Earlier this morning we got another glimpse of reality behind the smoke-and-mirrors, mainstream-media-sponsored last-pillar-standing lovefest that is US auto sales when the business sales data showed a disheartening tumble in sales in October. So where are all the sales going that automakers report? The answer is simple... (and painful).
Submitted by John Rubino via DollarCollapse.com,
Here’s one for the "actions speak louder than words" file:
Massive insider selling spurs stock market concerns
(CNBC) – Corporate insiders have been selling their shares at near-record levels, and according to some, this could be a sign for outside investors to start selling as well.
With the biggest single-day drop in over 4 years, US High-Yield bond prices have collapsed to their lowest levels since July 2009. Crucially, it's not just energy companies as the painful illqiuidty has careened across the entire space, not helped by fund liquidations and the biggest outflows since August 2014.
As we warned here, and confirmed here, something has blown-up in high-yield...
With the biggest discount to NAV since 2011...
Bail-Ins “Undermine Confidence” In Banks - Lead to Suicide of Pensioner
Bank 'bail-ins' and the new international bail-in regime that impose losses on bank investors, bondholders and even depositors may undermine the confidence of small savers in the banking system, a senior Bank of Italy official warned on Wednesday.
Protect Your Savings From The Wrecking Ball
Putting the 'mad' in Maduro. Venezuela's heavy crude oil price just crashed almost 9% to $31.24... its lowest since December 2004. Time for another 'swap' with China?
Charts: Bloomberg