Another Bank Throws In The Towel: "After 6 Years Of Outperformance" Citi Cuts US Stocks To Underweight

Yesterday JPM, which despite calling for a 2,200 year end price target, paradoxically warned that the regime of "buying dips" is over, and that "we take the view that equities are unlikely to perform well on a 12-24 month horizon" adding that "the regime of buying the dips might be over and selling any rallies might be the new one." So don't buy dips yet somehow the S&P will rise 150 points? Fair enough.

Oil Tumbles After Saudis Slash Prices To Europe

"The Saudis are preparing for Iran’s return," said Mohamed Sadegh Memarian, who recently retired as the head of petroleum market analysis at Iran’s oil ministry, as they sharply cut the prices they charge for crude oil in Europe (to the biggest discount since Feb 2009). The move that will likely undercut Iran happens as sectarian tensions escalate between the rival Middle Eastern nations.

Republican Threatens DoJ Budget Over Obama's 'Tyrannical' Gun Control Action

"The next twelve months will be an especially dangerous time for Americans who treasure our Second Amendment right to keep and bear arms," warns Rep. John Culberson (R-Texas), chairman of the Appropriations subcommittee that oversees the Justice Department (DoJ). As The Hill reports, his warning, in a letter to Attorney General Loretta Lynch, follows a threat to block President Obama's executive order on guns by defunding the DoJ.

 

Thousands Protest In Iraq Over Saudi Execution Of Shia Cleric

Thousands took to the streets of  Baghdad  and Southern Shi’ite cities in Iraq on Monday in protest over the Saudi execution of Shiite cleric Sheikh Nimr al-Nimr. Demonstrators carrying portraits of Nimr rallied outside the Green Zone, a heavily fortified district that houses government departments and diplomatic representations, including the newly reopened Saudi embassy.Police guarding the zone pushed back a group that attempted to cross a line of barbed wire as they chanted “Damned, damned be Al Saud!,” referring to the Saudi ruling family.

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