Business

Earlier today, the WSJ reported that railroad giant CSX Corp, currently embroiled in a protracted activist investor fight, said that Michael Ward, its chairman and CEO will retire in May as railroad veteran Hunter Harrison and an activist investor try to shake up the company and grab the top spot. Harrison, a railroad veteran who unexpectedly announced his early departure from Canadian Pacific Railway in January foregoing tens of millions in potential bonuses, has been working with Paul Hilal of the Mantle Ridge activist fund, to become the company’s next chief executive.

With the S&P making new all time highs on a daily (and hourly) basis, and the VIX just why of all time lows, one has to look hard to find something that is amiss with the "market." Which is precisely what SocGen's Andrew Lapthorne did recently, and in his latest report he warns that global indices hitting all time highs is "disguising an underbelly of trouble."

The following article by David Haggith was published first on The Great Recession Blog:

The triumph of Donald Trump as the champion of a revolution against the status quo assures huge economic changes in the coming year, which I’ll list below. His victory struck a shocking upset to the globalists who have steered the last sixty or more years of world history, as I reported in an earlier story about George Soros mourning over the damage Trump will bring to global governance by unelected elitists.

One look at the repo market ahead of today's $26 billion auction of 2Y paper explains why with the When Issued trading at 1.235% at 1pm, the auction stopped through by 0.5 bps, printing at 1.230% - the reason was familiar: with the OTR issue trading negative in repo, it suggested there were quite high odds of a squeeze into the auction, and the headline print confirmed as much.

Sometimes you just have to laugh...

Minneapolis Fed's Neel Kashkari said earlier...

"we are keeping our eyes open for asset prices to try to look for signs of bubbles” but admitted that it is "very hard to see asset bubbles in advance."

Indeed it must be... if your salary depends on it.

The S&P 500 has now gone a stunning 50 days without a 1% swing...

The S&P 500 Tech Sector has gone a record 14 days without a single loss...