The recent whiplash in the market has wreaked havoc on both momentum and trend-following following strategies, and traders, among which none is more iconic, or vocal, than Dennis Gartman. That said, the “world-renowned commodity guru” is even better known for calling contrarian inflection points, having been stopped out at a loss on 80% of his recent “recos.”
As such we have some bad news for the bears: after a somewhat bullish transition phase in which
Authored by Mac Slavo via SHTFplan.com,
Over the last couple of years major social media, news and video platforms have been actively engaged in the censorship of what they believe to be fake news and information. Often spearheaded by third-party review organizations known to have biased views, there have been countless examples of unpopular speech and commentary that has seen its distribution suppressed or outright banned.
While there is most certainly a human element involved in the review and flagging of
Sure, it’s been a bad year for investors, with the S&P posting the smallest of gains in the first half (all of which thanks to tech stocks) after several hair-raising, monthly incidents including February’s vol-spike, April’s real yield scare, May’s Emerging Market massacre and June’s trade war fears as shown in the following Citi chart…
… but it’s hardly
The UK government has now confirmed that the Novichok nerve agent used in its latest poisoning case is the same kind that was used to poison Yulia and Sergei Skripal, according to the Telegraph. Charles Rowley, 45, and Dawn Sturgess, 44, became critically ill after being exposed to the nerve agent in Amesbury, just a few miles away from the Salisbury strip mall where the Skripals fell ill. UK Police confirmed on Wednesday that Novichok
One more rate hike and it would appears the entire curve out to 10Y maturity will be inverted…
2s30s is testing down towards 40bps, but 2s5s dropped well below 20bps
And 2s10s is now below 30bps for the first time since July 2007
API reported a significant crude draw yesterday and after last week’s record US exports and biggest crude draw in two years, DOE reported a surprising crude build of 1.245mm barrels and sent WTI/RBOB tumbling.
Crude +1.245mm (-5mm exp)
Cushing -2.113mm (-2mm exp)
Gasoline -1.505mm (-750k exp)
Over the weekend, when reporting on David Einhorn’s latest monthly performance, we said that “every month this year we have said it couldn’t possibly get any worse for David Einhorn’s Greenlight, and the very next month we are proven wrong.” The reason: in June, Einhorn’s Greenlight tumbled another 7.7% bringing the YTD loss to -18.7% after an 11.3% drop in 2017, an unprecedented collapse for the fund whose longs have slumped, but whose “short basket”
It seems Tesla bonds were on to something after all…
After trading higher in the pre-open, bouncing after Tuesday’s tumble, investors have resumed aggressively selling Tesla stock this morning (not helped by news of a new probe into the carmaker), sending it back below the $300 Maginot Line… down over 18% from its post-Model 3-production-goal spike…
Authored by Charles Hugh Smith via OfTwoMinds blog,
The gathering storm cannot be dissipated with propaganda and bribes.
July 4th is an appropriate day to borrow Winston Churchill’s the gathering storm to describe the existential crisis that will envelope America within the next decade. There is no single cause of the gathering storm; in complex systems, dynamics feed back into one another, and the sum of destabilizing disorder is greater than a simple sum of its parts.
June’s final Composite PMI was higher than the flash print but slowed from May’s multi-year highs as business expectations slip to 3-month lows as input prices soar; but ISM’s Services survey printed better than expected at 59.1 (vs 58.3 exp and 58.6 prior).
Take your pick of hoiw the US economy is doing…
Both Markit’s Manufacturing & Services PMIs slipped in June.
Both ISM’s Manufacturing & Services surveys soared in June.
Authored by Jeffrey Snider via Alhambra Investment Partners,
Chinese officials are getting nervous. Everyone knows that whenever your favorite sports team struggles and fans are calling for the head coach’s head, any owner or general manager who then issues the dreaded (from the coach’s perspective) vote of confidence is essentially sealing his fate. PBOC Governor Yi Gang issued a similar sort of statement today.
