MAY 29 18 SIT EC y POL
ND denounce Global-neoliberal debacle y propone State-Social
+ Capit-compet in Econ
ZERO HEDGE ECONOMICS
Neoliberal globalization is over. Financiers know it, they
documented with graphics
Global Econ situation today:
BLOOD-BATH
And there it went...
To summarize:
- Italian 2Y Yield biggest spike ever
- Italian
risk curve inverted
- Italian 'redenomination risk' record
high
- Spanish
2Y bond yields spike to 2Y highs
- Spanish 'redenomination risk' record
high
- EU
banks crash 11% in last 4 days to 18-month lows
- US BANKS PLUNGE 4% TO 6-MONTH LOWS
- VIX
back above 200DMA
- US 5Y TREASURY YIELDS PLUNGES OVER 18BPS
- MOST SINCE MARCH 2009
- US 30Y Yield back below 3.00% - lowest
in 7 weeks
- Dollar
Index spiked to 6-month highs
Lets see come Charts
Italian capital markets collapsed
today.
See Chart:
Italian banks are in freefall...
See Chart:
The biggest US banks are under
severe pressure today with Goldman now down 18% from the March peaks...
See Chart:
This is Goldman
Sachs' and Citi's worst start to a year since 2011.
See Chart:
Bank weakness weighed on The Dow (down 2% at the lows) but
all major US equity indices suffered...
Did we
get a visit from the Plunge Protection Team into the US close today?
Nasdaq
futures were excited yesterday but gave all that back today...
See Chart:
The Dow is back in the red for 2018
and S&P back to almost unchanged...
See Chart:
S&P tumbled through its 100DMA
and tested its 50DMA...
See Chart:
FANG stocks closed at the lows of
the day but it was not a bloodbath there...
See Chart
Credit markets were crushed today...
See Chart:
Treasury yields plunged back to
stocks post-Feb crisis...
See Chart:
We wonder what this chart of record
short aggregate Treasury speculative positioning will look like next week
See Chart:
The Dollar extended yesterday's
gains as EUR tumbled further... The Dollar is now at 6-month highs
See Chart
Despite the dollar strength of the
last two days, gold clung to unchanged since Friday, even as crude crumbled...
See Chart:
Oil prices tumbled further today...
See Chart
Finally, we note that the odds of
The Fed hiking rates 3 more times in 2018 have collapsed...
SEE chart:
Bonus Chart: Elon is having a bad
day as TSLA Bonds collapse to a
record low close...
See Chart:
….
…
----
----
This is how systems collapse: faith in the visible surface of abundance
reigns supreme, and the fragility of the buffers goes unnoticed.
See Chart:
…
----
----
"Don’t look now, but I
think there is a $100 bill lying in front of us..."
Therefore it was with great interest that I dug into the
following tweet by my pal Adam Collins at Movement
Capital (a must follow on twitter):
See twit & Chart:
If markets were even remotely efficiently no one would pay at 15.72%
premium to NAV (Net Asset Value) for a fund that buys QQQs and then shorts some
calls against the position.
The return stream could be easily replicated with a little
work. There is no need to pay an extra 15% of your principal for the privilege
of another money manager executing this strategy.
Think about the absurdity of investors driving the fees on
ETFs down to single digit basis points, but then paying almost 1600 basis
points over the intrinsic value of this closed-end fund. The outperformance
from this manager would have to be spectacular to justify this sort of premium.
I have nothing against Nuveen’s product. They figured out
what investors wanted and delivered. Good for them. Free markets for free
people.
But let’s use this to our advantage to examine the signals
this popularity is sending.
First of all, the base index is the
Nasdaq 100. We might as well rename this the FAANG index. Apple (12%), Amazon
(9.8%), Google (8.7%), Facebook (5.5%) and Netflix (1.9%) represent almost 40%
of the index. And the Nasdaq 100 has more than doubled the S&P 500 price
appreciation over the past five years.
See Chart:
Investors
are definitely chasing the hot stocks.
