With the VIX surging, and then quickly getting pummeled on two occasions in the past three weeks, dizzy traders could be forgiven to assume that any latent "risk off" threat, whether from North Korea or the US political front, has been taken off the table.
Authored by David Stockman via The Daily Reckoning,
There’s not many tears being shed over Steve Bannon’s departure. His ethno-nationalist and protectionist worldview are opposite to true notions of liberty, free markets and a minimalist state.
US stock market investors as the debt ceiling deadline looms... (if you just looked up, you'd see it coming)
Surveying the post-Trump damage...
Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com,
“Valuations are still well below the peak of 1999” say the bulls. They are certainly correct from an absolute basis but we caution that the current level of market euphoria is in a league of its own when compared to prior peaks on an “apples to apples” basis.
Yesterday, when stocks surged at the market open following Politico's report that Trump is unexpectedly "making strides" on tax reform, we warned that "it can all be wiped away as soon as tonight, when Trump will deliver a speech to his "base", in which he may promptly burn any of the goodwill he created with capital markets following his far more conventional Afghanistan speech last night."Well, that's precisely what happened, because on Tuesday night, in another fiery campaign rally, Trump fiercely defended his response to violence in Charlottesville, made passing remarks from a