Business

Authored by Michael Snyder via The Economic Collapse blog,

In 2016, the world's worst-performing stock market (in dollars) was Nigeria.  

2017 is a very different picture for the African nation...

Having politely refused OPEC's demands to cut crude production, Nigerian stocks have rallied for 16 successive days, a feat last accomplished in 2001...

As Bloomberg notes, the benchmark index is up almost 50 percent since early March, the best globally.

Jeff Bezos enjoyed the title of world's richest man for several hours, before he had to relinquish it back to Bill Gates after AMZN stock dumped after hours when the company reported Q2 net income of $197 million, or $0.40 per diluted share, down 77% from $857 million, or $1.78 in Q2 2016. This was on revenue of $37.955 billion, up 25% from the $30.4 billion a year ago, and above both the company's own expectations of $35.25-$37.75BN and consensus estimates of $37.18 billion. The company also reported operating margin of 1.7%, down from 2.8% last quarter and well below expectations.

DoubleLine Capital's Jeffrey Gundlach tells Reuters that his firm bought some five-month put options on the S&P 500 a couple of days ago after VIX fell to lowest since December 1993.

“This is like free money,” Jeffrey Gundlach said in phone interview with Reuters, noting that "we lost money the first day we put on the trade, but now we are doing great."

No fundamental catalyst for today's tech wreck (just as there wasn't last time), but many people noted the coincdental timing of JPM's Kolanovic note on Vol fragilities coincided with the start of the pain...

Liquidity collapsed leaving many to think...