Business

Authored by Mike Shedlock via MishTalk.com,

Now that the bubbles have been blown (but still remain invisible to the Fed), Fed Chair Janet Yellen Yellen conveniently pats herself and the Fed on the back for a job piss-poorly done.

Her self-serving assessment is the Fed is “doing pretty well”. And her new message of the day is Era of Stimulative Monetary Policy Is Ending. 

Federal Reserve Chairwoman Janet Yellen indicated Monday that the era of extremely stimulative monetary policy was coming to an end.

 

Authored by Patrick Watson via MauldinEconomics.com,

Wishful thinking, as we all know, is the death knell for many investors. Getting carried away by emotion has rarely, if ever, been a recipe for accumulating vast riches.

It seems that a lot of people have missed that distinction between wishful thinking and reality lately—and I fear it’s going to hurt them badly.

Long before China Huishan Dairy Holdings, China's largest daily farmer, became known as the latest Chinese corporate fraud whose stock crashed 90% in seconds after a Muddy Waters report brought attention to its questionable shadow banking funding, exposing the company as a hollow sham and leading to the prompt departure of four of its directors who hope (in vain) to escape prison time, the company was best known for being the first ever company to do cow-collateralized stock buybacks.

If Tony Robbins and Pitbull come to your town to present you with 'an offer you can't refuse' to buy residential real estate after it's already surged over 200% in the past decade and 30-40% in the last year, that should be all the evidence you need to do the exact opposite.  If, however, you're the type of person that doesn't easily pick up on the 'subtle' market cues then here's a couple more reasons to avoid Toronto real estate at all costs.

http://www.macleans.ca/video/iframe/13639244001/VJjIBwmqg/5389510190001

WTI/RBOB prices jumped intraday on the heels of anonymous and ambiguous headlines about Saudi and OPEC production cut extensions and extended gains on API inventory data. After last week's surprise builds in crude (and at Cushing), API showed a 1.3mm draw in crude inventories - the biggest since Dec 2016. Gasoline and Distilates contonued their season drawdowns also.

API