United States

Back before everyone became a junk bond expert, we repeatedly showed what in our opinion was the scariest chart for not only the US, but global stock markets: the unprecedented divergence between the stocks and junk bonds, suggesting that if the recent past is prologue, then the S&P 500 is in for a world of pain as it tracks HY credit far lower.

Since then, these fears have been realized and the market tumbled, unleashing even more central bank jawboning and intervention.

Submitted by James Howard Kunstler via Kunstler.com,

As most market structure watchers are well aware, the biggest debate currently roiling the field of equity markets revolves around the August 21, 2015 submission by the dark pool made famous by Michael Lewis' Flash Boys, IEX, in which it seekis to become a public trading venue that will compete with the New York Stock Exchange and Nasdaq Stock Market. What makes IEX different from all other "lit" venues and markets is its embedded technology which implements a 350 microsecond order delay which makes HFT frontrunning, spoofing, and quote stuffing of orders impossible.

One theme we’ve explored at length and on a number of occasions over the past 12 months is the global shift towards so-called “radical” political parties and candidates.

Whether it’s Syriza in Greece, Podemos in Spain, or Donald Trump in the US, voters are increasingly turning to candidates outside of the establishment.

Haruhiko Kuroda's move to NIRP and Mario Draghi's implicit promise to ramp up PSPP in March underscore the extent to which Janet Yellen has made a policy mistake by hiking at a time when the US economy (not to mention the global economy) looks to be decelerating and the disinflationary impulse looks to be gathering steam.