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Having tumbled from record highs near $7600 to $6900 in the last two days, Bitcoin is rebounding this morning, back to $7250 following condemnation from Dennis Gartman and blessing from 'father of financial futures' Leo Melamed.

Gartman issued the following statement overnight...

BITCOIN: A Bubble Bursting… Maybe?: Our antipathy toward Bitcoin specifically and toward the crypto-currencies generically is widely known but yesterday’s action does look like a “reversal” to the downside… finally.

The global risk levitation continues, sending Asian stocks just shy of records, to the highest since November 2007 and Japan's Nikkei topped 22,750 - a level last seen in 1992 - while European shares and US equity futures were mixed, and the dollar rose across the board, gains accelerating through the European session with EURUSD sumping below 1.16 shortly German industrial output shrank more than forecast, eventually dropping to the lowest point since last month’s ECB meeting.

"Blain’s Morning Porridge", Submitted by Bill Blain of Mint Partners

“Comrades come rally, let the last fight let us win….. for though they offer us concessions, change will not come from above..”

Paradise or not, how much hotter can markets get?

Divided opinion here in the office this morning.. Stirring the pot is the BBC’s coverage of the “Paradise Papers”, purporting to demonstrate widespread tax avoidance by the international elites.

Authored by Mike Shedlock via www.themaven.net/mishtalk,

Contrary to ECB propaganda, Target2 imbalances are a direct result an unsustainable balance of payment system. The imbalances represent both capital flight and debts that can never be paid back. If you think Italy can pay German and other creditors a record €432.5 Billion, you are in Fantasyland.

The fallout from the Venezuelan bond restructuring has claimed a major victim in Goldman Sachs Asset Management, or rather some of the “muppets” who trusted Goldman to invest their money. However, the route which led Goldman to losing a chunk of client money wasn’t just a case of bad judgement, being riddled with the usual mixture of greed, questionable ethics and government intervention. As we detailed in “Goldman Accused Of Funding Maduro’s Dictatorship”.