The Death Cross Of American Business

So much for the recovery… As WaPo reports, the American economy is less entrepreneurial now than at any point in the last three decades. A rather damning new Brookings Institution report shows that US businesses are being destroyed faster than they’re being created. As the authors of the report ominously explain: If the decline persists, “it implies a continuation of slow growth for the indefinite future,” as new business creation has been cut in half since 1978.


This is the death cross of American Business!!


And the bottom line from Hathaway and Litan:

Overall, the message here is clear. Business dynamism and entrepreneurship are experiencing a troubling secular decline in the United States. Existing research and a cursory review of broad data aggregates show that the decline in dynamism hasn’t been isolated to particular industrial sectors and firm sizes.


Here we demonstrated that the decline in entrepreneurship and business dynamism has been nearly universal geographically the last three decades—reaching all fifty states and all but a few metropolitan areas.

Doing so requires a more complete knowledge about what drives dynamism, and especially entrepreneurship, than currently exists. But it is clear that these trends fit into a larger narrative of business consolidation occurring in the U.S. economy—whatever the reason, older and larger businesses are doing better relative to younger and smaller ones. Firms and individuals appear to be more risk averse too—businesses are hanging on to cash, fewer people are launching firms, and workers are less likely to switch jobs or move.

via Zero Hedge Tyler Durden

Albert Einstein’s Timeless Advice For Investors

Submitted by Tim Price via Sovereign Man blog,

“If I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper question to ask, for once I knew the proper question, I could solve the problem in less than five minutes.”


– Albert Einstein

Well into the summer of 1914, when the then 35-year old Einstein was a professor in Berlin, Europe’s stock markets were buoyant.

They initially shrugged off the assassination of the heir to the Austro-Hungarian Empire, Archduke Franz Ferdinand, in Sarajevo.

But as investors began to grasp the implications of a European war with Russia siding with Serbia, both bonds and stocks started to sag as proactive investors began to raise liquidity.

Historian Niall Ferguson points out that market makers on the London Stock Exchange, heavily reliant on borrowed money to finance their equity holdings, started going bankrupt.

Counterparty risk blossomed, and bill brokers were caught with customers on the continent unable to remit funds. There were fears of bank runs.

The Viennese stock market closed, on July 27, 1914. Within a week all the continental exchanges had followed, along with London and New York.

The world’s major stock markets remained closed for up to five months. This was reality finally setting in.

Today we have western stock markets either at, or close to, record nominal highs. Interest rates remain at 300-year lows.

This despite fears of a slowdown, and deflating credit bubble, in China, the looming end of QE in the United States, and military escalation in Ukraine. And an unreconstructed banking system in the euro zone.

Greece’s recent 5-year bond was floated at a yield of less than 5%. And demand was so strong it was -seven times- oversubscribed!

And the Dow Jones Industrial Average rose to an all-time high within HOURS of the US government announcing that Q1 GDP growth had ground to a halt. It’s a total disconnect from reality.

It seems crystal clear to us that developed world central banks are busily inflating bubbles that will inevitably burst. We just do not know when.

And the sad dilemma of our times is that the monetary authorities have made the successful pursuit of low-risk investing virtually impossible.

By driving deposit rates down to below the rate of genuine real world inflation, investors are effectively forced to take on much more price risk than they might otherwise choose.

We have long held that asset class diversification remains the last free lunch in finance. But asset class diversification alone is insufficient if there is genuinely a bubble in -everything-.

This presents a major problem for investors. So as Einstein suggested (quote above) and you had an hour to solve the problem, what question would you pose for the first 55 minutes ?

It isn’t just: what do we want to own ? Should it be a combination of appropriately valued stocks, bonds, property, cash, and gold ? How can we best avoid the more obvious risks to our capital ?

We think this dismal financial environment requires a return to first principles. So for us, it’s a question of: what do we want to achieve with our capital in the first place ?

We think for our clients, trying to “beat the market” is entirely the wrong objective today. Preservation is paramount.

