And so the confusion remains: why did Yellen go uber dove three days ahead of a day in which the BLS reported that in March not only were 215K jobs created, more than the consensus 205K, if below last month's 245K, but in which average hourly earnings rebounded a solid 0.3%, above the 0.2% expected, and well above last month's -0.1% decline.
Wages rose:
Who could have seen that coming? Ahead of potentially the most important data point of the year - now that The Fed lost its China excuse overnight - NYSE Arca reports a 'glitch'
We are sure it will all be fixed by the time the market opens and the ramping algos have taken back control.
Source: NYSE
Interestingly, futures markets are falling after this 'break'...
Stocks are rolling over.
As we wrote about earlier this week, the S&P 500 was pushing for a final “kiss” of the broken bearish rising wedge pattern:
The next move should see us drop sharply.
Big picture stocks have effectively gone nowhere since QE 3 ended in November 2014. Yes it’s been a volatile ride, but all things considered stocks have largely traded sideways for 16 months.
Meanwhile, beneath this veneer of stability, the global economy has fallen off a cliff.
Last year (2015) marked the worst year for global trade since the Great Crisis.
ISIS ‘Department of Artifacts’ documents reveal trade of looted Syrian cultural treasures via well-established oil and weapon smuggling routes with Turkey. An RT Documentary crew investigating illicit oil smuggling by ISIS via Turkey have come across new documents shedding light on Islamic State’s lucrative trade in looted antiquities. Russia Today reports: There is no official accounting that would illustrate the true scale of looting being undertaken in Syria, a land once rich with cultural treasures.