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October 22, 2017 | Trading Desk Notes – Oct 21

Global stock markets were higher again this week, after a brief dip Thursday following a “warning” from the Peoples Bank of China about “too much debt and too much leverage.” The major American indices hit All Time Highs again this week with the DJIA up about 18% YTD. Real and nominal US interest rates rose this week […]

October 22, 2017 | China’s National Congress: What You Need To Know

As you may have seen in the news, the China’s ruling Communist Party is currently convening its twice-in-a-decade National Congress. And, as you may have also seen in the news, it’s kind of a big deal. “Xi Jinping declares China’s intent to be a ‘leading power’ by 2050,” warns Business Insider. “China’s leader Xi Jinping […]

October 22, 2017 | World’s First Floating Wind Farm in Scotland

Some people thought we were crazy when we put a giant wind turbine on top of a floating spar structure and towed it out to sea. But it turned out to be the future, and the future is now. This year we made a giant leap forward as we installed and started producing electricity from […]

October 22, 2017 | Dream On

Another big week for poor Bill. More on that in a minute. First, the B20 bomber and the much-misunderstood stress test. Will this new level of federal intervention in the horny housing market really make a difference? Critics, doubters and scared realtors are bravely saying, no. People will just go to credit unions, they say. […]

October 22, 2017 | Melt-Up Scenario Gaining Converts

The melt-up story is getting increasing play — and who’s to deny it? Even bulls seem to find it a little scary, though, since, after the melt-up, what then? I’m not sure which guru in the fever swamp is hyping the highest target for the Dow Industrials, but I’m on record below with 25680.  (I could […]

October 22, 2017 | Acting Man Defends Marc Faber

Acting Man founder Pater Tenebrarum (an alias name) defends Marc Faber. Tenebrarum says the Faber quotes are out of context. He provides a link to the complete statements. The October issue of the Gloom Boom Doom report was an in depth look at some of the more important economic and social questions of our day, […]

October 22, 2017 | Are Cryptocurrencies Inflationary?

There’s a debate raging over what, exactly, bitcoin and the thousand or so other cryptocurrencies actually are. Some heavy-hitters are weighing in with strong, if not always coherent opinions: Jamie Dimon calls bitcoin a ‘fraud’ JPMorgan Chase CEO Jamie Dimon did not mince words when asked about the popularity of virtual currency bitcoin. Dimon said […]

October 22, 2017 | The LOVE of $$$ is what? Let’s Think!

Today, we live with a digital $ which gets created out-of-nothing. Essentially, our $ (dollar) is nothing (no ‘thing’). This unit has zero substance (also called ‘matter’). Technically, our digital $ is Unconstitutional and Illegal and should be recognized as such. It’s a sham, fantasy, fake, mental abstraction, also called a ‘unit’ of our inner […]

October 21, 2017 | ABC & Fake News

ABC News has indeed violated the principles of a Free Press and is the example why the old Fairness Doctrine should be restored. ABC News has come out and wrote: “Every American president has sparred with the press and fought back against stories unflattering or unfair. But no sitting president has in decades suggested media organizations […]

October 21, 2017 | Poised For Pain: Who Will Buy, When the All ‘Passives’ Want to Sell?

Some worthwhile big picture commentary in this segment. With sky high equity valuations, economic uncertainty, plus concerns over interest rates, central bank reactions and debt, the risks are rising. With a stellar cast, The Big Story – Edge of The Cliff, examines the potential for a major market correction and what that means for investors, […]

October 21, 2017 | Nonsensical Idea of the Day: “Bitcoin is a Ponzi Scheme”

It is absurd to label bitcoin a Ponzi scheme. Yet that is what Jim Rickards says. Ironically, Bitcoin is an anti-Ponzi setup, regardless of what it is used for, regardless of whether or not it’s in a bubble. In a video interview with Hedgeye CEO Keith McCullough, not only did Rickards state that he agreed […]

October 21, 2017 | The Last Big Loophole Closes on Canadian Housing Finance

The Canadian housing market’s been on a tear for almost twenty years. Prices have tripled since 2000. Easy credit conditions have been feeding fuel to the fire. Source: Bank for International Settlements, The MacBeth Group In an October 3 speech regulator-in-chief Rudin issued a clear warning to aggressive lenders: “We clearly see the potential risks […]

October 20, 2017 | CBC: Abacus Bank: Small Enough to Jail

This expose is disturbing and worth watching. The largest investment bank executives remain ‘too big to jail’ today, and are still queering, even writing, public policy in their favor, while effectively buying off the regulatory and legal response to their ongoing malfeasance. As a result, only small players face personal liability and, in some cases, […]