And prudent investors should look for attractive valuations along the roads less travelled, less crowded by hordes of index-trackers determined ultimately to fall exactly in line with the central bankers who control them.

via Zero Hedge Tyler Durden

Alibaba Files For IPO

It seems “market conditions” are right for the big one…

  • 2013 EBITDA: $2.7 billion, 2013 Free Cash Flow: $3.2 billion
  • Pro Forma cash $7.9 billion

Here are some of the key details, formerly non-public, from its IPO filing


Key metrics:


The Alibaba ecosystem:


Company history:


Org Chart:


via Zero Hedge Tyler Durden

Whole Foods Misses, Lowers Guidance, Or What Happens When You Ignore Buybacks At The Expense Of CapEx (Hint: -10%)

While we recently roasted IBM for engaging in an unsustainable debt-funded buyback program, in which IBM has used every dollar of debt issued since 2012 to buyback its stock, moments ago another company showed why management teams would much rather buyback their stock than invest in CapEx in a market that only reward instant gratification in the form of shareholder friendly activity and furiously punishes any attempts to grow for the future.

Presenting Whole Foolds: the luxury grocery chain moments ago reported revenues of $3.32 billion, missing the $3.35 billion expected, and EPS which also missed expectations of $0.41, instead printing at $0.38. Adding insult to injury, WFM also cut comp store sales guidance lowering its previous fiscal year comp store guidance from 5.5%-6.2% to 5.0%-5.5%, cutting sales growth from 11-12% to 10.5%-11%, and also cut EBITDA from $1.32-$1.37 billion to $1.29-$1.32 billion.

So yes – sadly for WFM, unlike every other company, it took no charges, and had no add-backs to add to give a far rosier non-GAAP EPS number, which in itself is admirable. And while we commiserate with having a weaker consumer to sell to, that too was perfectly expected now that the economy now only ground to a halt but in Q1 declined.

That said, WFM continues to be a cash cow, generating tremendous amounts of bottom line cash.

Which perhaps was its biggest failing as well – WFM reported that “year to date, the Company has produced $619 million in cash flow from operations and invested $362 million in capital expenditures, of which $207 million related to new stores. This resulted in free cash flow of $257 million. In addition, the Company has paid $82 million in quarterly dividends to shareholders and repurchased $117 million of common stock.”

Alas, this is nowhere near enough shareholder friendly activity to keep investors happy in a New Normal in which buybacks tend to be far greater in amount than CapEx spending. What’s worse, in order to make up for organic growth, WFM would have no choice but to expand its stores and not only is projecting that the number of new stores would rise from 33-38 to 36-39, but is also expecting a $75 million increase in CapEx from a prior guidance of $600-$650 million to $675-$725 million.

Which simply means that between lower EBITDA and higher growth CapEx, Whole Foods will have far less cash for even more buybacks in the future.

End result: the stock is now -10% after hours.

via Zero Hedge Tyler Durden

When “Turbo Tuesday”… Fails

The streak is over! US equities suffered their biggest Tuesday loss in over 6 months today. Despite the same valiant attempt to ramp stocks after a weak open (using JPY and VIX) as yesterday, Turbo Tuesday turned out to be tepid tumbling Tuesday as high-beta hopes were dashed amid little to no macro or event risk news. Yesterday's dead cat bounce in yields appears to have been just that and stocks tracked them lower all day (and disconnected from USDJPY mid-afternoon as it was unable to break 101.50). The Russell was the worst performer (along with NASDAQ) as the broad index closed below its 200-day-moving-average for the first time in 18 months (after 7 false alarms in the last 2 weeks). Away from stocks, credit spreads widened, bond yields dropped, the USD sold off 0.5% to 19-month lows, commodities wer generally flat (gold +0.65% on the week), and VIX closed +0.5 vols near 14. Welcome to "Torpedo Tuesday"

The Dow is down 0.9% year-to-date and down 7.12% if it were not for Tuesdays…



Stocks dipped-and-ripped again at the open – but failed this time… and despite best efforts to rally into the close – ended weak


The Russell 2000 closed below its 200DMA for the first time in 18 months… (after 7 false alarms in the last 2 weeks)


Stock tracked the long-bond all day


And mostly clung to USDJPY til it hit 101.50


Notice they tried desperately to ramp stocks with a VIX slam after Europe's close (and failed)…


As the USD Index dropped themost in a month and fell to 19 month lows... as Goldman said "Price action has gone decidedly against us on our strong Dollar call… and blamed China for USD selling"


Twitter was twatted…


And oddly caught down almost perfectly to Pandora's weakness off the Tarullo top…


Charts: Bloomberg

Bonus Chart: "Costs"


Bonus Bonus Chart: The Top 10 Wall of Shame TWTR analysts…

via Zero Hedge Tyler Durden

David Einhorn “I Asked Bernanke Questions, And The Answers Were Frightening”

Ben Bernanke may be gone from the helm of the world’s most centrally planned economy, but his ample cluelessness remains. David Einhorn, president of Greenlight Capital, better known for comparing QE to jelly donuts and who recently confirmed what we have been saying for a long time that the second dotcom bubble is here, spoke with Bloomberg TV covering a wide range of topics, but what caught our attention was his synopsis of a private dinner he had with Chairsatan-emeritus Ben Bernanke, on March 26.

