Russell

Ugly end...

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But on the year, the dollar tanked (worst since 2003), stocks and bonds (the long-end) soared higher, commodities rebounded dramatically, cryptocurrencies exploded, and gold had its best year since 2010 as VIX saw its lowest average in history...

and all that driven by the biggest increase in central bank balance sheets since 2011... anyone else feel like this... (our estimate is we are at around the 30 second mark currently)

Authored by Lance Roberts via RealInvestmentAdvice.com,

No, I am not talking about “Hurricane Harvey” which will likely be the first hurricane to strike the Texas coast since 2008, but rather the potential for another “debt ceiling” debacle brewing in Washington.

From Art Cashin of UBS:

We've noted over the last two weeks that the Dow Industrials have been diverging from most other indices and particularly the Dow Transports. An important part of the divergence has been the relative narrowness of the rally in the Dow. In today's WSJ, Justin Lahart took note of the narrowness:

Authored by Mohamed El-Erian via Bloomberg.com,

Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: according to Bloomberg, last year's rebalance helped propel a near record turnover of over 15 billion shares, as a result of the $8.5 trillion in stocks linked to the various Russell indices, many of which will be forced to find new owners after today's index recomposition. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.