October 20, 2017 | The Swamp Has Won

POITOU, FRANCE – Autumn has finally imposed itself. The yellow and gold leaves drift down… morning fog rises… and the remains of the day grow cold. We now have a fire in the fireplace all day long. A couple of oak trees had to come down. They were almost dead. And an old araucaria threatened to fall […]

October 20, 2017 | No Escape

No Bank of Canada rate increase next week. Phew. Talk about hammers and flies. With B20 taking flight, effectively adding a full 2% to mortgage rates, the housing market is already in for serious diddling. Plus, events of the next 10 weeks might make everything worse Why is the central bank suddenly putting on the […]

October 20, 2017 | October 19th – 30 Year Anniversary 1987 Crash

COMMENT: 30 years ago today I was sitting in a brokerage firm in New Castle Pennsylvania on a personal computer that had 720 K of RAM and ran at 1 GHz watching the market and sitting looking at the charting. Prices on stocks were running between 15 and 30 minutes late, nobody knew what was […]

October 20, 2017 | Is the Fed Getting Cold Feet about the QE Unwind?

Curious things are happening on its balance sheet. The last Fed meeting ended on September 20 with a momentous announcement, confirming what had been telegraphed for months: the QE unwind would begin October 1. The unwind would proceed at the pace announced at its June 14 meeting. It would shrink the Fed’s balance sheet – […]

October 20, 2017 | Liberal Students Love Trump’s Tax Plan (When Told It’s Bernie’s)

Campus Reform interviewed college students seeking their opinion on several features of Bernie Sanders’ tax plan. They loved it. Interestingly the plan was not Bernie’s but rather Trump’s. Enjoy the video. Details from Campus Reform. President Donald Trump’s proposal for comprehensive tax reform was almost immediately dismissed as heartless and impractical by his political opponents. […]

October 19, 2017 | Obama Administration Bribed by Russians?

Another example of how corrupt it is in Washington, the prior Obama Administration, including Hillary, approved the Russian purchase of American uranium resources, it turns out that the FBI has gathered evidence confirming that there was bribery taking place for Russia to get the deal. Of course, Loretta Lynch never investigates Democrats when her own Administration is the […]

October 19, 2017 | Will ‘The Sign of the Bear’ Trigger?

The broad averages swooned on Thursday after coming within inches of some important Hidden Pivot rally targets subscribers have been using for a while. Buyers looked poised at the close to ram these impediments into oblivion come Friday, but I won’t be ready to throw in the towel until I’ve seen another day or two […]

October 19, 2017 | Flattening Curve: Ticking Clock on this Over-Extended Cycle

As the stock market parties like it’s early 2000, a historically reliable indicator of economic weakness, the yield curve, continues to raise alarm in North America.  The spread between 2 and 10 -year US Treasury yields reached a new cycle low of .75 this week, and in Canada .51. As show below in my partner […]

October 19, 2017 | Donald Trump: The First “Brand” President

POITOU, FRANCE – “Trump did this…” “Trump did that…” The news media can barely keep up with him. Sometimes, the calumnies against the president are idle gossip. Sometimes, they greatly understate the magnitude of the crime. He “disrespects” a dead soldier, says one report. He “thinks he owns a Renoir,” says another. He bombs a […]

October 19, 2017 | The Crash

The nineteenth of October. Remember this day. Thirty years ago I was sitting in my office, a bearded thirtysomething guy who was omniscient, swaggered in cowboy boots and had a rock-hard body glistening beneath his stylish suit. In short, nothing’s changed. Except the world. A journalist and daily newspaper columnist at the time, it was […]

October 19, 2017 | The Shiniest Metal of Them All

If you like precious metals, you probably like gold and silver. Let me tell you about a shiny metal that is leaving both gold and silver in the dust. That metal is palladium – and it’s up 42.6% since the start of the year. And up 73% since the start of the new bull market […]

October 19, 2017 | Philadelphia Fed Manufacturing Survey Shows Employment Index Highest in 48 Years: Reality Check Time

I stopped commenting on the Fed regional manufacturing reports some time ago because they bear little resemblance to reality. Today’s Philly Fed report is a real “gem,” showing just how screwed up diffusion indexes are, so it’s worth a look. The Philadelphia Fed Manufacturing Outlook Report shows business conditions are at 27.9, well above the […]

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