Business

The market riggers are now pulling the pin.

All market rigs end badly. And given the fact that this one has been particularly egregious, the results will be quite ugly.

You cannot pin the S&P 500, perhaps the single most important stock index in the world, for weeks and expect it to end well. This is particularly true when you’re pinning it using Risk Parity Funds and their “buy/sell” algorithms.

Those same algorithms that have mindlessly bought stocks every time the VIX gets smashed, will mindlessly SELL stocks when the VIX explodes higher.

Authored by Tsvetana Paraskova via OilPrice.com,

Chinese crude oil imports in July dropped to their lowest level in seven months, although they rose 12 percent on an annual basis, according to calculations made by Reuters on the basis of China’s customs data.

Last month China imported some 34.66 million tons of crude oil, or around 8.16 million bpd, which—according to Reuters calculations based on China’s General Administration of Customs data—was the lowest level since January.

Ray Dalio’s Bridgewater Associates might become the first hedge fund to hand over the reins to an algorithm.

At least that’s the takeaway from Bloomberg’s latest profile of the hedge fund billionaire, who founded Bridgewater Associates, presently the world’s largest hedge fund with more than $160 billion AUM. The profile offers an update on the firm’s difficulties in formulating a succession plan, as well as its founder’s quest to automate many of its management functions.  

Authored by John Galt via JohnGaltFla.com,

Way, way, way, way back before televisions were generally available in color, cable was a luxury reserved for hotels and the wealthy, and financial television was reserved to Louis Rukeyser and a weekly program on PBS and the “Nightly Business Report”, the idea of information beyond the 6:30 p.m. national newscast was considered absurd.

It's easy to summarize the just reported SNAP Q2 earnings report with just one word: disaster.

The company missed expectations on everything: from revenue, to earnings to average daily user, but at least it burned a boat load of cash doing it: a quarter billion dollars, or $228 million.

The details: