Credit Crashes, VIX Tops 14 As Stocks Open Lower For 7th Straight Day
Something changed… Futures were weaker overnight but dumped at the cash open… As the collapse in HY credit accelerated… worst day for HYG in 3 months HYG is now negative year-to-date… With spreads crashing back above 400bps… USD/JPY was unable to save stocks and VIX is now topping 14… VIX […]
CME Group Is Soaring Towards New Highs
CME Group operates the world’s largest options and futures exchange – and it has been a strong performer on the Nasdaq over the past few months. Since putting in a bottom in July, it has enjoyed very strong turnover, which indicates institutional sponsorship. I like big money flow and always look for opportunities to jump […]
Cut Corporate Taxes To Boost Investment And Wages?
Reports suggest that the US Congress is making progress toward tax reform. The House of Representatives is still slated to vote on its version tomorrow. It appears likely to pass. The Senate version will be marked up in committee this week. The latest revisions include repealing the individual insurance mandate and ending the middle class […]
U.S. Consumers Sustain Sales In October
US consumers continued to sustain growth in the retail sector in October following a better than expected jump in September. Retail sales surged 0.2 percent in October, according to the Commerce Department report released on Wednesday. This is lower than the revised 1.9 percent recorded in September but same as projected by economists. Automobile sales rose 0.7 […]
USD: Stalled; Most Of Good News On US Tax Cuts Look Already Incorporated – Barclays
The US dollar is on the back foot due to some safe-haven flows. But what about the main driver of the greenback? The team at Barclays examines the tax cuts issues. Here is their view, courtesy of eFXnews: Barclays Capital FX Strategy Research discusses the USD near-term outlook, noticing that its momentum has stalled after the […]
Acorda Falls 37% After Five Deaths Stop Enrollment In Parkinson’s Study
Shares of Acorda Therapeutics are sinking after the company announced this morning that it has increased the frequency of blood cell count monitoring for participants to weekly in its Phase 3 program of tozadenant for Parkinson’s disease. The company took this action in response to “cases of agranulocytosis, possibly drug-related, and in some cases associated […]
JPY Up On GDP Jump As AUD Falls On Weak Wage Growth Data
Japanese GDP Boosts JPY JPY was stronger over the European morning following the latest data, realized overnight, which showed that Japanese GDP grew 0.3% over Q3. The increase is a result of a 0.5% positive contribution from net exports and a 0.2% negative contribution from domestic demand. Real private consumption decline, in line with expectations, […]
Sybil With One Personality
My oft-mentioned idea to short CBL & Associates continues to go well. The analog is just a beauty, and I believe this stock isn’t going to stop crumbling until it challenges the depths set during the delicious, marvelous, sticky-sweet lows of the financial crisis.
NIRP – A Central Bank Roadblock To Wealth
You’ve probably heard some references to the idea that the central bank policy of keeping rates artificially low or negative hurts savers and is partially responsible for the widening wealth gap – the rich get richer and the not-so-fortunate face bigger headwinds. There are a few ways in which this policy harms the less-than-uber wealthy, […]
Empire Fed Tumbles Most In 7 Months, But ‘Hope’ Surges To 5 Year Highs
Having equaled its highest level since 2009 in October, November’s Empire Fed print tumbled from 30.2 to 19.4, way below the 25.1 expectations (the biggest drop since April). However, while the headline slipped, hope for the future surged to its highest in over 5 years… Under the covers, prices paid dropped, number of employees dropped, and average workweek contracted – its […]
