It is the 25th of June 2017

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FANGtastrophe Strikes Stocks As Growth Gamble Gives Up After VIX Hits 24-Year Lows

Been a while since we have been able to use this one...

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State Corporate Tax Receipts Just Crashed The Most Since The Recession

After flatlining for the past year, US income tax receipts - both at the federal government and on a state and local level - have been disappointing, and have posted a sharp drop since the start of the year, which is "sounding an alarm about the health of the US economy" in BofA's words (in addition to the countless other alarms about the health of the economy, which however are ignored due to the record stock market).

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The Tech Sector Is Now The "More Overweight It's Ever Been"

At the end of May, we highlighted that after an unprecedented buying spree, which has sent the Nasdaq to nosebleed record levels, a crack had appeared in the second tech bubble: after weeks of relentless inflows into the sector, tech had suffered its largest outflow in over a year.

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Barrage Of Billionaire Bears Predict Doom And Gloom, Refuse To Sell

Shortly after the most famous PIMCO alum, Bill Gross, unleashed today's dose of doom and gloom when he warned that market risk is the "highest since before the 2008 financial crisis" and warned that “instead of buying low and selling high, you’re buying high and crossing your fingers,” his replacement and current PIMCO CIO, Dan Ivascyn shared a similar dour outlook on the economy at the Bloomberg Invest summit, where he predicted that U.S. growth will "likely be in the mid-2% range and, given the current global fiscal and geopolitical risks, the 10-year Treasury could fall as low as 1.5%."

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JPMorgan Lists Five "Red Flags" That Point To A 10% Downside Correction

The first time JPMorgan warned of market downside was in early March when the bank's US equity strategist Dubravko Lakos-Bujas wrote that while the fundamental backdrop remains supporting, the "short-term downside risk" in the S&P is increasing. Less than two months later, JPM presented six "red flags" why it is starting to sell stock. Just a few weeks later, JPM turned up the alarm again in late May, when the bank "sounded the alarm on the size of US debt, and warned of a financial crisis" while in the interim, JPM's quant Marko Kolanovic on several occasions warned that stocks are poised for a sharp drop due to purely technical and systemic factors. Of course, throughout this period stocks only kept going higher, closing at all time highs last Friday.

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