Build Back Better Billionaires
By Michael Every of Rabobank
Before internet memes allowed for spontaneous sarcasm to go viral, work-based humor used to be based around coffee mugs and posters. The reigning king of these David Brent / Michael Scott media was: “You don’t have to be mad to work here – but it helps!”
Yet what else is there to say of a day where a bankrupt meme trade US stock just a year ago was responsible for pushing the stock of another US firm - whose polarizing CEO...
Peak Gamma: 'ARKK Doomsday Downside' Trades & A Tesla Tumble
Yesterday, we highlighted the 'gamma bomb' that sent TSLA stock soaring above $1000 and the company's market cap above $1 trillion as total options volume of 3.55mm contracts in TSLA was also a single-day record.
However, as Nomura's Charlie McElligott notes, most stunning was the fact that 54% of yesterday’s record options volume / flow was concentrated in the 10/29 weekly options, including 1.2mm Calls for just...
San Francisco Prosecutors Quit, Residents Fed Up With 'Zero Consequence' Policies
Authored by Mike Shedlock via MishTalk.com,
San Francisco District Attorney Chesa Boudin faces a second recall effort over failure to prosecute crimes
Democrats Stalking $5 Trillion In Billionaire Wealth For Tax Extraction
Congressional Democrats are setting their sites on US billionaires - and the roughly $5 trillion in wealth held by them, according to Bloomberg.
Senate Finance Chair Ron Wyden (D-OR)
In the last five years, this exclusive group of more than 800 billionaires tracked by the Bloomberg Billionaires Index has more than doubled its collective net worth. And according to Democrats, these unrealized gains should be...
September New Home Sales Explode Higher
Following the surprise upside surge in existing home sales, analysts expected new-home-sales to accelerate further in September but they literally exploded higher instead. After a downward revision to -1.4% MoM in August, September new home sales screamed 14.0% higher MoM in September - the biggest jump since July 2020
Trump Media SPAC Slides After Unveiling Plans For Paid Streaming Service
It has been a wild week of trading for the SPAC presently known as DWAC after traders were blindsided last week by the announcement of a deal between the obscure SPAC and President Trump's nascent "Trump Media and Technology Group", meaning the combined company will become the home of Trump's "TRUTH" social network.
But as demand for the SPAC's richly valued shares (with a TTM multiple of 0 since neither firm...
Bond Market Crash Will Surprise Only The Uninformed
By Bloomberg macro commentator and analyst Tommi Utoslahti
A global bond market meltdown is only a matter of time. One fine morning, traders will wake up to find all benchmark yields sharply higher, 10 to 20 basis points or more, and no buyers around.
Bond price indicators are flashing deep red right now, from decade-high inflation expectations to waning auction demand and whispers of depressed liquidity. Last week, the U.S....
Beijing Tells Evergrande's Billionaire Founder To Repay The Insolvent Company's Debts
Hui Ka Yan, founder of China Evergrande Group, had once amassed a fortune of $42.5 billion, placing him at the top of the wealth rankings for all of Asia. But 73% of that immense fortune has now evaporated, and the tycoon will almost certainly lose even more as anxious creditors, suppliers and homebuyers besiege Evergrande’s offices.
Hui Ka Yan
But that's not nearly enough for Beijing.
In a new...
CDC Director: Unvaccinated Police, Government Workers To Be Sent For "Education And Counseling"
Authored by Steve Watson via Summit News,
Appearing on Fox News Sunday, the CDC Director Rochelle Walensky declared that the Biden regime is planning to provide vaccine hesitant police and other government workers with “education and counseling” to make them “comfortable” about taking the shots.
Walensky told Chris Wallace that “We have seen that these mandates are getting more and...
US National Home Prices Accelerate At Record Pace In August, "Amplified By Investor Demand"
Home sales are rebounding, despite median prices at record highs and mortgage rates notably higher, and that demand-pull is evident in August's Case-Shiller Home Price data (the latest data released today from this heavily lagged series). The data was slightly mixed however with the 20-City Composite Price Index growth decelerating from +20.02% YoY in July to 'only' +19.66% YoY in August;...
Despite Tesla's Raging Success, Cathie Wood's ARKK ETF Is Still Down 2% On The Year
There's no doubt that Tesla has been the story this week. The stock rocketed higher by more than $100 per share - or several Ford market caps - on Monday to open the week following an MS upgrade and news that Hertz would be buying 100,000 vehicles from the automaker.
But even this meteoric rise hasn't been enough to keep Cathie Wood's flagship ARKK ETF ahead of the S&P 500 so far this...
Doing 90mph On Deadman's Curve: A Few Thoughts On Risk
Authored by Charles Hugh Smith via OfTwoMinds blog,
When the wreck is recovered, witnesses will wonder why they took such heedless, foolish risks.
You're in the back seat wedged between tipsy revelers, the driver is drunk and heading into Deadman's Curve at 90 miles per hour. Nobody's worried because the driver has never crashed. Before they slid into euphoric incoherence, the other passengers answered your doubts with...