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Wednesday, June 16, 2021

Stocks Just Suddenly Puked On Massive Volume…

Shortly after the Census data was released, US equity markets puked...The S&P erased all post-open gains on massive volume...VIX spiked above 18 briefly...It's unclear whether the move is related to the census outcome but any catalyst remains unclear for now. There was no reaction in bonds or the dollar.As one trader exclaimed to us -…

Stocks Puke As Biden’s Capital Gains Tax Reality Strikes

The reality of the Biden administration's 'soak the rich' plan is finally hitting markets as the details of his new capital gains tax plan are hitting...As Bloomberg reports, President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means…

Stocks Slump As World’s Biggest Asset Manager Warns “Market Feels A Bit Frothy”

Rick Rieder, CIO of Blackrock's global fixed income and head of global allocation, warned the market "feels a bit frothy... last week was a bit eery for me." While he explains that this is "the most exciting time" to be investing, he says the largest asset manager in the world has pulled back a little…

76% Rise In Stocks Since The March Low Is The 3rd Largest Jump In...

For his weekly Flow Show report, BofA's Michael Hartnett picked a remarkable front cover chart, one showing that the 76% jump in US stocks from Mar’20 lows is now the 3rd largest YoY move in the past 100 years.Among the factors making this possible was the return of the record stock market mania, which in…

Stocks Sink As Fed’s Kaplan Admits “Challenges” Due To “Excess Risk-Taking”

“I’m concerned about excess risk-taking and if that excess risk-taking goes too far, whether it creates excesses and imbalances, that could ultimately create challenges,” Federal Reserve Bank of Dallas President Robert Kaplan says in an interview with Nikkei posted on its website.“Equity market cap, divided by gross domestic product, that’s at a historically elevated level. Credit…

Stocks Expode Higher After Powell Says Will Give SLR Update “In Coming Days”

In our initial response to the FOMC statement, we noted that while the Fed was far more dovish than most - and certainly Goldman which reset expectations with its prediction for 1 rate hike in the median 2023 dot - there was no comment on one of the most closely watched topics: the SLR, or…

Stocks, Bitcoin, & Bonds Bid As Dollar Crashes On Dovish Fed Statement

A Fed statement that was almost unequivocally more dosvish than expected sent stocks higher (pushing The S&P and Nasdaq briefly green)...As a reminder, Powell has now presided over 24 FOMCs and on average the S&P 500 has been -0.15% (15 out of the 24 were down days) lower on decision day.Bond yields whipsawed but are…

EXCLUSIVE: Dan Crenshaw Responds To Allegations Of Insider Trading

Republican Texas Rep. Dan Crenshaw responded to allegations of not disclosing stock transactions as a COVID-relief bill was being debated in an exclusive Tuesday interview with the Daily Caller. Crenshaw reportedly made half a dozen purchases as the CARES Act was in a three-day period between when it passed the House on March 25, 2020…

Stocks and Bonds Hammered in Sharp Selloff

Stocks took a beating on Thursday as investors sold off tech shares and Treasurys. The Dow Jones Industrial Average fell nearly 560 points, a 1.75 percent decline. The S&P 500 sank 2.45 percent. The Nasdaq Composite fell 3.52 percent. All eleven sectors of the S&PS were down. The worst performing sectors were information technology and…

GameStop Ends Week Up 400%

Shares of GameStop rose more than 50 percent on Friday while the broad indexes tumbled. That is enough to bring GameStop, still one of the most shorted stocks in U.S. equities markets, up to a 400 percent gain for the week. Many of the biggest bulls in GameStop continue to hold their shares, predicting the…
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