Business

Even Bloomberg gets it.

In a note issued yesterday, the news behemoth reported what our readers had known for years: that "There's Only One Buyer Keeping S&P 500's Bull Market Alive", namely corporate buybacks, the same "buyer" of stocks that the smart money has been selling to for the past 7 weeks.

Dispelling any confusion about who the relentless buyer into the "wall of worry" is, this is what Bloomberg wrote:

Amid the last two weeks of exuberant short squeeze in crude oil (and anything energy related), investors pulled over $400 million from USO (the largest oil ETF). This week's $348 million outflow is just shy of the record $354 million outflow in Dec 2013. As these outflows hit so bullish positions in oil ETFs have been dropping and bearish positions building once again.

The biggest Oil ETF fund outflow since Dec 2013...

Chart: Bloomberg

As bulls pull back and bears re-emerge (after their record-breaking squeeze)...

Last night we reported that the PBoC is now considering a Tobin tax on FX transactions.

The follows reports that a series of big name money managers - or, as China calls them, “speculators,” “predators,” and “crocodiles” - have placed outsized bets against the yuan.

Authored by John Mauldin via MauldinEconomics.com,

Everyone is missing the serious problem that ultra-low interest rates have created for retirees.

Pension funds are still assuming that future returns will be in the 7½–8% range. And as people get older and have no practical way to go back to work, pension funds that are forced to reduce payments in 10 or 15 years (and some even sooner) will destroy the lifestyles of many.

Remember last week, when China was "fixed" because after the National People's Congress a record-smashing short-squeeze hyped on the back of stimulus hope sent Iron Ore prices soaring 20% in a day? Well that's all over...

Last week, analysts and traders alike were stunned by "the departure from fundamentals" as "the iron ore and steel markets have gone berserk."