The Rally's Relentless Bid Is "Unprecedented"
Via Dana Lyons' Tumblr,
The persistence of the recent stock rally is nearly unprecedented in the past 50 years.
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Saudi Aramco Reportedly Shelves IPO In "Face-Saving" Move
We noted a month ago that the long-awaited Saudi Aramco IPO, scheduled for mid-2018, could be delayed to 2019, but now, according to The FT, Aramco is considering shelving plans for an IPO altogether in favor of a private share sale to the world’s biggest sovereign wealth funds.
Qualcomm Files Lawsuit Seeking To Ban Sale And Manufacture Of iPhones In China
Apple experienced a sudden air pocket dip (which was promptly bought) after a Bloomberg report that Qualcomm has filed lawsuits in China seeking to "ban the sale and manufacture of iPhones in the country," a move which is the chipmaker’s biggest shot at Apple so far in a bitter legal fight between the two companies.
Bank of America: "This Is The Most Consensus Trade In The World"
One week ago, BofA chief investment strategist Michael Hartnett laid out his reasoning for why a market correction is imminent:
JPM Short Circuits & Banks Bump Up Into a Glass Ceiling as Semis Soar, Bitcoin Blasts & Block-Brain'd Sir Jamie Eats Crypto Crow
JP Morgan (JPM)
Having notched an all-time high by closing at 97.35 on 10/3, JPM appeared to be consolidating over the next 6 sessions - in preparation for another surge higher. But 10/12’s Q3 earnings release session suggests that immediate bullish momentum may have been exhausted and, with it, Sir Jamie’s next (ever-so-lovable and antithetically Populist) all-time high “I’m richer than you” quip has been - akin to PM Jordan's Bitcoin prop traders - placed in limbic limbo.