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One month ago, just as Cushing storage was rapidly approaching its operational capacity, we warned that Cushing (and increasingly all parts of PADD 2) is denying storage requests. We also said that overall PADD 2 inventories had risen to a new record high 155 million barrels...

... hinting that it was just a matter of time before excess production would be shifted to other regions, most notably the Gulf Coast, or PADD 3.

Lately being a bear has meant sharing quite a crowded field. First it was JPMorgan, which not only said to sell any rallies, but three weeks ago said it had gone "underweight stocks for the first time since the financial crisis"; then technicians such as Evercore ISI summarized their sentiment as follows "I'm out; my bullish tactical call is over", and then on Monday, even Goldman jumped on the bandwagon urging clients "to go to cash" ahead of "expected elevated volatility" and that the "current relief rally" is almost over.

The sun is about to set on SunEdison.

Once upon a time SunEdison was one of the most popular hedge fund hotel stocks, which however, just like Valeant, has led all of the hedge funds who were long the name (and still are) to ruin.

Case in point: yesterday the stock plunged another 25% following a DebtWire report that the company was in DIP loan negotiations with lenders, the final step before filing for bankruptcy, after talks to reach an out of court solution with 2nd lien lenders had failed.

Following two days of rangebound moves, where Monday's modest market rebound was undone by the Tuesday just as modest decline (despite the early surge higher on the latest "bullish for stocks" European terrorism), overnight equity action continued to be more of the same, and as of this moment S&P 500 futures were unchanged, while European stocks were modestly higher.

Former US Secretary of State and Democratic presidential hopeful, Hillary Clinton, wanted President Bashar al-Assad to “go” so that Iran’s power in the region would get diminished and Israel’s security improved, at the expense of the escalation of the Syrian conflict, leaked emails from her private server reveal. Sputnik reports: As Clinton moves closer to victory in the Democratic primary, WikiLeaks compiled emails from her controversial private server into a convenient search engine. One of those emails demonstrates the former Secretary of State’s interest in Syrian regime change.