As I said earlier this week, this shit show is now levitated by the market's confidence that OPEC can increase the oil glut...
But first, nail by nail, the Trump trade has imploded. Big banks could not have picked a worse time to report than today. Why? because insiders are free to sell shares again, which is what they did in January with both hands right after earnings:
January 24, 2017
But, why are they selling?
Is it because loan growth is collapsing? What do they know that we don't know?
ZH: Loan Collapse Is Real
Among others, the two largest U.S. banks reported today and the selling was heavy:
Is it because loan growth is collapsing? What do they know that we don't know?
ZH: Loan Collapse Is Real
Among others, the two largest U.S. banks reported today and the selling was heavy:
JP Morgan
This is not all insider selling of course.
Wells Fargo
Bueller?
USDJPY global carry trade
Rates
Big Cap Tech is getting hammered on heavy volume:
Small/Micro cap stocks
The volatility short trade
Which leaves Oil (black) with junk bonds (red)
Volume is from junk bonds:
"No one saw it coming"
