S&P

Hitchhiker: You heard of this thing, the 8-Minute Abs?Ted: Yeah, sure, 8-Minute Abs. Yeah, the excercise video.Hitchhiker: Yeah, this is going to blow that right out of the water. Listen to this: 7... Minute... Abs.

Just like the infamous 7 Minute Abs scene from Something about Mary, many had wondered for years why there is no ETF that allows retail investors to lose money even faster than with the existing inventory of various triple-leveraged passive investing offering.

Two weeks ago, when JPMorgan launched Q1 earnings season, we noted that while the results were generally good, one red flag emerged: the company's credit card charge offs rose to just shy of $1 billion, the highest in four years.

It wasn't just JPM: all other money-center banks reported similar trends, so we decided to look into it.

So to sum up - US testfires a Nuke, Govt Shutdown looms, Trump Tax plan is a wishlist with no details, Canadian mortage lenders collapse, and animal spirits tumble - stocks close unchanged... so we thought this would help...

After two days of back to back triple digit gains in the Dow for the first time since the election, overnight the torrid rally has faded, with European shares and U.S. stock futures little changed ahead of Trump's big unveil of his much anticipated tax cut plan as investors seek new impetus for a flagging relief rally. And, if as some traders expect, the rally is likely to be reignited no matter what Trump announces today (although a less hyperbolic plan may in fact be more favorable for risk, as it makes Trump's plan more likely instead of being shot down by Congress).

David Einhorn may write in his latest quarterly letter to investors that "from a portfolio perspective, this quarter was a quiet one" but based on his activity the famous poker playing hedge fund manager was quite busy.