Business

US stocks may have already forgotten about the dramatic collapse in Japanese equities and the surge in the Yen which wiped out months of profits from macro funds (and certainly the latest GDP miss) with the S&P wiping out some 15 points in losses in 36 minutes, but for Japan the hangover from Kuroda's lack of action last night remains, because according to Mark Cudmore, former FX trader who currently writes for Bloomberg, the BOJ made a massive misstep. Here's why.

The BOJ's Massive Misstep

 

Submitted by Pater Diekmeyer via SprottMoney.com,

Gold investors learn early that one of the best ways to leverage their exposure is to buy gold stocks. That strategy has performed well recently. As of Friday, the NYSE ARCA Gold Bugs Index , which trades under the symbol HUI, had nearly doubled since its January low. The index far out-performed the yellow metal itself, which increased in the low double digits.

"Did the Fed have an advance glimpse at Q1 GDP?"

That was a question everyone was asking yesterday when the Fed came out with another not too hawkish statement. The answer may have been yes because moments ago the BEA reported that the US economy grew at just a 0.5% annualized rate in the first quarter, missing expectations of a 0.7% growth rate, growing at half the rate recorded in the 4th quarter, and the lowest quarterly growth rate since Q1 2014 (when the winter was blamed for a negative print). It was also the third consecutive quarter of GDP declines.

Every several years, a CEO is forced to "resign" after an "inappropriate personal relationship" with a coworker is uncovered (usually at the behest of the coworker). Three years ago it cost the job of Lockheed Martin's income CEO. Moments ago it took down Darren Huston, the CEO of Priceline who has resigned from the Company, effective immediately.

This was the reason for the resignation, according to the press release:

It's official: as of today the bull market that has been mocked as fake, doomed and history’s most-hated just earned a new title: the second-longest ever. And it only took $14 trillion in central bank liquidity, a global, coordinated central bank "put", central banks purchases of Treasuries, MBS, ETFs and corporate bonds,  and nearly 700 rate cuts in the past 7 years to achieve it.