It is the 21st of July 2017

News

"Quant Quake": What Was Behind Last Week's Historic CTA Crash, And Is Another One Imminent

While on the surface the market last week did nothing all that exciting, below it things were in abrupt turmoil - driven by the decoupling between stocks and bonds and the volatile, countertrend move in commodities and oil in particular - which was nowhere more evident than in the world of Risk-Parity funds and CTA, which suffered their worst two-week plunge since 2003.

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WTI Pops After Huge Crude Inventory Drawdown

WTI prices have roller-coastered (generally lower) since last week's inventory(lower)/production(higher) data back to unchanged but as API printed a massive 8.133mm crude drawdown (vs 2.45mm exp), the biggest since Sept 2016 if DOE confirms, WTI prices quickly jumped higher. Gasoline also saw a bigger than expected draw while Distillates built.

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The Best Deal Going: Privatize U.S. Public Lands

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

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