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The Stock Market Bubble is So Big Even the Fed’s Talking About It

The Fed confirmed yesterday that stocks are in a bubble. Lost amidst the usual Fed-speak about inflation and other items were the following nuggets. 1)   “Equities” (read: stocks) were the primary reason the Fed discussed financial stability risks. 2)   The Fed raised its assessment of financial stability from “notable” to “elevated.” 3)   The Fed discussed […]


TeaRiNG DoWN LiBeRTY…

Absurdity Number 1: The reason Wall Street, Washington DC and corporate America are allowed to continue their non-stop economic gang bang of the American middle class, including in particular, economically distressed minorities, is a bunch of weathered confederate army statues and the activities of American neo-nazis. Absurdity Number 2: Vladimir Putin owns your ass. Absurdity […]


One Trader Exposes The Market’s New Narrative – “When He’s Gone, Everything Will Be Well”

Before yesterday's brief curfuffle, markets remained entirely care-free; climbing walls of worry, shrugging off every and any potential pitfall (from the collapse of American retail to global armaggedon) as new high after new high, on an ever-decreasing base of mega-cap stocks had become ubiquitous. Like many rational investors looking asconce at this 'market', former fund […]


White House Confirms “Cohn Intends To Remain In Position”

Update 2: The White House has issued a statement confirming that "Gary Cohn intends to remain in position as NEC Director." The only problem is – the market is ignoring it. Presumably, the market now believes it is just a matter of time… *  *  * Update 1: Goldman Sach stock and the market are […]


Goldman, S&P, USDJPY Drop On Unconfirmed Rumors That Gary Cohn Resigned

Update: Goldman Sach stock and the market are rebounding after Axios reports "source with direct knowledge says rumor is '100% False'"… Rumor flying around Wall Street that Gary Cohn has resigned. Source with direct knowledge tells me rumor is "100% false." — Jonathan Swan (@jonathanvswan) August 17, 2017 The reaction… *  *  * As we […]


“A Volatile Autumn”: Buckled Up For Structured Criticality

Submitted by Gary Evans of Global Macro Monitor We’re baaaccck!. We warned in our last post before leaving on holiday, “Look for some large sigma event, which is always the case when we are off the desk.”    How about a vol spike caused by worries over a nuclear exchange?   Nuclear war! The potential implosion […]


China Blames U.S. For Collapse In “Military Trust”

For a handful of obvious reasons, now is an awkward time for the chairman of the Joint Chiefs of Staff to visit Beijing: the US recently installed a THAAD missile-defense shield in South Korea over China's objections. Tensions have been compounded by further, more aggressive policies implemented since President Donald Trump took office: the selling […]


Philly Fed Slides To Weakest Since Election As Employment Sinks

Following Empire Fed's exuberant six-sigma beat and surge to three year highs, Philly Fed failed to live up to its neighbor's promise, dropping from 19.5 to 18.9 in August (a small beat of 18.0 expectations). This is the weakest print since Nov 2016, despite a surge in new orders and average workweek as inventories tumbled […]


The Great Disconnect: Markets Vs. Economy

Authored by Lance Roberts via RealInvestmentAdvice.com, The general consensus is the rise in capital markets, despite global weakness, geopolitical risks and sluggish employment and wage growth, is clearly a sign of economic strength as witnessed by rising corporate profitability. Therefore, stocks are the only investment worth having. My arguments are much more pragmatic. First, it […]


How Bank Regulations Hinder the U.S. Recovery

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. Money matters — it’s one of Milton Friedman’s maxims. Since the Northern Rock bank run of 2007 — the “opening shot” of the financial crisis — the money supply, broadly measured, in the United States, Great Britain, and the Eurozone […]


Wal-Mart Slides, Free Cash Flow Fails To Cover Dividends And Buybacks

Despite reporting strong earnings which beat on both the top and bottom line in today’s most anticipated earnings report, Walmart stock is down 3%, sliding to the lowest level since late July after it provided full year EPS guidance whose midpoint was below Wall Street expectations. First, here are WMT’s otherwise respectable historical results. Q2 […]


Wal-Mart Slides On Disappointing Guidance

Despite reporting strong earnings which beat on both the top and bottom line in today’s most anticipated earnings report, Walmart stock is down 3%, sliding to the lowest level since late July after it provided full year EPS guidance whose midpoint was below Wall Street expectations. First, here are WMT’s otherwise respectable historical results. Q2 […]


Euro Dumps To Session Lows After ECB Minutes Reveal Concerns About “Euro Overshooting”

While hardly a surprise after yesterday's Reuters trial balloon, which killed any speculation that Draghi would use the Jackson Hole podium to announce ECB balance sheet tapering, sending the EUR sliding, moments ago the EUR dumped to fresh session lows after the highly anticipated ECB minutes were released, noting that "concerns were expressed about the […]