What we've learned again in the past 24 hours is that the rest of the world sells risk and the U.S. buys it, something about Faux News and being the "last to know"TM
Let's see, a 500 year deluge of the U.S. oil capital, ballistic missiles hurtling across Japan, Camacho-in-chief with his finger on the trigger. It can only be another buying opportunity.
And apparently, the algos borrowing in Japanese Yen to fund S&P rallies need a geography lesson, otherwise I'm guessing they'll be funding more gap down open comeback rallies. Either Trump retaliates or Kim Jong Un continues missile salvos until Trump retaliates:
Either way, this just in: "RISK OFF"
Yen carry traders are slightly over-exposed to a cage match between two megalomaniac nutjobs
Meanwhile on the big picture front, this chart is a reminder as to why Emerging Markets are leading the global fake reflation rally now:
"Black Swan Event"
Powered by imagined realities all over again...
Well at least we have Alibaba-sponsored fake global reflation, because fake U.S. reflation is done:
And European fake reflation
We've only seen two meltdowns from this level, but really, who's counting?
"The storm’s forced shut down of refineries on the Gulf Coast, the largest refining hub in the U.S., is already affecting the supply of gasoline in North America and also hurting the demand for crude oil...Refineries that are shut in or sidelined can’t take delivery of oil"
What to do? Cover shorts ahead of the weekly inventory reports and wait for good news, what else?
Fortunately, the iPhoney8 is due September 12th. Of course every time Apple makes a new high the S&P plunges:
What happens when Apple is the only big cap stock making a new high? We're about to find out:
In the meantime, one more chance to BTFD before all hell breaks loose:
I gave up on the Bitcoin wave count
