Business

Authored by David Stockman via The Daily Reckoning,

Ben Bernanke’s successors at the Fed and other global central banks still don’t get it.

On June 22, Citi called the bottom in oil to the day, when in a not too subtly titled note it said "Here Comes The V-Shaped Rebound In Oil." Since then, both WTI and Brent had risen for 8 trading days in a row, the longest stretch since February 2012. Meanwhile, surprisingly not too many, Gartman went short and, in his latest note, he explained the he remains bearish. End result: the oil rally just closed higher for 9 consecutive days.

Authored by Mohamed El-Erian via Bloomberg.com,

It all started off well, dip-buyers moved in on quiet volume and everything was awesome. But then the cash market opened and selling started in both bonds and stocks, slamming both to 2-month lows...

The dead cat bounce in FANG stocks is over...

And the bond bloodbath continues...

As the dollar strengthens...

The state of US manufacturing at any given moment is supposed to be simple: it is either expanding, or it is contracting. Except, of course, when it is doing both.

We wont bore readers with details (we did that earlier), and instead will just present two headlines with some supporting data, from two different sources discussing the sector which, with all due respect to the US services sector, still accounts for well more than half of the S&P's net income.