CNY is in freefall, which is dangerous in and of itself but more
Investigations into (and concerns bout) workplace safety standards (and OSHA compliance) at Tesla continue to multiply, with Jalopnik reporting that Tesla is now facing a third investigation by California State Safety and Health regulators after a complaint was submitted by an unnamed employee of the company (maybe the same whistleblower who leaked Tesla’s skipping on is brake test earlier in the week):
Erika Monterroza, a spokesperson for the state’s industrial relations department, confirmed the
San Antonio police are investigating what appears to be a politically motivated hate crime after 16-year-old Trump supporter Richard Hunter was reportedly assaulted by an aggressive liberal for wearing a red MAGA hat at a local Whataburger.
In a video which went viral Wednesday, an angry man in black-rimmed glasses can be seen throwing a soda on Hunter and two friends at 2:35 a.m. on the 4th of July. As the man walks away with the teenager’s MAGA hat,
As Americans are busy with July 4th celebrations, the temperature is heating up in the Persian Gulf a day after Iranian President Hassan Rouhani suggested Iran could stop all regional gulf oil exports in retaliation for the US seeking to collapse the nuclear deal, and in response to aggressive new US sanctions.
Image source: Vestnik Kavkaza
“The Americans have claimed they want to completely stop Iran’s oil exports. They don’t understand
Authored by Irina Slav via OilPrice.com,
One of Brazil’s richest men, Eike Batista, has received a 30-year prison sentence for bribes given to the former governor of Rio de Janeiro, Sergio Cabral, Reuters reports, citing a federal court document. Cabral was also convicted.
The federal court found Batista – whose business was mainly in oil and metals – guilty of
Instead of winding down his investigation into Russian interference/collusion in the US 2016 election, Robert Mueller is requisitioning additional Department of Justice resources in the latest sign that the probe continues to expand nearly 14 months after Mueller was appointed special counsel. According to Bloomberg, in a sign that Mueller is preparing to hand off more of his investigation to other federal prosecutors – like he did with the investigation into Michael Cohen (which he
ADP printed that the US economy added 177k jobs in June – missing expectations for the fourth straight month (after significantly under-estimating May’s BLS print). Both Goods (+29k) and Services (+148k) saw gains in June with only Information Service providers seeing a reduction in employment.
The average job gain per month for the last 12 months is now 190k – the highest since Sept 2016.
With just hours left until the US officially declares trade war on China at midnight on Friday, when the Trump admin enacts tariffs on $34bn in Chinese products and Beijing retaliates instantly in kind, China on Thursday rejected “threats and blackmail” ahead of the tariff hike, striking the usual defiant stance in the dispute which companies have warned could flare into a full-blown trade war and chill the global economy.
A government spokesman said Beijing
According to conventional wisdom, trade wars are bullish for the dollar, for two main reasons: they tend to be inflationary (import prices spike), and they impact risk assets, resulting in a flight for USD-denominated safety. Indeed, just today, Bloomberg writes that for dollar bulls, Trump’s trade wars are just what the doctor ordered.
They see the greenback as a better haven than gold should the tariff tit-for-tat intensify. Four months after the U.S. president
President Trump’s tweets demanding that OPEC step in and “do something” to halt the inexorable rally in oil prices (i.e. pump more) have been notably ineffective, as crude has continued to push through highs not seen since late 2014. And after the president took some time off from the July 4 holiday to again demand that OPEC turn up the pumps (after Saudi Arabia poured cold water on its “promise” to pump an extra 2
Bulletin Headline Summary from RanSquawk
European equities positive as auto names drive gains, on suggestions that US is ready to give car tariffs a break UK markets react to an upbeat Carney after the BoE chief suggests Q1 softness was largely due to weather Looking ahead, highlights include, US ADP, ISM non-MFG, DOEs, FOMC minutes, and ECB’s Weidmann and Mersch
With trade war between the US and China set to begin at midnight on Friday,
Authored by Irina Slav via OilPrice.com,
When reports emerged that India and China are in talks about forming an oil buyers’ club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
“The timing is right. The boom in U.S. oil and
A foul odor permeated from a massive bag of human excrement sludge left on a street corner in San Francisco’s Tenderloin district Saturday. As SFGate reports, the horrendous smell and sight quickly gained notoriety when a Reddit user posted a screen shot of a report made to San Francisco’s Citizen app for identifying crimes.
“Twenty pounds of feces dumped onto sidewalk,” the report called out.
One month after a private secondary school in England banned its male students from wearing shorts during the summer – instead requesting that they wear a more “gender neutral” ensemble that includes a skirt, dozens of private schools have taken up the banner of intersectional feminism and banned their female students from wearing skirts as part of their uniforms.
