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Dow Jones Megaphone pattern, bounce of new support

Below looks at the Dow Jones Industrials Index over the past 100 years on a monthly closing basis- In the early 1980’s the Dow used old resistance to become new support at (1), where a breakout and strong rallied followed. CLICK ON CHART TO ENLARGE The Dow looks to be using old resistance as new […]


Zimbabwe Stock Market Crashes 35% As “Euphoric” Nation Awaits New Leader

Despite reported "euphoria" in the nation as former Mugabe deputy Emmerson Mnanagwa was expectd to arrive and be sworn in on Friday, Zimbabwe stocks fell another 10% today, having now erased more than third of the country's market cap in the last few days. Several hundred people gathered in anticipation of his arrival. Some carried […]


Bahamas Prime Minister Blames US Cable News For Collapse Of Journalism

Over the weekend, Bahamas Prime Minister Dr Hubert Minnis addressed the Third Annual Press Club Awards Banquet, where he blamed the collapse of journalism standards on 24-hour cable news shows in the United States. He said, the declining of standards “would not have been allowed in previous times” and urged local journalist not to be  “champions of any […]


Positive Feedback Loops, Financial Instability, & The Blind Spot Of Policymakers

Authored by Francesco Filia of Fasanara Capital, “Learn how to see. Realize that everything connects to everything else.” – Leonardo da Vinci A Dangerous Market Structure is More Worrying than Expensive Asset Valuations and Record Debt Levels Macro-prudential regulations follow financial crises, rarely do they precede one. Even when evidence is abundant of systemic risks […]


WTI/RBOB Slide After Smaller Than Expected Crude Draw, New Record High Production

With WTI at its highest since July 2015, vol at 8mo lows, and the front-end flipped into backwardation for the first time since Nov 2014, it appears a lot of hope is priced into continued equlilibration (and OPEC). Last night's API (crude draw) provided some more confirmation but this morning's DOE data disappointed with a […]


UMich Consumer Confidence Slides In November As Faith In Stocks Falters

Having hit the highest level since Jan 2004 in October, November’s final print shows the University of Michigan Consumer Sentiment index fell from 100.7 to 98.5, as both hope and current conditions slipped. Expewctations for inflation dipped. Consumers saw inflation rate in the next year at 2.5 percent after 2.4 percent the prior month. Inflation rate over […]


David Stockman Exposes “The Illusion Of Growth”

Authored by David Stockman via The Daily Reckoning, The Wall Street Journal published a superb example of hopium recently in a sunny-side-up story entitled “U. S. Manufacturing Rides Rising Tide, Buoyed by Global Growth, Optimism.” Indeed, this lazy cheerleading excuse for journalism captured the sum and substance of why the punters keep buying the dips […]


“Impeach Trump” Billboards Have Come To Times Square

Apparently, running one of his “impeach Trump” ads during game five of the World Series didn’t provide billionaire Democratic donor Tom Steyer enough exposure. As we’ve previously reported, the unhinged billionaire’s ad campaign demonstrates a shocking lack of self-awareness. In the video, Steyer bills himself as an “American Citizen” and ticks off exaggerated claims about […]


Bitcoin: An Unknowable Bubble?

"Whatever [Bitcoin] is, I missed it… It looks and smells like all the bubbles I have seen throughout history." – billionaire investor Jim Rogers Authored by Constantin Gurdgiev via True Economics blog, There is a much-discussed in the crypto-sphere chart making rounds these days, plotting Bitcoin price dynamics against the historical bubbles of the past: […]


Unsealed Fusion GPS Bank Records Reveal $523K Payment From Russian Money Launderer

Submitted by at iBankCoin.com Unsealed court documents reveal that the firm behind the salacious 34-page Trump-Russia Dossier, Fusion GPS, was paid $523,000 by a Russian businessman convicted of tax fraud and money laundering, whose lawyer, Natalia Veselnitskaya, was a key figure in the infamous June 2016 meeting at Trump Tower arranged by Fusion GPS associate Rob Goldstone. In […]


Pound Slides, Then Rebounds, After Hammond Reveals Sharp Cuts To UK GDP Forecast

Update: after the GBP initially dropped on the lower GDP forecasts, it has since rallied after Hammond finished speaking , in what Citi said was a “relief rally” as there were no “banana skins and government safe. Relief trade here.” This was a risk event – while Budget Announcements are normally quite quiet affairs in […]


Frontrunning: November 22

Uber Is Facing Yet Another Irate UK Watchdog (BBG) Oil Is Heading Towards a Two-Year High (BBG) Regulators to press Uber after it admits covering up data breach (Reuters) FOMO Fails to Drive European Stocks While Rest of World Parties (BBG) Putin Hosts Assad in Sochi Ahead of Syria Summit (WSJ) UK Sets Aside Extra […]


Beware The Marginal Buyer, Borrower, And Renter

Authored by Charles Hugh Smith via OfTwoMinds blog, Bubbles always look unstoppable, yet they always burst. When times are good, the impact of the marginal buyer, borrower and renter on the market is often overlooked. By "marginal" I mean buyers, borrowers and renters who have to stretch their finances to the maximum to afford the […]


Navy Plane Crashes Into Pacific Off Okinawa With 11 Aboard; 3 Missing

In an incident reminiscent of the two accidents earlier this year involving Navy destroyers deployed in the Pacific, a Navy plane carrying 11 military personnel crashed Wednesday in the Pacific near Okinawa. Eight of the passengers have been rescued but three are still missing. The Navy said in a tweet that the eight were brought […]