United States

'As goes oil, so goes the US equity market' appears to bethe new mantra. Just as yesterday's pump-and-dump tracked oil, so in the pre-market, WTI Crude plunged back to fresh 7-year lows after IEA warned that the oil glut will worsen, with prices lower for longer as demand remains subdued through at least 2017. This in turn sent US equities tumbling with Dow futures down 200 points (down 330 from Thursday highs).

Spot the difference...

It was a relatively calm overnight session in which European stocks wobbled modestly, Japan was up, China was down following the Yuan's weakest fixing since 2011 as the PBOC continues to aggressively devalue since the SDR inclusion (stoking concerns capital outflows are once again surging), EM stocks stocks were weak and the dollar was unchanged ahead of today's retail sales data and next week's Fed meeting, and then suddenly everything snapped.

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Posted with permission and written by: Steve St. Angelo of SRSrocco Report (CLICK FOR ORIGINAL)

Authored by Jeremy Grantham via GMO,

Give Me Only Good News!

“It ain’t what you don’t know that gets you into trouble.    It’s what you know for sure that just ain’t so.”

(Attributed to Mark Twain)

Submitted by Nick Giambruno via InternationalMan.com,

“What’s it like playing chess with Obama?” asks a top aid of Russian president Vladimir Putin.

 

Putin replies, “It’s like playing chess with a pigeon. First it knocks over all the pieces, then it shits on the board, and finally it struts around like it won.”

Now, Putin hasn’t actually said this on record. It’s just a popular joke circulating in Russia.