What he found, in his own words, is disturbing.

“I got to ask [Bernanke] all these questions that had been on my mind for a very long period of time, right? And then on the other side, it was like sort of frightening because the answers weren’t any better than I thought that they might be. I asked several things. He started out by explaining that he was 100 percent sure that there’s not going to be hyperinflation. And not that I think that there’s going to be hyperinflation, but it’s like how do you get to 100 percent certainty of anything?”

It goes without saying that only fools are 100% certain of anything, which in fact explains pretty much everything.

So is it too late to cross off the final “conspiracy theory” of the tinfoil hat list: that the entire world is led by clueless Keynesian economist fools, whose adherence to perpetatuing the broken and insolvent status quo means that the only outcome possible after this final, all-in (luckily) bubble finally bursts, is either systemic collapse or world war?  Or do we actually have to live through it before we are proven right once more?

That’s ok, we are in no rush.

Curious for more? Here is the full transcript of the key part of the exchange between Bloomberg anchors Schatzker and Ruhle, and Einhorn.

RUHLE: … you recently had dinner with Ben Bernanke. What went down? We didn’t get to be there.

EINHORN: Well, it was — I watched him for years in front of Congress and speaking and watched him on TV and “60 Minutes” and —

RUHLE: And what was your opinion of him before you had dinner?

EINHORN: I was — I’ve been critical. I’ve been critical of him for a very long time. And the dinner for me, in one way it was cathartic because I got to ask him all these questions that had been on my mind for a very long period of time, right? And then on the other side, it was like sort of frightening because the answers weren’t any better than I thought that they might be.

SCHATZKER: What did you ask him?

EINHORN: I asked several things. He started out by explaining that he was 100 percent sure that there’s not going to be hyperinflation. And not that I think that there’s going to be hyperinflation, but it’s like how do you get to 100 percent certainty of anything? Like why can’t you be 99 percent certain and like how do you manage that risk in the last 1 percent? And he says, well, hyperinflations generally occur after wars and that’s not here. And there’s no sign of inflation now and Japan’s done a lot more quantitative easing than we’ve done, and they don’t have it. So if there is a big inflation, the Fed will know what to do. That was kind of the answer.

RUHLE: What did you say?

EINHORN: That was it. Then it went to the next question. So then a few minutes later it came back and I got to ask him about the jelly donuts. And my thesis is that it’s like too much of a good thing. Like lowering rates and quantitative easing and these stimulative things, they help but with a diminishing return. And eventually you go too far and it’s like eating the 35th jelly donut. It just doesn’t help you. It actually slows you down and makes you feel bad. And my feeling has been that by having rates at zero for a very, very long time the harm that we’re doing to savers outweighs the benefits that might be seen elsewhere in the economy. So I got to ask him about this.

SCHATZKER: Okay, and what did he say?

EINHORN: Well first of all he says, you’re wrong. That was good. And then he said the reason is if you raise interest rates for savers, somebody has to pay that interest. So you don’t create any value in the economy because for every saver there has to be a borrower.

And what I came back to him was I said, but wait a minute. You said for a long time we haven’t had enough fiscal stimulus, and who’s on the other side of the low interest trade? It’s the government. And so if the government — if we raise the rates, the government would have to pay more money to savers. You’d have the bigger deficits. You’d create the stimulus, the fiscal stimulus that you’ve been complaining that Congress wouldn’t give to you, right? And savers would benefit from the higher rates and because savings is spent at a very high rate in terms of interest — interest income on savings is spent at a high percentage, you’d get a real flow through into the economy.

SCHATZKER: One of the questions you’ve raised about quantitative easing in one of your letters to investors was about inequality. Did you get any satisfaction from Ben Bernanke on the question of whether quantitative easing exacerbates inequality?

