After an exuberant overnight session - ignoring the slump in USDJPY and bond yields - the US cash session open appears to have triggered a wave of selling (especially in tech stocks)...
Nasdaq is getting whacked at the open...
Bank stocks are bid once again - back to pre-FOMC Minutes levels - as Tech rolls over...
The S&P is back to unchanged...
As VIX spikes back above 10...
And as a reminder, yesterday's open was the opposite - a panic-bid...
Authored by Mike Shedlock via MishTalk.com,
The Student Loan Debt and Housing Report 2017 by the National Association of Realtors and the nonprofit group American Student Assistance shows the obvious: Student debt delays household formation, home buying, and saving.
In an extensive, must-read report published on Monday by Deutsche Bank's Jim Reid, the credit strategist unveiled an extensive analysis of the "Next Financial Crisis", and specifically what may cause it, when it may happen, and how the world could respond assuming it still has means to counteract the next economic and financial crash. In our first take on the report yesterday, we showed one key aspect of the "crash" calculus: between bonds and stocks, global asset prices are the most elevated they have ever been.
Authored by Simon Black and Tim Price via SovereignMan.com,
In the late spring of 1720, Sir Isaac Newton decided to sell his stocks.
Newton had been an investor in the South Sea Company, a famous enterprise which effectively commanded a trading monopoly with South America.
The investment had already made Newton a lot of money, he was up more than 100% in a very short time.
Toys “R” Us Inc., the largest US "brick and mortar" toys retailer, filed for bankruptcy late on Monday night, as a result of a crushing post-LBO debt load and relentless competition from warehouse and online retailers, the "latest blow to a retail industry reeling from store closures, sluggish mall traffic and the gravitational pull of Amazon.com" according to Bloomberg. The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt over the future of its about 1,600 stores and 64,000 employees.