Business

Having tumbled 10% in the pre-open after massively missing earnings expectations and slashing guidance, panic-dip-buyers have stepped in and (thanks in large part to passive index buyers flooding into The Dow), General Electric is now green...

"Kitchen sink" is the new no-brainer... as CEO call sit "horrible and unacceptable"

Dow-buyers helping out (and it looks like some Dow vs GE pairs hit at the open)...

It seems Dow at 1000x the price of GE remains solid resistance...

According to the latest EPFR fund flow data compiled by BofA's Michael Hartnett, the great "institutional to equity" stockholding rotation is accelerating, with another $8.8bn allocated to equities, more than all of it from retail investors, and another $5.8bn going into bonds, offset by a $0.4bn outflows from gold.

Stocks are so hot that junk bond managers want in to equity markets. Bloomberg’s Lisa Abramowicz explained the conditioning that’s led to this – simply that the performance rankings of corporate debt funds shows that those which are taking the most risk have, not surprisingly, booked the best performance in 2017. While this involved purchasing lower-rated credit instruments, in some cases, it has meant buying more equities.

Cryptocurrencies are broadly higher this morning with Bitcoin leading the way to new record highs at $6000 - nearing $100 Billion market cap, bigger than Goldman Sachs - as demand from Zimbabwe soars (and Spanish concerns see activity rise).

Most of the biggest cryptos are higher...

But Bitcoin is leading - now above $6000 for the first time ever...

And is now 'bigger' than Goldman Sachs...

As CryptoCoinsNews reports, Zimbabweans are attempt to escape yet another currency debacle...

Tumbling starts and permits data, and dismal new, pending, and existing home sales in August urged a rebound in September and existing home sales (amid massive storms) somehow managed to surge 0.7% MoM (smashing expectations of a 0.9% tumble).

• Sales in the South remain low, likely due to effects of Hurricane Harvey and Irma.
• Inventories continue to constrain the pace of existing home sales.
• The supply of homes for sale rose 0.7% MOM but were down 1.7% YOY.

Trend reversal?