EINHORN: Yeah, that did come up and I don’t remember exactly what he said. So I don’t want to —

SCHATZKER: It wasn’t memorable.


SCHATZKER: How about this notion that Warren Buffett has propagated that the Fed has become with its $4 trillion balance sheet the greatest hedge fund in history?

EINHORN: Yeah. I’m not sure that’s meant as a compliment.

SCHATZKER: But did that issue come up?

EINHORN: Yeah. There were people who were asking, yes, and he says the Fed can manage their way out of it when the time comes.

SCHATZKER: But in a persuasive way? Did he convince anyone?

RUHLE: Or did he say Janet’s problem now, not mine? I’ll have another drink.

EINHORN: He was very supportive of Janet.

SCHATZKER: No doubt.

RUHLE: Are you?

EINHORN: I want to keep an open mind here. I saw her speak at the Economics Club a couple weeks ago and I was impressed by her speech. I thought — she said, look, we have a base expectation, but things change. And when things change, we’re going to change our policy. I thought that was good. She’s — I don’t look at one economic factor to drive things. I’m going to look at all of the factors. I thought that was good. I think the way she’s approaching problems at least conceptually is very good. I’d love to see if she has a better reason why rates should remain at zero at this stage in the economy, but you take these things and see where she goes. She’s just gotten started.

* * *

Yes. She “just” has. And yes, Bernanke’s problems are now her problems.


Full Bloomberg TV interview below:

via Zero Hedge Tyler Durden

Will Detroit Be The First Major Chinese City In The United States?

Submitted by Michael Snyder of The Economic Collapse blog,

Is Detroit destined to become a Chinese city?  Chinese homebuyers and Chinese businesses are starting to flood into the Motor City, and the governor of Michigan is greatly encouraging this.  In fact, he has formally asked the Obama administration for 50,000 special federal immigration visas to encourage even more immigration from China and elsewhere.  So will Detroit be the first major city in the United States to be dominated by China?  It could happen.  Once upon a time, Detroit was the greatest manufacturing city in the history of the world and it had the highest per capita income in the entire country.  But now it is a rotting, decaying, bankrupt hellhole that is in desperate need of a savior, and Michigan Governor Rick Snyder appears to be fully convinced that China can be that savior.

To Snyder, encouraging foreigners to invest money and buy up properties won't cost the state government much, but it could potentially have great benefits

Under a plan to be unveiled Thursday, Gov. Rick Snyder will request 50,000 special federal immigration visas over the next five years to attract foreign professionals who are willing to work and live in the city.


Mr. Snyder, in an interview Wednesday, said that “this is one way for the federal government to step up to provide significant value without cost that could have a huge impact on the city’s future.”

At a news conference announcing his plan, Snyder was not shy about declaring his intentions

"Let's send a message to the entire world: Detroit, Michigan, is open to the world."

In other words, Snyder wants China to save Detroit since nobody in this country is going to.

Snyder has also taken a couple of additional steps to encourage immigration and foreign investment, including opening up something called "an Office for New Americans"

Opening an Office for New Americans to attract and help immigrants better adjust to life in Michigan, and designating the state as an Employer Based or EB-5 center to expedite visas and permits for immigrants who want to open business in the state with investments of at least $500,000 and 10 employees.

In essence, Snyder has done just about everything except roll out the welcome mat for the Chinese.

But this is nothing new for Governor Snyder.  In fact, he has been making overtures to China for years

Snyder, who was a businessman before starting his political career, believes that automobiles can no longer change the fate of Detroit. He said that he has learned from the history of the United States that what has made the nation great is immigrants.


In the early 1990s, Snyder went to China to develop the automobile market. After he was elected as the governor of Michigan, he made at least one trip to China every year, with the aim of recruiting talent.


He hopes that well-educated Chinese people can revitalize the Motor City in the new era. And as he desired, after Detroit announced its bankruptcy in 2013, the Chinese began to take the dying city by storm.


Rich Chinese men see Detroit as a rare opportunity for investment outside their home country.


In 2013, without any field investigation, Dongdu International Group of Shanghai — whose assets total 5 billion yuan (US$800 million) — spent US$13.6 million to buy the David Stott building and the Detroit Free Press building at auctions in September.

