The Avalanche
“[An] avalanche is a good example of metastability to keep in mind — a totally innocuous event can trigger a cataclysmic event (e.g. a skier’s scream, or simply continued snowfall until the snow cover is so massive that its own weight triggers an avalanche).”
“This Efficiency Is Surreal”: Low Vol. Is The “Story Of The Year”
“What makes this new ‘efficiency’ almost surreal is that in many ways this year’s market moves are harder to interpret than many past years.”
50% Of CEOs Rate Trump’s Performance “F”: “This Wasn’t A Granola-Eating Bunch Of Democrats”
“This was not a granola-eating crowd of Democrat entrepreneurs. It’s a cross-section of the business community, including some who are quite pro-Trump.”
“Greedy Bastards”: Amazon, Whole Foods Deal “Changes Everything”
“‘Goldman Sachs would love to represent you. If you guys are going to be sold, we’d love to make one hundred million dollars doing that. Don’t forget your buddies at Goldman Sachs!'”
The High Risk Of Low Vol: Complacency, Moral Hazard, & Anxiety Attacks
“Complacency has moral hazard inscribed into it. It encourages bad behavior and penalizing dissent – there is a negative carry for not joining the crowd, which further reinforces bad behavior.”
“Treasurys Will Protect Me From A FANG Sell-Off”: False Millennial.
“The bigger surprise was the complete lack of diversification provided by Treasuries against a 35% decline in tech stocks.”
Kellyanne Conway Says You’d Be Super Excited If She Were “Shot And Killed” On Saturday
“Half of Twitter would explode in applause.”
Meet Rachel Brand: Who Will Head The Trump-Russia Probe If Rosenstein Recuses
And so, with Rod Rosenstein having allegedly told the DoJ’s No. 3 that he may need to follow in Jeff Sessions’ footsteps by recusing himself from the Trump-Russia probe, the question is this: “just who is the DoJ’s No. 3”?
Bombshell: Rosenstein Said To Consider Recusing Himself From Trump-Russia Probe
“Rosenstein, who authored an extensive and publicly-released memorandum recommending Comey’s firing, raised the possibility of his recusal during a recent meeting with Associate Attorney General Rachel Brand, the Justice Department’s new third-in-command, according to sources.”
While You Were Watching The VIX, Credit Did This…
“While the collapse of the VIX to multi-decade lows has garnered headlines recently, implied volatilities on US and European credit indices have quietly reached new lows as well. The one-month at-the-money implied volatilities on US and European credit indices have all collapsed to their tightest levels since 2008.”
Trump Loses Mind, Says Rosenstein Is In On It, Calls Tweets “Very Powerful,” Invents Proper Nouns
“I’m now being investigated for firing the FBI Director by the man who told me to fire the FBI Director!”
“Don’t Gasp”: One Trader Has Had Enough Of Your Bullshit For One Week
It’s Friday and by this point in the week, former FX trader Richard Breslow is
Did Rod Rosenstein Just Threaten The Free Press On Behalf Of Donald Trump?
“Americans should exercise caution before accepting as true any stories attributed to anonymous ‘officials,’ particularly when they do not identify the country — let alone the branch or agency of government — with which the alleged sources supposedly are affiliated.”
Trump Thinks It’s “Sad” You Haven’t Found Enough Evidence To Impeach Him Yet
Have you had your “covfefe” this morning?
This Week, We Saw A “Startling Transformation”
“With many risky assets close to the ding-dong highs and central bankers becoming less supportive, it’s hard to argue that conditions are as favorable as they were a few months ago.”
Peter Pan’s Revenge: Kuroda Thinks You’re Crazy To Think BoJ Is Not Still Crazy
“The moment you doubt whether you can fly, you cease forever to be able to do it.”
Key Calls (Friday): Upgrades, Downgrades & Initiations
Are your stocks on the list?
A Very Presidential Trump Asks Why “Crooked H” Gets To “Destroy Phone W/ Hammer”
“…& they talk about obstruction?”
“Unidentified” Dong: China Will Not Take Fed Hike “Lightly”
“And the pace is getting faster and faster. “
And Credit Investors’ Biggest Worry Is…
Spoiler alert.
Darth Trader: “This Is Why I Am Shorting US Stocks”
“After many months of fighting all the naysayers predicting the next big stock market crash, I am finally succumbing to the seductive story of the dark side, and getting negative on equities.”
Chart Of The Day: Commodities Versus China
No further comment.
“It Belongs To The Robots”: Gap Between Humans’ And Bots’ Stock Exposure Soars To Record
“That money you see sloshing around in the U.S. stock market, it belongs to the robots.”
“Carry” On, Or Not So Much? Emerging Markets After The Fed
So one of the interesting things to note about the price action we’ve seen over
Sessions Satire: Neurologists Baffled By AG With Alzheimer’s
““In all the medical literature, we have never seen an example of someone capable of holding down such a high-powered job while having no memory whatsoever of people he met, things he said, places he has been, or thoughts he has had.”
A 12-Chart Visual Tour Of The June Fed Statement
Here we are, one day after the Fed and people are still trying to decide
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