Investors are piling into Snap Inc. today (up over 7%) after hedge fund 13Fs over the weekend showed Appaloosa, Third Point, Soros, and Blackrock (among others) were all holders of the 'camera' company at the end of Q1...
Having dropped to as low as $17.07 (just 7c above the IPO price), the fact that these asset managers were holding the stock above $22 six weeks ago is apparently a reason to buy?
Investors piled into stocks today after the biggest global cyberattack in history struck over 100 nations, Chinese economic data disappointed and fell, America faces a "constitutional crisis" if the media is to be believed, and US economic data dumped... Only one clip is needed...
We first brought the world's attention to Noble Group in 2015, as commodity markets crashed and what was Asia's largest commodity trader faced near-bankrutpcy as trading partners lost faith, bonds were dumped, and CDS protection was bid. In the months since, panic subsided and everything - as it always seems to have been - was fine... until last week!!
Which brings us to the recent price action in Silver (as well as various other commodities). As The Macro Tourist's Kevin Muir asks (and answers) -
Was Noble The Big Silver Seller?
Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies
With VIX experiencing an all-tiome record period of complacency, investors are increasingly protecting against an end to the current market calm.
VIX has never...ever... traded this low for this long...
Which might explain the rising demand for protection against a possible snap back to reality...