S&P 500

Following days of vocal and in some cases quite vivid warnings and predictions that the resent record ascent in the S&P is unsustainable and is set for a sharp correction from some of the most prominent names in finance including Howard Marks, Paul Singer and most recently Jeff Gundlach, here is Bloomberg's Mark Cudmore who has now also cast aside his recent bullishness, and in his overnight Macro View piece warns that we may have seen the highs of the S&P for the summer, if not the year.

S&P 500 May Have Just Topped Out for the Summer

Having 'nailed' the price action recently in Bitcoin (calling the recent pull back, extension beyiond $3,000, with a target of $3915), Goldman notes that it's getting harder for institutional investors to ignore the rise of cryptocurrencies.

Via MauldinEconomics.com,

Once again I start with a warning: A recession is eventually coming and a financial crisis with it. There is a real potential for it to come soon, although serious tax reform could delay it.

But sooner or later, the pressures of too much government debt and too many government promises, plus growth that is continually grinding slower, will break out into a recession.

There is always another recession.

Following on from his recent cautious commentary on low levels of bond yields and equity vol (and cheapness of gold), DoubleLine Capital's Jeff Gundlach outlined details of his views on the markets to CNBC this morning and what the catalyst for "an explosion in volatility" could be.

Gundlach recommends investors "de-risk" their stock and bond portfolios as his "favorite indicator" suggests "yields are going to break out to the upside," and that will lead to market volatility.

http://player.cnbc.com/p/gZWlPC/cnbc_global

A fascinating statistic about the current no-vol state of the market, courtesy of Deutsche's Jim Reid, who points out that the last time we had 13 consecutive days in which the S&P moved less than 0.3% in either direction was... never: