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Mnuchin And Wife Cleared Of Eclipsegate; Viewed Eclipse From Fort Knox, Not Government Plane

We still have no idea where Hillary’s missing 30,000 emails are but, thanks to the intense investigation of one very concerned Washington D.C. watch dog group, we now know exactly where Treasury Secretary Steve Mnuchin and his bombshell wife were standing the moment the moon passed in front of the sun earlier this week.  Per […]

RBOB Prices Tumble, Erase Harvey-Induced Gains

Following WTI crude’s drop yesterday – apparently on reduced refinery demand due to Hurricane Harvey – RBOB gasoline is now tumbling, erasing yesterday’s Harvey-related gains, as traders realize the short-term supply disruptions are offset by significant inventories. As Bloomberg’s Poonam Goyal noted previously, a spike in gasoline prices due to Hurricane Harvey, should be short-lived […]

“Un-Hawkish” Yellen Sparks Dollar Dump To 2017 Lows; Stocks, Bonds, & Bullion Bounce

A lack of hawkishness was good enough for traders to pile into the dovish – sell dollars, buy everything else trade.     The Dollar Index plunged though to cycle lows, near May 2016 1150 lows…   As many predicted, Yellen's speech – while containing some cautions – was a nothing burger. http://WarMachines.com

FX, Bonds, & Gold Chaotic Ahead Of Yellen Speech

While stocks are shrugging off any and everything, FX, bonds, and gold markets are swinging around wildly ahead of Yellen’s speech at 10ET. The initial move appears driven by Fed’s Kaplan’s comments on “correction in stocks may be healthy.” The reversal is being attributed to a note from Citi suggesting “No US Default Or Shutdown […]

“Devastating And Life-Threatening” Harvey Expected To Bring 120MPH Winds And Up To 12-Foot Storm Surge

Hurricane Harvey, the first hurricane to make landfall in Texas since 2008, is strengthening and expected to strike the Texas coast later tonight as a Cat-3 storm with maximum sustained winds near 120 mph according to the National Hurricane Center (NHC).  But perhaps worse than wind speeds, Harvey encapsulates the ‘perfect storm’ as it’s moving […]

RBC: As The Yellen Countdown Begins “You Could Get A Sharp Move Higher In USD”

With Janet Yellen set to speak in just a few minutes, traders are scrambling to position ahead of what while most expect will be a snoozer speech, could actually be a "big surprise" as RBC's cross-asset strategist Charlie McElligott warns in his Jackson Hole preview that, noting that the risk of a dollar rally today […]

Gold Spikes After Fed’s Kaplan Says “Market Correction Could Be Healthy”

Gold is spiking, USDJPY dropping, and stocks leaking lower after Dallas Fed’s Kaplan dropped some serious tapebombs ahead of Yellen’s speech… Speakingon Bloomberg TV, Kaplan headlines wwre as follows… FED’S KAPLAN: WE CLEARLY ARE ACCOMMODATIVE RIGHT NOW KAPLAN: INVESTORS USED TO IDEA RATES WILL BE LOWER FOR LONGER FED’S KAPLAN: MARKET OR REAL-ESTATE CORRECTION COULD […]

Next Stop, Recession: This Financial Meteor Storm Is Headed Our Way

Authored by Charles Hugh Smith via OfTwoMinds blog, Many of those about to be vaporized did not grasp the fragility of the "prosperity" they assumed was both solid and permanent. Business-cycle recessions are not just inevitable, they are necessary to flush bad debt and marginal investments/projects from the system. The next recession–which I suggested yesterday […]

What Do the Great Depression and the Great Recession Have in Common?

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. What follows are six questions and answers that were wedged between cocktails and a dinner hosted by Karl J. Feitelberg, Founder and Chairman of Sterling Resources Ltd. at the Castle Hill Inn, Newport, R.I. on July 24, 2017.     […]

Paradox: With The S&P At All Time Highs, US Stocks Suffer Longest Streak Of Outflows In 13 Years

The paradox of the US stock market continued for yet another week, because according to Bank of America citing EPFR data with the S&P effectively at record highs, US equity funds have suffered their longest outflows streak in 13 years, as investors pulled out another $2.6 from US stocks in the week ending Wednesday. That […]

Durable Goods Orders Plunge In July After Boeing Hangover

July Durable Goods Orders plunged 6.8% MoM (much worse than the -6.0% expectation), more than erasing June's aircraft-order-based 6.4% jump. This is the biggest drop since Boeing's reaction in Aug 2014. Just as we saw in 2014, this is simply the hangover from Boeing's June orders with non-defense aircraft new orders  down 70.7% month-over-month.   […]

Whole Foods’ Rivals Are Facing An Impossible Choice

A day after Amazon revealed its plans to cut prices at Whole Foods Market following the completion of its takeover on Monday – an announcement that obliterated billions of dollars’ worth of food suppliers and rival grocers’ market capitalization – Bloomberg is reporting that WFM’s rivals are mulling an incredibly difficult choice: Whether to follow […]

“Today Is The Day” – One Trader Takes A ‘Dark Side’ Stab Ahead Of J-Hole

Authored by Kevin Muir via The Macro Tourist blog, Today is the day. Both Draghi and Yellen speak later at Jackson Hole. Although expectations for market moving news have been damped down, the market might be getting a little too complacent. Over the past month or so, bond markets have been drifting higher on the […]

Gartman: “We Know For Certain That We Wish Not To Be Short Of Equities”

Exactly two weeks after Dennis Gartman staked his reputation that “the bull market has come to an end”, the “commodities guru” appears to be getting second thoughts, and as we writes in his overnight note, he no longer “wishes to be short of equities.” While it is unclear what that means for Gartman’s “reputation”, or […]

US Futures Spike After Gary Cohn Promises Tax Reform By Year End

Having hugged the flatline for much of the overnight session, S&P futures have spiked after the FT released an exclusive interview with Gary Cohn shortly after 5am ET this morning, in which Trump’s chief economic advisor (and most likely future Fed chair) said that Trump’s agenda and calendar “is going to revolve around tax reform” […]