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Articles by Jack Burtan
Friday Was Just The Start: Here Are Goldman's 5 Reasons Why The Selling Will Continue
After 40+ days of the S&P going virtually nowhere on muted volume, cross-asset correlations soaring to all time highs, and quant funds leveraging to record levels, it all just snapped on Friday the "volatility on the sidelines" finally made a grand entrance right back into the market, which tumbled the most since Brexit, and closed below its 2015 highs. And now the question is whether this violent selloff, the fouth such elevator drop lower in the past two years, is over or if it will continue.
ICI Lists Three Ways The Market Is "Weird"
In the latest note from ICI's Glenn Schorr, the analyst points out something that so many others have previously noted: namely, that the market is "weird." And it's not just one way. According to Schorr there are at least three different reasons why "it’s still a little weird to us to see equity markets near all-time highs": Eequity Capital Markets volume is down ~50%, we’re in our 10th straight month of down y/y volume and volumes are below average as a percentage of GDP.
Why JPM Now Thinks The S&P 500 Is Promptly Headed For 2,200
The S&P 500 is less than 50 points away from 2,200. That number is notable: in addition to that being Goldman's year end price target - for 2017 that is - it also the combination of two important digits: 17 and 130, which are what JPM thinks are the PE and EPS bogeys that the market is currently aiming for. It is also why JPM's trading desk commentary now expects that the S&P500 will hit 2,200 in short notice. From JPM's Intraday update: Market update – more of the same for this market.
Dreadful 10 Year Auction: Massive Tail, Plunging Bid to Cover, Fleeing Foreign Bidders
It has been years since we have seen as dreadful a 10 Year auction as the just concluded sale of $20 billion in 10 Year paper. With a high yield of 1.516%, the 10Y auction tailed a whopping 1.2bps to the When Issued, the biggest tail going back years. Things got even worse when looking at the crashing Bid to Cover, which plunged from 2.70 just a month ago to a paltry 2.33, was the lowest since March of 2009.
If It Seems Too Good To Be True...
By Chris at www.CapitalistExploits.at When my children were born I watched mesmerized as my wife did what countless women before her had done. The physical act of giving birth must be quite simply one of the most painful experiences known to man. Or in this case to women. For some women, childbirth can go on for literally days. And when the baby finally comes, sometimes it’s so bad they have to bring out those salad tongs to help the process along.
The PhD Bubble Has Burst: Graduating 'Doctors' Are Having Trouble Finding Work
Spending nearly a decade in college, racking up significant amounts of debt, and emerging with that coveted PhD designation isn't what it used to be... in fact it is safe to say the PhD bubble has burst. The percentage of new doctorate recipients without jobs or plans for future study climbed to 39% in 2014, up from 31% in 2009 according to a National Science Foundation survey.
ECB Policy-Failure On Display: European Businesses Aren't Planning To Invest
There once was a time (at least in banished Austrian economic circles) when low market interest rates signaled to entrepreneurs a positive environment in which to make investments in order to grow or create new product. That indicator has long since been broken as central banks muddy the waters and arbitrarily move interest rates wherever they feel 'optimal', including corporate bond rates.
Maybe You Should "Sell In May"
Last Friday the market closed below its 50-day moving average. Theoretically, such a close should have sent traders scrambling for cover Monday morning. As I noted in this past weekend’s missive: Yesterday, support at 2040 was defended as the markets turned sharply higher amidst continued poor economic data releases. For now the bull’s clearly remain in charge, but the question is for how long?
US To Send Troops, Weapons To Libya To "Fight ISIS"
Just two years after the US provided generous amounts of modern weapons to both the "moderate" Syrian rebels as well as the Iraq military, which then conveniently and almost immediately "fell into the wrong hands" and served to arm what was then a little known group of Muslim fundamentalists that went by the name of the Islamic State, the US is about to do it again.
Every Single Bloody Market Is Manipulated ... See For Yourself
Deutsche Bank admitted today that it participated with other big banks in manipulating gold and silver prices. In 2014, Switzerland’s financial regulator (FINMA) found “serious misconduct” and a “clear attempt to manipulate precious metals benchmarks” by UBS employees in precious metals trading, particularly with silver.
Is The CDS Market Manipulated?
Credit Event, Or Not? Is Another Market Being Manipulated?
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