United States

The US Senate has approved legislation that would allow victims of the 9/11 terror attacks to sue Saudi Arabia, despite vocal opposition from the White House. On Tuesday the Senate unanimously adopted a proposed bill allowing Americans to sue nation-states for terrorist attacks on US soil, defying opposition from the White House and allies such as Saudi Arabia. Dubbed “Justice Against Sponsors of Terrorism Act,” the bill sailed through the upper chamber of Congress without opposition is now heading to the House of Representatives, which  lawmakers have their own version of the proposal.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Last night, following 15 consecutive weeks of client selling, we asked - rhetorically - if today the selling by BofA's smart money clients would stretch to a new record 16 consecutive weeks.

Will it be a record 16 consecutive weeks of smart money outflows? Find out tomorrow

— zerohedge (@zerohedge) May 17, 2016

Earlier today we received the BofA update, as well as the answer: a resounding yes.

Here is BofA:

It has been more of the same overnight, as global stocks piggybacked on the strong US close and rose despite the lack of good (or bad) macro news, propelled higher by the two usual suspects: a higher USDJPY and a even higher oil, if mostly early on in the trading session.

Yes, the oil squeeze higher continues, and as the charts below courtesy of Andy Critchlow show, Brent is now 82% higher in the past 82 days...

... while crude has had its strongest rally since 2010.

Authored by Jeffrey Sachs, originally posted at The Boston Globe,