It is the 25th of June 2017

News

Goldman Downgrades Stocks One Day Before The Fed: "Asymmetry For Equities Is Getting Worse"

After numerous warnings from Goldman strategist David Kostin that stocks are expensive, most recently over the weekend when he wrote that  "investors will soon capitulate on their expectation of upside to 2017 EPS forecasts as they face the reality that the accretive impact from tax reform will not occur until 2018" and that "revisions to consensus EPS forecasts during the past few months have been negative for both 2017 and 2018" moments ago Goldman officially downagred equities.

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Mega-Bears Smell Blood As REITs Tumble

While many have blamed today's spike in yields for the broader underperformance of the REIT sector, which sent the Bloomberg North American REIT index down 1.4%, its biggest one-day drop since December in a widespread selloff across all property sectors with 194 of the 214 stocks in the index lower today, it's more than just the jump in rates that is slamming the rate-sensitive sector.

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Newsmax CEO: "I Spoke To Trump About The Wiretap Story, I Haven't Seen Him This Pissed Off In A Long Time"

While the Sunday talk shows have been largely focused on debunking Trump's allegations that Obama hacked the Trump Tower, a somewhat different perspective into Trump's current state of mind comes from Newsmax CEO Christopher Ruddy, a close friend of the President, who in an article this morning shares that having spoken to Trump about the wiretapping story, he hasn't "seen Trump so pissed off in a long time." Below are some of the highlights from Ruddy's article posted earlier today:

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The US Motorist Is Unwell: Miles Driven Suffer Biggest Slowdown In Over 2 Years

While the media continues to blast the occasional OPEC production-related headline, the reality is that crude supply is increasingly becoming a shale story, as the US, now tens of billions in debt lighter - has rapidly emerged as the low-cost, marginal oil producer. As such absent a sharp rebound in prices in the coming 3 months, OPEC is almost guaranteed to revert to its prior production regime, as Saudi Arabia is already pained by the loss of market share to increasingly lower cost US producers, who as shown in the charts below, have seen their all-in production costs plunge thanks to rapid technological advancement.

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Stocks Shrug Off Dismal Data, Hawkish Fed; 'Animal Spirits' Soar To Record High

Reflecting on the week - a week that saw 7 Fed speakers go full hawktard and drive rate hike odds at a pace never seen before, a week in which hard data tumbled to pre-election lows as 'soft' surveys all hit record highs, a week in which Small Cap stocks tumbled red (but but but they're domestic focused) as bank stocks soared, a week in which The Dow spiked to 21,100 on the back of the biggest retail ETF inflows in 3 years, and a week that saw a virtual currency's price top gold's for the firs time ever - we thought this was appropriate... (NSFW!!)

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