But then instead of just buying the Nasdaq 100, the Nuveen
QQQX fund is writing call options on the position - hence the name “Nuveen
Nasdaq 100 Dynamic Overwrite Fund”. Yet what does this call selling mean? Well,
once again it’s a bet on short volatility. This strategy does well when the
implied volatility of the options that are shorted ends up being less than the
realized volatility over the life of the options. It’s not quite that simple,
but at its heart, this is a short vol strategy.
Let’s put it together. This
closed-end fund invests in FAANG-type stocks and then shorts volatility against
it. Yup, nothing to worry about there.
And not only that, for the privilege
of chasing two of the hottest trends, you pay a premium.
See Chart:
We have seen this story play out time and time again. Investors chase returns and invest in the best performing
asset at the worst possible time.
I am not short QQQX, but when it comes time to hit some bids
in the FAANG stocks, I will give this closed-end fund serious consideration. I
like trades where there is extra juice built into the position. And 15% extra premium for buying some QQQs and shorting some
call options against it? Sold to them.
But then again, I believe markets
are inefficient and there exist edges that an investor can exploit. What? I
know - that’s crazy talk. Don’t look now, but I think there is a $100 bill
lying in front of us.
….
----
----
This “time is not different,” and
there will be few investors that truly have the fortitude to “ride out” the next decline. Everyone eventually sells.The only difference is “selling
when you want to,” versus “selling when you have to.”
See Chart:
---
…
----
----
US
DOMESTIC POLITICS
Seudo democ y sist
duopolico in US is obsolete; it’s
full of frauds & corruption. Urge cambiarlo
One of the fastest ways to ruin
anything is to get lawyers involved, and
lawyers are running amok in America today...
----
----
"The
action they’ve taken to economically penalize players for taking a knee is an alarming trend of authoritarianism..."
----
----
“I will fix this...”
----
----
US-WW ISSUES (World & War): M-East .. plus
Global depression is on…China, RU, Iran search for State
socialis+K- compet. D rest in limbo
“I personally think none of us will be able to get around it...”
----
----
...their
plan to steal $110 million was foiled
by a vigilant bank employee who managed to stop the transfer before
it arrived at its destination...
----
----
SPUTNIK and RT SHOWS
US inside GEO-POL n GEO-ECO ..News
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
RT SHOWS
Keiser
Report Episode
1233 Max and Stacy discuss trade
wars and Brexit debacles. In the second half of the show Max interviews Jose
Rodriguez of Bitso.com about the peso’s great tumble ..
----
----
NOTICIAS IN SPANISH
Latino America looking for alternatives to neoliberalism to
break with Empire:
----
-Mov ‘tetas
rebeldes’ lideran lucha por Educ Dem: ni sexis ni patr
----
----
----
----
-Yo traduzco la última “M”
por mierdades; Nazanin por Mandamient
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
INFORMATION CLEARING HOUSE
Deep on the US political crisis, their internal conflicts n
chances of WW3
United States Is a
Force for Chaos Across the Planet By Mark Karlin Continue
----
U.S. Military Seeks to be More Lethal,
Including in Space: Mattis By
Lisa Ferdinando Continue
----
Hegemony or Survival: America’s Quest For
Global Dominance By Noam
Chomsky Continue
----
Let Your Life Be a Friction to Stop the
Machine This Is A Must Watch
Video Continue
----
Saudi Wahhabism Serves Western Imperialism By Andre Vltchek Continue
----
----
----
How the Gaza Massacre Exposed International Cowardice By A Mitrovicaby Continue
----
Iran Bracing For All-out Economic War By Pepe Escobar Continue
----
----
The Trail of Tears Short Video Continue
----
----
GLOBAL RESEARCH
Geopolitics & Econ-Pol crisis that leads to more
business-wars: its profiteers US-NATO
----
----
----
----
----
----
DEMOCRACY NOW
US politics crisis: Trump captured by Deep state to
reproduce old cronyism without alter-plan
----
----
----
----
PRESS TV
Global situation described by Iranian observers..
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
===
No hay comentarios:
Publicar un comentario