S&P

Despite a slew of disappointing sales (new, existing, and pending), Case-Shiller reports national home prices rose 5.94% YoY - the fastest rise since June 2014 - hitting a new record high (now over 5% above 2006's peak).

It has now been 36 straight months that the S&P CoreLogic Case-Shiller 20-City Compoosite home price index has risen at approximately 5 to 6% annually and it has been 62 months without any YoY price drops...

Gains in New York and Los Angeles dominated the annual performance.

S&P futures are flat after Monday’s drop in the S&P 500 where a rout in Apple weighed on tech companies and tensions with North Korea persist; Asian stocks are modestly lower while Europe has shaken off the Korean crisis and is in the green on the back of a sharp drop in the EURUSD which has tumbled below 1.18 as the USD rises ahead of much anticipated speeches by the Fed Chair and the French president.

Authored by Kevin Muir via The Macro Tourist blog,

Well that all escalated rather quickly...

Brent spiking (Kurds and Korea), Gold spiking (Korea), AAPL tumble (weak orders), FANG bloodbath... large into small and growth into value.

If a surge in covenant-lite levered loans is any indication that debt and equity markets are nearing the final stages of their bubbly ascent, then perhaps now is a good time for investors to take their profits and run.  As the Wall Street Journal points out this morning, levered loans volumes in the U.S. are once again surging, eclipsing even 2007 levels, despite the complete implosion of bricks-and-mortar retailers and continued warnings that "the market is getting frothy."