Morgan Stanley Finds A "Stunning Divergence" In The Economic Data

Since we first highlighted the data, there has been a great deal of attention paid to the post-election divergence between the so-called soft (sentiment) data in the US, and the hard (quantifiable) data. Morgan Stanley's chief equity and rates strategists note "the divergence is stunning."   Upside surprises appear to be completely driven by the […]

Gold ETFs vs. Physical Gold – Dangers Of Exchange Traded Funds

Gold ETFs vs. Physical Gold – Dangers Of Exchange Traded Funds  by Olivier Garret on Forbes Gold ETFs are rising in popularity due to their convenience. They’re easy to trade, there’s no need to store anything, and no one is going to break into your house to steal your GLD shares. But there are a […]

Bitcoin's 'Fork' In The Road

Authored by Vinny Lingham, I’ve been very surprised with the amount of vocal support for a Bitcoin Hard Fork – especially from many Bitcoin supporters who believe it is either inevitable or “not a bad thing”. I get it, but you’re wrong. I know everyone is tired of the scaling debate. I’m not going to […]

Uber President Quits After Allegedly Deciding Series Of Scandals Were Just Too Much

Jeff Jones, the former Target CMO who joined Uber less than a year ago as President of Silicon Valley’s priciest ‘decacorn’, is leaving the company, according to Recode.  Jones is reportedly exiting as the company deals with a flurry of recent controversies, including allegations of sexual harassment and an embarrassing video that surfaced last month […]

Warning Signs

Authored by Lance Roberts via, Bull Market Still Intact…For Now This past Wednesday, on the Real Investment Hour, I spoke with Greg Morris about the technical backdrop of the market. During that interview, he discussed that from a technical perspective the bullish trend of the market is still in place, and despite fundamental underpinnings […]

Jean-Claude Cooking Crud

  Jean-Claude Juncker: “In Europe, the choice is to eat what’s on the table or not come to the table at all.” Wrong, Jean-Creep Drunker! The choice in Europe is to eat the EU shit sandwich.  Or, cook for ourselves, or eat elsewhere, or order take-out, or get someone else to cook for us, or […]

Abe School Scandal Set For Major Escalation After Donation Receipt Emerges

The crisis that has rocked the previously unshakeable administration of Japanese Prime Minister Shinzo Abe is not the result of bungled economic policies, party in-fighting or any of the other calamities that have brought down Japanese leaders in the past, which includes Abe’s first administration as prime minister. Abe is struggling to shake off a […]

Did The Fed Just Hint At Monster Inflation?

We won’t bore you with yet another article about the recent rate hike by the Federal Reserve. This move was widely expected, as the Fed members had been hinting this would happen for several months now. Additionally, the new ‘hints’ about an additional two rate hikes later this year also didn’t surprise the market as […]

Trump Thinks Your Car's Gas Mileage Is… Your Business

Via Eric Peters Autos, The Clovers are aghast that Trump is threatening to do the unimaginable – and stop threatening the car companies with federal fuel economy fatwas (and add-on fatwas forbidding or restricting how much plant food – carbon dioxide – cars may emit). He appears to be entertaining the horrible idea that the […]

Signs That The Silicon Valley Tech Bubble Is About To Burst

18 months ago there was a seemingly limitless number of Silicon Valley future billionaires buying up multi-million dollar homes and renting out lavish pads.  But if demand for excessively priced real estate is any indication of the health of Silicon Valley’s tech industry then all the venture capitalists who have tripped over themselves to invest […]

Liberal Protesters Boost Trump's Economy As Sign-Making Supplies Sales Soar 30%

In an ironic twist, the Trump-hating protesters of America (71% of which believe an economy-wide downturn is imminent) have boosted American growth since the inauguration – sales of poster boards, markers and other sign-making supplies jumped more than 30%. Bloomberg reports that, according to data from the NPD Group which tracks sales of consumer goods, […]

Visualizing The 100 Websites That Rule The Internet

There are over 1.1 billion websites on the internet, but the vast majority of all traffic actually goes to a very select list of them. As Visual Capitalist's Jeff Desjardins notes,, for example, has an astounding 28 billion visits per month. The next closest is also a Google-owned property,, which brings in 20.5 […]

Why The Fate Of The World Economy Is In The Hands Of China's Housing Bubble

A couple of research reports released overnight by Deutsche Bank and Bank of America, respectively, come to a sobering conclusion: the fate of the global economy may be in the hands of the Chinese housing bubble. As a reminder, China is a serial bubble inflator courtesy of a closed (capital account) economy, and nearly $30 […]

Why China Unexpectedly Hiked Rates 10 Hours After The Fed

As we reported on Wednesday evening, something interesting took place on Thursday morning in Beijing: in a case of eerie coordination, China tightened monetary conditions across many of the PBOC’s liquidity-providing conduits just 10 hours after the Fed raised its own interest rate by 0.25% for only the third time in a decade. The oddly […]

Trader Warns: "Yields & The Dollar Have Much Further To Fall"

The initial reaction to the Fed was big. But, as Bloomberg's Mark Cudmore notes, there’s much more to come still as the message was about as dovish as could have been envisioned, given it was accompanying a rate rise. Cudmore had argued that long-end yields would fall after the Fed hike, and while an 11 […]

These Banks Will Now Charge You A 4.00% Prime Rate

One of Janet Yellen’s stated reasons behind the Fed’s rate hike has been to reward savers with a slightly higher rate of interest on their deposits: after all, for nearly a decade the interest collected by depositors across US banks, with a few exceptions, has been 0.0% or thereabout. Unfortunately, as noted yesterday, even with […]

Now That Everyone's Been Pushed Into Risky Assets…

Authored by Charles Hugh-Smith via OfTwoMinds blog, A funny thing happened on the way to a low-risk environment: loans in default (non-performing loans) didn't suddenly become performing loans. If we had to summarize what's happened in eight years of "recovery," we could start with this: everyone's been pushed into risky assets while being told risk […]

Puerto Rico Bonds Are Plunging Again

Puerto Rico bonds are in the midst of the biggest three-day rout since April 2016, when island officials advanced a moratorium bill that paved the way for the first default on its general-obligation debt, according to data compiled by Bloomberg. As The FT reports, Puerto Rico plans to begin restructuring talks with its multitude of […]

Real Estate at Financial Crisis lows, opportunities???

  Below compares the performance of the S&P 500 and Real Estate ETF (IYR) over the past 10-years. Since the highs in 2007, IYR has little to brag about as it’s net asset value has declined 10%. The S&P during this same time frame is up 66%. CLICK ON CHART TO ENLARGE   Below compares the relative performance of […]