Business

Traders who may have napped through the earlier oil slide below $28 finally woke up just in time for the China open to find that while there was little excitement on the currency front following a Yuan fixing, which at 6.5578 was practially unchanged from yesterday's midpoint of 6.5596...

...the Shanghai composite - following yesterday's torrid, manipulated last hour surge - opened 0.5% lower, sliding back below the 3,000 level which was breached last week for the first time since last summer.

Submitted by Jeffrey Snider via Alhambra Investment Partners,

The Fed may have officially tapered QE at the end of 2014 but that doesn't mean it is done buying Treasuries: since the Fed never ended rolling over maturing paper, it means that it will remain indefinitely active in the open market. And while there were no sizable maturities from the Fed's various QEs to date (only $474 million in 2014 and $3.5 billion in 2015) that will change dramatically this year, when Brian Sack's team will have to purchase about $216 billion to replace matured TSYs.

Earlier this month, even before China unleashed the end phase of its latest currency devaluation which since forced the PBOC to enforce even more capital controls to avoid accelerating capital outflows, Kyle Bass revealed that his best investment idea for 2016 was to short the Chinese currency:

The rest of the FANGs may be crashing and burning, but one "story stock" refuses to give up: Netflix.

Moments ago Reed Hastings ubiquitous streamer of videos right into your bedroom reported Q4 EPS of $0.10 (vs the $0.08 expected), on $1.82BN in revenue, a fractional miss to expectations, however as everyone "knows", Netflix does not trade on fundamentals. 

What does it trade on?