The reason? Because the “growing” number of transgender students at these schools aren’t comfortable with traditional
Authored by Jack Matlock via JackMatlock.com,
Did the U.S. “intelligence community” judge that Russia interfered in the 2016 presidential election?
Most commentators seem to think so. Every news report I have read of the planned meeting of Presidents Trump and Putin in July refers to “Russian interference” as a fact and asks whether the matter will be discussed.
Venezuelan President Murderous Dictator Nicolas Maduro has managed to hang on to power in large part because he’s kept Venezuela’s military firmly in the pro-Socialist camp. So, as the country’s political and economic crisis worsens, Maduro is doing his best to keep the military on his side. Case in point: He just promoted 16,900 soldiers, calling it a reward for their “loyalty,” the BBC reports.
The promotions come as opposition politicians, who were notoriously shut
Authored by Andrew Korybko via Oriental Review,
The UN General Assembly recently demanded the withdrawal of Russian peacekeepers from Transnistria.
The non-legally binding decree was passed with a simple majority and intended to send a political message to both Russia and Moldovan President Dodon.
Authored by Paul Craig Roberts,
July 4, 2018, is the 242 anniversary of the date chosen to stand as the date the 13 British colonies declared independence. According to historians, the actual date independence was declared was July 2, 1776, with the vote of the Second Continental Congress. Other historians have concluded that the Declaration of Independence was not actually signed until August 2.
For many living in the colonies the event was not the
Japanese Prime Minister Shinzo Abe’s struggle to combat incidences of Karoshi – a Japanese term for “death by overwork” – reached an key milestone on Friday, when Japan’s parliament approved a bill that limits overtime work to less than 100 hours a month per worker, and less than 720 hours per year, while setting penalties for companies that violate the new labor rules, according to the Wall Street Journal.
Before the law, there was no
Across the US, cities are independently passing measures to implement a $15 minimum wage – or mandating higher wages with an eye toward one day achieving that goal. But low-wage workers who are celebrating their fatter paychecks should enjoy the feeling while it lasts…because the more expensive workers become, the faster employers will work to replace those human workers with robots who can do the same job for a fraction of the cost.
Publicizing its growing exasperation in dealing with president Donald Trump who refuses to halt the tit-for-tat retaliation in the growing trade war with China – which is set to officially begin on Friday when the US slaps $34 billion in Chinese exports with 25% tariffs – but has a habit of doubling down the threatened US reaction to every Chinese trade counteroffer (after all the US imports far more Chinese goods than vice versa)…
Apparently, President Trump’s offhanded remarks about sending tanks to Venezuela were more than just a scare tactic. Trump reportedly asked a group of senior administration officials why the US couldn’t simply invade Venezuela during a meeting in the Oval Office, according to the New York Post. The meeting was called to discuss sanctions against members of the Venezuelan regime.
Authored by John Whitehead via The Rutherford Institute,
“These are the times that try men’s souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands it now deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.”—Thomas Paine,
While bad loans in the Italian banking system have received a ton of attention from investors who fear that the Italians could inadvertently blow up the European banking union, it’s not the only financial landmine lurking among the world’s ten largest economies. To wit, while Italy has the largest percentage of non-performing loans among the world’s largest economies, India isn’t far behind and India’s economic recovery is built on an even shakier foundation.
The conditions at Tesla’s production facility leading up to meeting its Model 3 production goal have been reported as nothing short of hellish as Elon Musk “barked” at employees working 12 hour shifts, bottlenecking other parts of the company’s production and reportedly causing concern by employees that the long hours and strenuous environment would cause even more workplace injuries and accidents.
Some Tesla analysts and bulls seemed surprised that the company’s stock fell on Monday,
Authored by Daisy Luther via The Organic Prepper blog,
A couple of centuries ago, our country’s Founding Fathers wrote and signed a declaration of our independence from another country. They included a bill of the rights that they wished to ensure for their descendants. While not perfect people, by any means, they tried to create a nation of liberty that would go on for centuries to come.
What people seem to be missing is that
New York Billionaires – who love to brag about their philanthropy, are suing to block a homeless shelter from being built in their backyard on “Billionaires’ Row.”
