Short positions in oil exchange-traded funds surged to stunningly extreme record levels (up 300% in a month) in Janaury as crude oil plummeted. Since January 20th, however, things have changed rapidly as a massive short-squeeze began...

(axes adjusted to show relative scale of short position)

Now, as UBS notes,

“The Brazilian economic downturn took a real turn for the worse in February," according to Markit's Composite PMI, which collapsed to record lows at 39.0. Despite a slightly less bad than expected GDP print this morning (stil down a record 5.89% YoY), hope was quickly extinguished as PMIs showed economic activity continuing to contract at a record pace, job losses accelerating, and manufacturing's collapse accelerating.

Former Republican nominee Mitt Romney called Donald Trump a ‘misogynistic, reckless fraud’ who could destroy America during a speech in Utah on Thursday. Trump blasted his one-time supporter, whom he said once “begged” for his endorsement. “I could have said, ‘Mitt drop to your knees,’ and he would have dropped to his knees,” Trump said. “Mitt is a failed candidate – he failed. He failed horribly.” The BBC reports He accused Mr Trump of bullying, misogyny and dishonesty in a speech in Utah on Thursday.

Authored by Mark St.Cyr,

I have stated many times over the years, all I need to get the sarcasm train rolling is to make an observation followed with a possible conclusion on the way I see it – and the light in that tunnel ahead, more often than not, will be the freight train known as “The Sarcasm Express.” As I’ve also iterated, I take no issue with it, for if you’re going to make calls or observations at my level – it comes with the territory.

The Justice Department has granted immunity to a former State Department staffer, who worked on Hillary Clinton’s private email server, as part of a criminal investigation into the possible mishandling of classified information, according to a senior law enforcement official.