Business

While we are confident that the real reason for today's gap higher is because Citadel (with or without the instructions of the NY Fed) decided to take out all intraday stops, on the back of correlation algos buying the oil oil surge, facilitated perhaps by some gentle nudge in the USDJPY to overnight highs - a pattern observed virtually every day - we more amusing explanation would be that algos once again read Gartman's latest note.

This is what he said.

While Tesla's cars may or may not be the greatest thing since sliced bread, regular readers are well aware that our recurring complaint about the company is not about the quality of its product or its growth prospects as much as its incredulous, ostensibly ridiculous, non-GAAP accounting practices...

... as well as its relentless cash burn, which just last week forced the company to sell even more stock.

The media continues to claim that the only sectors in trouble of a slow down are commodity players, particularly energy.

It’s a nice narrative: everyone knows that Oil and other commodities have collapsed in value, putting pressure on their producers.

Unfortunately, it’s not true.

The world has been on a massive borrowing binge since 2009.

Below is a chart of the US corporate bond market. Note that it goes absolutely vertical after the Fed cut rates to zero (2008).

Submitted by Michael Krieger via Liberty Blitzkrieg blog,

In its article titled, How Corporate America Bought Hillary Clinton for $21M, The New York Post details the companies and organizations that paid Hillary in speaking fees from 2013-2015.

The total comes to $21.7 million, which is a remarkable sum for one of the least charismatic and unimaginative orators the world has ever known.

In a world in which hedge funds are increasingly struggling to come up alpha, not to mention original investment ideas, last week we showed what the top stock holdings of the 50 top hedge funds are.

Today, using Goldman data, we flip this data, and show the Top 50 stock holdings among the entire hedge fund universe. Not surprisingly, the usual suspects regain their top positions, led by the FAG stocks, namely the Facebook; Allergan, and Google, with Apple and Microsoft in 4th and 5th spot. Here is the result.