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The dollar's gyrations remain a key source of inspiration for traders with the fundamental focus continuing to switch between falling US and rising OPEC production, according to Saxo Bank's Ole Hanson.

The nervousness and negative price action seen this week was triggered by a change in focus from falling US production towards the rising supply from others, especially within OPEC. Having seen calendar 2017 almost hit $50 last week the realisation that further upside may be hard to achieve may has helped trigger increased demand for protection.

One year ago, SunEdison was the darling of the hedge fund world. It is now bankrupt. Moments ago, Jim Chanos revealed that (in addition to Tesla) he is also short Elon Musk's SolarCity, sending the stock sliding.

But what is the bear case?

Well, courtesy of Axiom's Gordon Johnson, here are some very specific reasons why Chanos may once again have a home run on his "short" hands. Below is his "big picture" summary:

SOLARCITY CORP. (SCTY – $26.45 – SELL)

 

Following the denial in February that this action is in any way about reducing cash, The ECB has made its decision on the EUR500 Bill:

Via SRSroccoReport.com,

The days of JP Morgan controlling the silver market may be numbered as a new player in the silver market has arrived.  For the past several years, JP Morgan held the most silver on a public exchange in the world.  While the LBMA may hold (or did hold) more silver, their stockpiles are not made public.

Overnight exuberance sparked by lower than expected Cushing build reported by API is fading on the heels of June OPEC headlines of no production limits (and rising Saudi production) heading into DOE inventory data. Crude inventories printed a significantly higher than expected 2.78mm build but Cushing saw a smaller than expected build of 243k. Gaosline surprised with a 536k build (API 1.17m draw) and Distillates saw a smaller than API build of 1.26m barrels.