It is the 26th of June 2017

News

"Mr. Carlson Said One Of His Clients Had 40% Of His Net Worth In Apple"

The WSJ has a good article explaining how schizophrenic the tech rally this year has been, with shares of giant tech firms "cropping up everywhere" in the universe of factor-based strats, even contradictory ones. Some examples: "Apple is in five low-volatility ETFs with a collective $14 billion and nine momentum ETFs with $17.7 billion, according to data firm XTF. Alphabet resides in seven low-volatility ETFs and three momentum ETFs, while Microsoft is in 11 low-vol ETFs and four momentum ETFs."

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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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Stocks & Bonds Slip As US Macro Slumps To 16-Month Lows

So... we have another terror attack in London, the biggest geopolitical earthquake in the Middle East in years, US macro data is dreadful... and stocks don't budge...

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Trump Turmoil Trounces Bullard Bullshit As Dollar Dives To 6-Month Lows

As President Trump jets towards The Middle East leaving behind him a wake of headlines from the mainstream media, we suspect this will help him sleep...

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Dollar Slumps To 6-Month Lows As Stocks Do Something They Haven't Done Since 1969

Anyone get the feeling we are at 45 seconds into this clip?

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El-Erian: "All This Could Lead To Some Unpleasant Market Outcomes"

Stability breeds instability – this was economist Hyman Minsky‘s lasting contribution to the craft.  The Minsky Moment , popularized during the 07-09 US housing crisis, basically suggests breeding animal spirits too long creates systemic problems. Essentially, the ongoing rises in asset prices creates the sense of a new paradigm, that the elevated activity was safe, and home prices couldn’t fall.. that didn't end well.

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