Content originally published at iBankCoin.com
Sky People Fruit Juice closed +64% to $3, down from an intra-day high $5 (+200%) on news of now being a crypto play. Don't laugh; I'm deadly serious.
Traders on Twitter were quick to link the company to blockchain technology and the bitcoin craze, since Future FinTech announced in June it had changed its name from "SkyPeople Fruit Juice" to focus on financial technology.
WTI/RBOB inched higher on the day ahead of tonight's API data and then knee-jerked higher as the data showed a much-bigger-than-expected 5.2mm crude draw.
API
Authored Doug Kass of Seabreeze Partners Management,
"The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context . . . finance sets the pace for the economy. As recovery approaches full employment . . . soothsayers will proclaim that the business cycle has been banished [and] debts can be taken on . . . But in truth neither the boom, nor the debt deflation... and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction. "
While most financial professionals would enjoy nothing more than to trade bitcoin all day long - after all it only goes up in the long run (for now), while bringing insane volatility with it - the reality for most is that they are confined to such boring, established legacy instruments as Treasurys, which rarely have intraday fireworks similar to those in bitcoin.
Over the weekend we warned that just as everyone was convinced that the yield curve can only flatten from here, and was positioned massively on the long side of the 30Y future, the opposite was about to happen, and in a tweet highlighting the record net spec long positioning in 30Y futures, we said "here comes the mega steepener."
Here comes the mega steepener pic.twitter.com/OHqmX4HzMA
— zerohedge (@zerohedge) December 17, 2017