Better than expected PMIs prompted a rip and dip early on as good news ended up as bad news today... as opposed to bad news being bad news yesterday (and good news being good news on Friday)... and just like that all the jobs gains are gone...
And despite some ramp efforts, this...
Preface 1: One of the reasons that voters like Sanders and Trump is because they oppose fake "free trade" deals, which help a handful of fatcats ... but have almost nothing to do with "free trade", and which hurt the American worker.
Preface 2: I'm for consistency ... either we ALL get to hide our money from taxing authorities, or none of us should be able to.
Barack Obama pushed the trade deal with Panama which allowed the tax evasion revealed by the "Panama Papers" to flourish. Huffington Post reported in 2011:
While breadth and seasonals are constructive, BofA's Stephen Suttmeier warns complacent put/call, VXV/VIX, and volume distribution are April risk factors.
Less than a month ago when we looked at the performance of the most-shorted stocks, we confirmed that at least from a price action standpoint the short squeeze that had started in early February on the back of the 50% move higher in oil, had become the biggest short squeeze on record.
Today, courtesy of JPM's Prime Brokerage, we can not only confirm that the move higher from the February lows was the biggest squeeze ever, but share a unique glimpse inside its mechanics, where something surprising emerges.
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
The reality is that we're one panic away from foreign-exchange markets ripping free of central bank manipulation.