A broad-based miss across the spectrum of Chinese data with loan growth collapsing was just what the bullish algos needed to BTFD at Sunday night's open...
You knew it was going to be an odd day after China's flash-crash overnight...
In recent days we have witnessed a massive outflow from virtually all holders of stocks. Just last week we reported that retail had just dumped the most stocks in the past 5 weeks since the August 2011 US downgrade...
... confirming a long-running trend observed with BofA smart money clients who, as we also reported last week, have sold stocks for 15 of the past 15 weeks, the longest selling stretch on record.
This has repeatedly prompted many to wonder who is buying.
As establishment blowback strikes following over 300 European business leaders call for the British to vote to leave the EU, it is worth remembering Margaret Thatcher’s historic speech, known as the “The Bruges Speech” delivered September 20th, 1988, in which she rejects the political union of Europe and "the federalization of Europe."
Exactly one year and one month ago, I penned "Fu$k the Fundamentals!": Negative Rates In EU Will Absolutely Wreck the Very System the ECB Sought to Save" a piece that warned of the consequences of the EU negative rate policy and how it would effect Spain and Denmark among other EU nations, in particular. To wit:
After last week's key event, the retail sales number, which the market discounted as being too unrealistic (and overly seasonally adjusted) after printing at a 13 month high and attempting to refute the reality observed by countless retailers, this week has a quiet start today with no data of note due out of Europe and just Empire manufacturing (which moments ago missed badly) and the NAHB housing market index of note in the US session this morning.