Archive For: April 2016

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Weekend Reading: Yep…Market Still Looks Like A Trap

Last week, I noted technical breakout of the market above the downtrend line from last May, such a move required an increase in exposure to equity risk. To wit: “With the breakout...

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Chart Of The Day: Remind Me Again How Low Rates Stimulate Housing

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Gold Stampede Ahead

The mass impulse of a cattle stampede can be triggered by something as innocuous as a blowing tumbleweed.  A sudden startle, or a perceived threat, is all it takes to setoff this mass uncontrolled running.  Once the herd collectively begins … Continue reading

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What Comes Next------Krugman's Fiscal Equivalent Of War

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Good Job, Fed----Home Ownership Falls To Near Record Low

The rate that Americans own their homes fell in the first quarter to the third lowest on record, another indication that worsening finances as well as changing preferences since the Great Recession are altering behavior.

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It's Dangerous Out There-----When Hedge Fund Herding Gets It Wrong

The billionaire investor William A. Ackman has become the unofficial leader of a thundering herd that has lost billions of dollars betting onValeant Pharmaceuticals over the past year.

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Bubble Finance At Work: All The Net Corporate Debt Growth In 21st Century Has Gone To Stock Buybacks

By now it is a well-known fact that corporations have no real way of generating organic growth in this economy, so they are relying on two things to boost share prices: multiple expansion (courtesy of central banks) and debt-funded buybacks (courtesy of central banks), the latter of which requires the firm to generate excess incremental cash. Incidentally, as SocGen showed last year, all the newly created debt in the 20th century has gone for just one thing: to fund stock buybacks.

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The Red Ponzi's Next Bubble----Speculation in Rebar, Iron Ore, Coal And Cotton Explodes

The speculative Chinese commodity bubble has begun to reach the mainstream as Citi's warning to "hold on to your hats" today at the surge in trading volumes across Rebar, Iron Ore, Coke, and Copper literally exploded with the former now the most actively trade commodity in the world. The frenzy has become so insane that the head of the largest metals exchange in the world exclaimed at a conference in Singapore today that "I don't think most people who trade it know what it is." We suspect he is 100% correct and judging by the following chart, we know exactly how it will end.

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Apple Outs The Truth: Growth Is Slowing-------Everywhere

The big news of the day had nothing to do with Janet Yellen, which was entirely appropriate given both her stance on the economy and anything she could possibly, realistically do about it (nothing). Apple reported results that were shocking in many ways, though not necessarily unexpectedly so. Last quarter, CEO Tim Cook had warned...

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Chart Of The Day: Japan's Money Multiplier Has Dropped Like A Stone Since Kuroda Went Wild

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