t).”
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