Just days after Bank of America's equity team joined Goldman, JPM, Citi, UBS and pretty much every other bank (and Gartman) forecasting a market drop in the imminent future with a report laying out "Nine "Reasons To Worry" About A Big Market Drop", BofA's cross asset team led by chief investment strategist Michael Hartnett is out with some of his own words of "encouragement", to wit.
Billionaire George Soros has cut investment in US stocks by one-third and acquired a $264 million stake in Barrick Gold, the world’s biggest bullion producer. According to Bloomberg, the value of Soros Fund Management’s publicly disclosed holdings fell by 37 percent to $3.5 billion in the first quarter of 2016. RT reports: At the same time, Soros bought a 1.7 percent stake in Toronto-based Barrick Gold for $264 million, the biggest US holding in the company. “Gold is always a safe haven at times when risks for investors are escalating.
Submitted by StraightLineLogic.com's Robert Gore via The Burning Platform blog,
Economic depressions unfold slowly, which obscures their analysis, although they are simple to understand. Governments and central banks turn recessions into depressions, which are preceded by unsustainable expansions of debt untethered from the real economy. The reduction and resolution of excess debt takes time, and governments and central banks usually act counterproductively, retarding necessary adjustments and lengthening the adjustment, and consequently, the depression.
Over the past month, the topic of "someone" or "someones" rushing to allocate capital toward expectations of a future volatility surge using such volatility derivatives as VXX, has surfaced on several occasions. The first time was three weeks ago when Tom McClellan pointed out that "VIX futures ETF extremely popular now. Can this possibly end well"...
... when he pointed out something that on the surface was counterintuitive, using his post from February 18 when the market has just reached its most recent selloff bottom:
Submitted by David Stockman via Contra Corner blog,
You have to love it when one of Donald Trump’s wild pitches sends the beltway hypocrites into high dudgeon. But his rumination about negotiating a discount on the Federal debt was priceless.