Wait a minute… I thought the housing market wasn’t the problem this time. The Fed just bought a record amount of mortgage backed securities this last week. It accounted for 84% of its most recent stimulus. Looks like another part of the economy could be swimming naked. pic.twitter.com/J0DzekWJ4x — Otavio (Tavi) Costa (@TaviCosta) May 14, … Read more
by formerbuck OKAY. So demand has been reduced dramatically around the world, our $21 trillion GDP has basically been paused for 2 months, so to keep it afloat (rough math), the government had to add $3.5 trillion to keep the economy running somewhat smoothly. That’s a lot of printing, you idiots probably expect inflation. Wrong, … Read more
More money!! https://www.cnbc.com/2020/05/12/coronavirus-updates-house-democrats-unveil-3-trillion-relief-bill.html It includes, according to a summary: Nearly $1 trillion in relief for state and local governments A second round of direct payments of $1,200 per person, and up to $6,000 for a household About $200 billion for hazard pay for essential workers who face heightened health risks during the crisis $75 billion … Read more
by DropItShock Vertical Spread Basics Spreads often get a bad rap for sounding more complex than they end up being. I’d wager quite a few people here don’t even know what the “Select” button is for at the top right of the options screen on Robinhood. I see over and over people losing their money … Read more
by pdwp90 U.S. Senate Financial Disclosures Their database is pretty painful to navigate (it’s just a bunch of individual filings), and I’d encourage anyone looking for a tidier representation of the periodic transactions to check out the dashboard I’ve been working on. I’ve built a whole dashboard on insider trading by U.S. Senators at https://www.quiverquant.com/sources/senatetrading. I’d strongly encourage … Read more
by justathoughtfromme It’s generally required for a parent to co-sign a minor’s bank account in the US. Once you turn 18, the best course of action is to establish an account in your name ONLY so you have sole control of it. It would even be better if you can establish the account at a … Read more
by Charles Hugh-Smith Financialization was never sustainable, and neither was the destructive globalization it enabled. All the happy-story analogies to past pandemics being mere bumps in the road miss the mark. A popular claim is that the 1918-1919 flu pandemic killed millions but no biggie, the Roaring 20s started the following year. It’s onward and upward, … Read more
By Wolf Richter for WOLF STREET. There has been huge hoopla about the Fed stepping into the markets and buying investment-grade corporate bonds and “fallen-angel” junk bonds, syndicated leveraged loans, CLOs (collateralized loan obligations), bond ETFs, and even junk-bond ETFs. The first intentions were announced in March and then expanded to include more asset classes and lower credit … Read more
by ikegro TLDR; Great Lakes submitted the WRONG student loan status code to the three credit bureaus for ALL of their customers with student loans (as part of the CARES act) and it’s causing everyone’s credit scores to drop 40-50 points. I’m in the midst of buying a house and my lender pulled my credit … Read more
Federal judge mulls contempt charge against Michael Flynn Federal judge Emmet Sullivan is signaling that he may pursue perjury or contempt charges against former national security adviser Michael Flynn over his effort to abandon an earlier guilty plea to a charge of lying to the FBI. The Justice Department moved last week to drop the prosecution of Flynn launched … Read more
Remarks by President Trump Before Marine One Departure Q What do you mean by cutting relations with China? What would that look like? THE PRESIDENT: We’ll see. We’ll see. We got a lot of things going with China. We’re not happy about China — I will tell you that. The ink wasn’t dry on a great … Read more
https://www.youtube.com/watch?v=Xeq9DKx_5PM As Doctor’s Offices Close Worldwide – Learn To Care For Yourself
by Kimble Charting Is the saying “So Goes The Banks, So Goes The Broad Market” true? Over the past 28-months, it does appear to be accurate! Banks started underperforming the S&P 500 in January of 2018 (28-months ago) at (1) in the upper left chart. This weakness from Banks sends a bearish divergence message to the broad market. … Read more
by Kimble Charting Are bear market rallies peaking in Europe? Very possible! This 3-pack looks at stock indices from Germany (DAX), France (CAC-40), and London (FTSE-100). Each index declined more than 20% from highs earlier this year, reflecting that each entered into bear markets. Each index hit lows in March, similar to stocks indices in the states and counter-trend rallies … Read more
Implied vol. wants to spike.. the last time it didn’t end well pic.twitter.com/GXVqZITjpE — Alessio (@AlessioTMAD) May 14, 2020 https://twitter.com/AndysCycles/status/1261059456575520768
Hollywood is seeing a wave of staff reductions from the corporate suites to the theme park turnstiles as entertainment giants including the Walt Disney Co. and Endeavor implement layoffs and furloughs in response to the Chinese coronavirus pandemic. Just how bad is the carnage? In Los Angeles County alone, 14,000 entertainment-related workers saw their jobs … Read more
Clapper asked about leaking classified info to the press, his connection suddenly goes dead As Clapper is asked about leaking to the press, his connection goes dead pic.twitter.com/k0HOygTBL9 — Tom Elliott (@tomselliott) May 14, 2020 https://youtu.be/FLwjevsj6do No one seems to care that when CNN finally tries to look like a real news agency, the staff … Read more
https://twitter.com/apark_/status/1261054164076986369 In today's Fed release they started reporting on the "Corporate Credit Facility LLC" vehicle they created to "support credit to employers." How do they plan to do that? By buying up corporate bonds on the primary/secondary market, including ETFs. Did congress authorize this? pic.twitter.com/8jqjwOXIyu — Charlie Bilello (@charliebilello) May 14, 2020 Who knew QE … Read more
Citigroup's "US equity strategists’ panic/euphoria model is approaching euphoria, which, historically, has led to negative returns over the next 12 months." pic.twitter.com/y4AaS3dEJE — Lisa Abramowicz (@lisaabramowicz1) May 14, 2020 Bigger picture ..this market has been sideways since 9 April It is sucking longs, and shorts pic.twitter.com/5uBmLge1AM — Tracy Shuchart (𝒞𝒽𝒾 ) (@chigrl) May 14, 2020 … Read more
"Fed speakers have been united in the past few days, coming out against negative interest rates …It has not worked in Japan. It has not worked in Europe. I'm pleased that Powell said it will not happen"#CheddarBusiness #QuillIntelligence — https://t.co/q9WfpNRFDA pic.twitter.com/6578LCsEhv — Danielle DiMartino Booth (@DiMartinoBooth) May 14, 2020 https://www.youtube.com/watch?v=_mW4Fbt-BWs&feature=youtu.be