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The Coming Fiscal Derailment – Stockman Explains Why FY 2019 Will Sink The Casino

Authored by David Stockman via Contra Corner blog, Since last November 8th the Russell 2000 has risen by 30% and the net Federal debt has expanded by an astounding $1.0 trillion dollars. In a rational world operating with honest financial markets those two results would not be found in even remotely the same zip code; and especially not in month #102 of […]

Copper Crash And Yield Curve Carnage As Tech, Trannies, & TBTFs All Tumble

Today was a day in the upside-down: Banks underperformed Tech; High tax underperformed Low tax; Momo outperformed Value; Nasdaq outperformed S&P; and VIX down with stocks down…   While Nasdaq (green) outperformed on the day, and was bid at the open, Trannies (blue) underperformed; note that as Europe closed, everything rolled over….   Only Trannies […]

Tech Wreck Erases ‘Ross Rout’ Rebound As Government Shutdown Fears Grow

The Top?   Bonds & bullion remain bid post the Ross Rout as Nasdaq sinks…   And while stocks were exuberant overnight,  only Trannies remain positive from the start of the Ross Rout… with Nasdaq getting monkey-hammered… (biggest reversal in the S&P 500 since Feb 2016)   Equity momentum is getting smacked as investors rotate […]

McCain Mania Sends Dow Soaring To Record Highs As Yield Curve Collapse Continues

The longest short-squeeze streak in history continues…   John McCain's "Yes" at 1051ET seems to have been the catalyst that extended overnight gains into melt-up mania… (Small Cap smanaged to scramble back green on the day as Trannies rose 2%)   But the Nasdaq remains red on the week…   Futures show the crazy moves […]


GDP surged above expectations, Matt Lauer fired, Crude carnage, Semis slaughtered, Momo massacred, Nasdaq knackered, Precious metals pummeled, Bond bloodbath, and Bitcoin bounced and trounced… But everyone loves Trannies!   Spot the odd one out… (biggest divergence between Transports and Nasdaq since Nov 2009) – Dow and Small Caps closed at record highs…   Futures […]

Momo Massacred, Semis Slaughtered After Topping 2000 Peak, Nasdaq ‘VIX’ Spikes

CNBC busily defending the utter bloodbath in semi stocks as nothing to worry about… but this is the biggest plunge for these market darlings since Brexit (June 2016)… …and just happens to have occurred as the index finally cleared the 2000 dotcom peak…   FANG Stocks are getting smashed – the biggest drop since Feb […]

Bitcoin Bounces But FANG Stocks Slammed Most In 6 Months

Update: Bitcoin is bouncing back from its battering but Nasdaq is not (for now)…   And FANG Stocks are suffering their biggest drop in almost 6 months…   All The FANG Stocks are systemically lower…   And Nasdaq is at the Low of the day as Trannies soar…   Quite a rotation on the week… […]

David Stockman Derides The Delirious Dozen Of 2017

Authored by David Stockman via Contra Corner blog, We have previously noted the massive market cap inflation and then stupendous collapse of the Delirious Dozen of 2000. The latter included Microsoft, Cisco, Dell, Intel, GE, Yahoo, AIG and Juniper Networks – plus four others which didn't survive (Lucent, WorldCom, Global Crossing and Nortel). Together they represented a classic blow-off […]

The Mother Of All Irrational Exuberance

Authored by David Stockman via Contra Corner blog, You could almost understand the irrational exuberance of 1999-2000. That's because everything was seemingly coming up roses, meaning that cap rates arguably had rational room to rise. But eventually the mania lost all touch with reality; it succumbed to an upwelling of madness that at length made even Alan Greenspan look […]

Biggest Short Squeeze In 11 Months Sends S&P 500 Surging Above 2,600

Equity investors, corporate boards, and momo machines are panic-buying stocks this morning, sending the S&P 500 above 2600 for the first time ever… as the yield curve crashes to decade flats… VIX down, Stocks Up…   While USDJPY momo is helping, stocks are quite decoupled…   And so are bonds…   But it's all about […]

Momentum Hasn’t Been This Extreme Since The Peak Of The Dot.Com Bubble

The last month or so has seen 'momentum' dramatically outperform the market as retail flows chase 'what is working'… In fact this has very much been a year of momo…   But, as Bloomberg notes, U.S. stocks with the fastest-rising prices are showing the kind of strength they did in the 1990s, according to Jonathan Krinsky, […]

Stocks Pop, Gold Drops After ‘Calmed’ Korea, Debt-Ceiling Delay, & Dismal Data

Disappointing Data this morning was trump'd by some de-escalation with North Korea and a short-term debt-ceiling can-kicking – stocks rallied, bonds & bullion leaked lower, and the dollar was unable to get back into the green…   The biggest headlines of the day came out of DC (as usual) with Trump seeming to de-escalate his […]

Mo’ Momo, Mo’ Worries – Quants Fear Hedge Funds’ “Outsized Exposure” To Market Momentum

Better lucky that smart? Managers of active funds are now extremely concentrated in the strongest parts of the US equity market with 'momentum' massively outperforming the market in August (and ramping higher off the North Korea missile launch lows). Bloomberg's Dani Burger notes that with more than half of their bets on high flyers like […]