A Monday lawsuit filed with the New York City Supreme Court by the “West 58th Street Coalition” claims that the 150-person homeless shelter is “unsafe” and would pose risks to both its residents
Authored by Mac Slavo via SHTFplan.com,
During a recent interview, fired FBI director James Comey called for more gun control against the peasants, but not for the ruling class he was a part of for so long. Comey also said the NRA propagates “lies” in order to keep Americans armed against their rulers.
“Surely there are things we can
In what surely isn’t a continuation of a longstanding publicity stunt, Michael Avenetti – the “creepy porn lawyer” representing Stormy Daniels, said on Tuesday that he will run for President if Donald Trump seeks reelection in 2020.
Responding to a tweet by “Resistance” icon Brian Krassenstein (who was raided by the feds in 2016), Avenatti wrote “IF (big) he seeks re-election, I
While it is well known that stock buybacks have been among the primary contributors for the solid stock performance in the US in 2018, largely thanks to Trump’s tax reform which allowed companies to use repatriated cash to repurchase stock, the following “chart of the week” from Bank of America one week ago shows just how pervasive the buyback wave had been so far in 2018, as the bank’s clients deployed record amounts of cash
A simple Google search of “malls in default”, “mall closing”, or the evergreen “retail apocalypse” will result in a bleak list of dozens of mostly midwest and western-USA newspaper and journal stories with headlines like Rushmore Mall facing foreclosure, $100M in upaid loads or Another one bites the dust and Metro area mall headed for a foreclosure sale as owner faces default on $200M loan.
But a casual drive to your local Sears or Dillard’s (or the place where they
Authored by Adam Taggart via Peak Prosperity.com,
Our culture is becoming a “social desert”…
We’ve recently published a series of commentary on PeakProsperity.com addressing the epidemic of disconnection, dissatisfaction and demoralization that society is increasingly suffering from today:
Facing The (Horrible) Future
A New Framework For The Future
While his father has been declared dead many times, only to miraculously reemerge in defiance of western (and Russian) media reports, Hudhayfah al-Badri, the son of ISIS leader Abu Bakr al-Baghdadi, was recently killed in an “Inghimasi” operation in Homs province while fighting against Russian and Syrian forces, according to the Telegraph, which cited an official ISIS announcement. An “Inghimasi” attack is essentially a suicide mission where ISIS soldiers fight for as long as they
UK counterterrorism detectives and local police are investigating after a couple in their 40’s fell critically ill from exposure to an unknown substance, just a few miles from where former Russian double-agent Sergei Skripal and his daughter were poisoned with a suspected nerve agent in early March – exactly four months ago.
Authorities have not yet identified the substance,
Authored by Robert McDonald via InsideSources.com,
Independence Day is filled with parades and picnics, fireworks, fairs and other festivities. Amid these celebrations, however, it’s important to remember that the Fourth of July commemorates a very important historical event: our nation’s declaration of its independence from Great Britain.
The quiz below, from the Ashbrook Center at Ashland University in Ashland, Ohio, provides an opportunity for you to test your knowledge of the Fourth of July and
Authored by Tsvetana Paraskova via OilPrice.com,
U.S. gasoline prices are at a four-year-high this year as a result of the higher price of oil which has reached a three-and-a-half-year high in recent weeks.
The increased pump prices are now eating into the disposable income of the average American household that will have a total of $440 less to spend this year on other
President Trump remains compelled by the US system to defend NATO, currently the main tool of transnational imperialism. Despite his attempts, his vassals refuse to free themselves and make their own way. He is therefore pursuing the policies of his predecessors by infantilising the Europeans and turning them against Russia. Anticipating a possible dissolution of the European Union, some of its members have engaged a little more deeply in NATO.
The trillions of microbes in our gut play incredibly important and complex roles in our health. I’ve written several articles on the gut microbiome and its connections to:
skin health allergies food cravings bone health ocular health the thyroid autoimmune disease brain health heart health
Because the health of
A MAN who lost 5st has been praised for his uncanny resemblance to a Disney prince.
(Natural News) New York Attorney General Eric Schneiderman resigned on Monday after numerous women came forth with allegations of the #MeToo movement advocate’s lust for physical assault, launching claims the outspoken women’s rights figure chocked, slapped, and even threatened to kill several women who dated the prominent