And when we talk about the Chinese domination of Detroit, this is not something that is just future tense.  This is something that is already happening right now.  For example, the following is an excerpt from a CNBC article that discussed how Chinese companies are already aggressively "putting down roots in Detroit"…

Dozens of companies from China are putting down roots in Detroit, part of the country’s steady push into the American auto industry.


Chinese-owned companies are investing in American businesses and new vehicle technology, selling everything from seat belts to shock absorbers in retail stores, and hiring experienced engineers and designers in an effort to soak up the talent and expertise of domestic automakers and their suppliers.

The transformation that has taken place in that region of the country is absolutely remarkable.

48 percent of the manufacturing jobs in the state of Michigan were lost between December 2000 and December 2010.  Our trade deficit with China was largely responsible for that.

And now we are relying on China to come in and salvage the ruins of our gutted economic infrastructure.

Not only that, but the Chinese are also eagerly buying up homes at extremely depressed prices all over Detroit.

According to CNN, Detroit is already number four on the list of the top 10 destinations for Chinese homebuyers.  In many cases, Chinese buyers are scooping up properties without even looking at them first.  Just check out what one Detroit real estate broker told Quartz last July

“I have people calling and saying, ‘I’m serious—I wanna buy 100, 200 properties,’” she tells Quartz, noting that one of her colleagues recently sold 30 properties to a Chinese buyer. “They say ‘We don’t need to see them. Just pick the good ones.’”

And they aren't just interested in Detroit.  As I have written about previously, one Chinese company known as "Sino-Michigan Properties LLC" actually had plans to buy 200 acres of land near the little town of Milan, Michigan and turn it into a "China City" with artificial lakes, a Chinese cultural center and hundreds of housing units for Chinese citizens.  For much more on how Chinese buyers are gobbling up real estate all over the nation, please see my previous article entitled "The Chinese Are Acquiring Large Chunks Of Land In Communities All Over America".

All of this is just another indication of how rapidly the global economic landscape is changing.

Since the late 19th Century, the United States has been the most dominant economic power in the world.

But now that reign is ending.

Just recently, a new study released by the World Bank indicated that China is now the largest economy in the world in terms of purchasing power…

A report out of the World Bank shows rapidly expanding China is poised to overtake the once invincible United States as the world's largest economy by the end of 2014.


The International Comparison Program looks at exchange rates to reveal purchasing power of different currencies and found that yuan in China will soon pack more punch than the mighty dollar.


Meanwhile, Chinese officials bashed the report as flawed, likely for fear of losing its status as a developing nation and the pollution-spewing perks that come with it.

And a couple of years ago China passed the United States and become the leader in global trade.

As the Chinese economy continues to rise and the U.S. economy continues to decline, the shift in global power is going to become even more dramatic.

Yes, let us hope for the best for our failing economy, but you also might want to teach your kids to speak Chinese just in case.


via Zero Hedge Tyler Durden

Why European QE Will Not Help (In 2 Simple Charts)

With the world (or mostly the Japanese) front-running Draghi's ever-increasing threat of QE in Europe, Spanish and Italian government bond yields have reached levels commensurate with insanity compared to their risk (event and macro). Lower rates are great news right? They encourage growth… as the cost of borrowing drops across the nation's capital assets and the phoenix rises from the flames. Well – as the following 2 charts show – no! The lower rates are not 'trickling down' to real loans and loan creation continues to contract. So, aside from direct lending to SMEs, what exactly will Draghi's direct monetization of peripheral European bonds do aside from provide the leveraged speculators with their willing buyer to take profits (just as it did the last time he decided the time was right to buy bonds).


Chart 1 – Despite record low government yields (black), real borrowers (red) are not seeing rates falling -in fact risk premia for non-government borrowers looks like it is at a record high!!

(h/t @M_McDonough)

Chart 2 – Demand is not there…


the balance sheet recession has left people and companies minimizing debt as opposed to maximising profit and a deleveraging banking system (stoking its balance sheet with 'riskless' sovereign debt as it collapses any form of risky – and therefore haircut – lending) mean loan creation continues to contract – despite record low costs of funding…

So what exactly is the point of European QE? Why now? Who for?

As we noted before…

Draghi continues to be in a no way out, since credit destruction is not bad enough to prompt much more easing, or certainly QE, and is not nearly good enough to stimulate any economic growth except net of GDP definition revisions.

