Gartman: "This Is Now A Bear Market"

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

Facebook Algorithm Flags The Declaration Of Independence As "Hate Speech"

Authored by Mac Slavo via,

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

Credit Suisse: "Our Risk Appetite Index Is Near Panic"

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

UK Confirms Novichok In Latest Poisoning Same As Used On Skripals

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

WTI/RBOB Slammed On Surprise Crude Build

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 -4.5mm

Cushing -2.6mm

Gasoline -3.00mm

Distillate -438k


Crude +1.245mm (-5mm exp)

Cushing -2.113mm (-2mm exp)

Gasoline -1.505mm (-750k exp)

Distillate +134k

"It Just Makes Me Cry": Investors Hit David Einhorn’s Greenlight With Redemption Requests

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”

The Gathering Storm

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.


Stagflation Signals Flash Red As US Composite PMI Dips, Bucks Global Trend

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.

China’s ‘Dreaded’ Vote Of Confidence

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

Tesla Facing New Probe From California Regulator As It Builds Car In A Tent

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

Teen Attacked For Wearing MAGA Hat, Assailant Fired

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,

US Vows To Keep Gulf Waterway Open After Iran Threatens Blockade

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

Mueller Probe Expands Despite Pleas To "Finish It The Hell Up"

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 Employment Disappoints For 4th Straight Month

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.

China Rejects US "Blackmail" On Eve Of Trade War, Vows To Fight Back

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

Why One Trader Thinks Trade War Will Send The Dollar Tumbling

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

Iran Begs Trump: "Please Stop Tweeting, You’re Driving Oil Prices Higher"

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

With Trade War Looming, Futures Spike On Report Of US-EU Auto Tariff Talks

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,

"20lbs Of Human Waste" – Major Medical Convention Abandons San Francisco Citing Street Safety

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.

Parents Furious As UK Secondary Schools Ban Skirts To "Accommodate" Trans Students

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

Former US Ambassador Confirms Intel Report On Russian Interference "Politically Motivated"

Authored by Jack Matlock via,

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.


Maduro "Promotes" 16,900 Venezuelan Soldiers As Reward For "Loyalty"

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

Paul Craig Roberts: "July 4th Is Matrix-Reinforcement Day"

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

Japan Limits Overtime To 99 Hours A Month To Curb "Death By Overwork"

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

Meet Hadrian, The Brick Laying Robot That Will Make Construction Workers Obsolete

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.

Already, the

Europe Turns Down Chinese Offer For Grand Alliance Against The US

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)…

Trump Reportedly Asked Aides About Invading Venezuela

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.


Whitehead: The Danger Is Real – We Need a New Declaration Of Independence For Modern Times

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,

Step Aside Italy: India Is Emerging As Ground Zero Of The World’s Biggest NPL Crisis

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.

"Short-Tempered" Musk Reportedly "Snapped" At Staff Working 12-Hour Shifts In Model 3 "Production Hell" Week

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,

How To Make Your Life A Declaration Of Independence

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

Residents Of New York’s "Billionaires’ Row" Suing To Block Homeless Shelter From Opening

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

Trump 2020 Reelection ‘In Jeopardy’ As Michael Avenatti Pledges To Take On The Don

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

The Only Stock Buyers In The First Half Were Buybacks: BofA

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

Mall Vacancies Hits 6-Year High

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

Charles Hugh Smith: We Desperately Need Shared Values, Connection, & Positive Social Roles

Authored by Adam Taggart via Peak,

Our culture is becoming a “social desert”…

We’ve recently published a series of commentary on addressing the epidemic of disconnection, dissatisfaction and demoralization that society is increasingly suffering from today:

Feeling Isolated?

Facing The (Horrible) Future

A New Framework For The Future

The End

Son Of ISIS Leader Reported Killed In Suicide Attack

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 Couple Falls Critically Ill In "Major Incident" Miles Away From Skripal Poisoning

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,

Rediscovering America: A Quiz On The Fourth Of July

Authored by Robert McDonald via,

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

The USA and NATO ousts crisis-ridden EU, by Manlio Dinucci

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.