Here is the breakdown by country on a three year basis:

And the Y/Y change in outstanding levels:


Given the anticipation that is now built-in for this week's ECB meeting, we hope that Draghi has a little more up his sleeve than reviving the Treaty-testing, bondholder-subordinating SMP. Presented with little comment is the market's reaction during the last two periods of buying as it seems that Italian and Spanish bondholders are more than happy to know that there will always be a buyer no matter how much they keep selling their exposure down.

Lower pane is the weekly purchases of bonds by the ECB and the upper pane is the now all-important spread between Italian and Spanish bonds and the German Bund – higher being more risky.


Well that plan didn't work so well eh? It would appear that during the 2010 period spreads doubled from 100bps to 200bps and once again during the 2011 period, spreads almost doubled from 260bps to over 500bps in Spain.

via Zero Hedge Tyler Durden

This Is Exactly How You Destroy A Banking System

Submitted by Simon Black of Sovereign Man blog,

You might not realize it, but yesterday was a very important date.

Yes, of course, it was Cinco de Mayo. But possibly more important, it’s also the deadline for banks around the world to sign up for information-sharing agreements with the IRS.

Think about it like this: imagine that the King of Saudi Arabia decreed that NO grocery store chain in the United States was allowed to sell pork products to citizens of Saudi Arabia.

Crazy, right? Arrogant? Of course.

But that’s essentially what the US government has done.

Passed back in 2010, the Foreign Account Tax Compliance Act (FATCA) makes it mandatory for banks around the world to share information about their depositors with the US government.

In other words, Congress expects for banks that aren’t even in the United States to comply with US laws… even if US laws happen to violate the banks’ own local laws!

It’s the height of arrogance. And by passing and enforcing such pitiful regulations, the US government is only shooting itself in the foot.

Right now, the US banking system is at the center of the global banking system.

When a wholesaler in Bangladesh sends money to a supplier in Ghana, that money transfers through the United States.

Both the bank in Bangladesh and the bank in Ghana would have an account in New York– they’re called ‘nostro’ accounts in banking parlance.

Having this common hierarchy makes it easier for banks to transact with each other because they both have a common intermediary. And for now, that common intermediary is the US banking system.

But the US government seems to be going OUT OF ITS WAY to destroy the advantages of this system.

In fact, if you were to advise the US government what to do if they wanted to destroy the banking system, the list would pretty much include everything that they’re already doing:

  • Having inadequately capitalized banks
  • Destroying the federal government balance sheet
  • Destroying the central bank balance sheet
  • Using credit rating agencies for political games
  • Bailing out the banks at everyone else’s expense
  • Passing absurd regulations and demand compliance through fear and intimidation

Uncle Sam is practically begging the rest of the world to create an alternative banking system that doesn’t depend on Wall Street or the US government.

And this alternative system is already forming.

More and more nations are starting to engage in currency swap arrangements, and banks around the world are setting up their own network of interbank accounts.

This is a major issue that is unfolding before our very eyes.

If the US banking system loses its prominence, suddenly the dollar becomes less relevant. As the dollar becomes less relevant, then US Treasuries less relevant.

And if foreigners lose interest in US Treasuries, who will buy that slice of the US government’s debt?

Simple. You.

Explore this further with me in today’s Podcast: How to destroy a banking system. Give it a listen here:


via Zero Hedge Tyler Durden

Tumbling Tuesday: Stocks Slide As “Fundamental” Pattern Buying Fails To Materialize

But “they” said it was all ok yesterday? That is was all “priced in”… and it’s a Tuesday!!!! US equity markets – most notably the Russell 2000 and Nasdaq – are back at yesterday’s lows. We did see the ubiquitous JPY ramp, stock pump around POMO but it would appear we have reached Peak Tuesday Effect as every self-fulfilling prophecy inevitably comes to an end (though there is will a couple of hours left to save “investors”)… Treasury yields are notably lower (unch on the week) with gold and silver modestly higher (up small on the week). Credit markets warning signal from yesterday seems to have bee spot on …oh and TWTR’s lock-up was “NOT” priced in…


Well that is not what we should expect on a Tuesday…


With USDJPY tracking stocks (but this latest flush looks more stock-centric)


As stocks track yields lower


Wondering where stocks will end?



TWTR lock up not priced in… despite what all the experts said eh?!


An odd coincidence of collapse… with Pandora

via Zero Hedge Tyler Durden