The Biggest Tech Stocks Come Unglued

Nasdaq hits record, bounces off, plunges.
Wow, did you see that? That was quick.
Friday morning between 10:15 AM and 11:15 AM, the Nasdaq gallivanted around blissfully for an entire hour in record territory of around 6,340 with not a worry in sight, and then someone must have looked at the valuations or something, and it became infectious, and the sell-orders started pouring out, and by 2:48 PM, the Nasdaq hit a low for the day of 6,160, down 3.1% from peak to trough.
It closed at 6,208, down 114 points, or 1.8%, its biggest daily decline so far this year.
Meanwhile, the Dow rose nearly 90 points or 0.4% to 21,272. And the S&P 500 ended down a minuscule 2 points.
The market is so dependent on the infamous FAANG stocks: Facebook, Apple, Amazon, Netflix, and Alphabet (the Google in the acronym). And here’s how they did:

This post was published at Wolf Street on Jun 9, 2017.

Buy C-R-A-P

We live in a modern world of acronyms and buzzwords, and the financial industry is certainly no exception. In fact, it may be one of the worst culprits, what with FANG, ZIRP, TINA, BREXIT, QUITALY, BRIC, etc. all entering the lexicon over the last few years. Yet, creating some catchy collection of consonants remains one of the most surefire ways to attract attention in this business since it, admittedly, makes for a great headline and gives strategists like us something fun to write about (‘fun’ being a relative measure). Well, now the new eye-catching acronym to watch, according to Tom Lee of Fundstrat is C-R-A-P – Computers, Resources, American Banks, and Phone Carriers – which are all levered to the investment recovery, inflation, and deregulation expected over the next year. Before I comment further on those recommendations, though, I want to point out that I like to follow Tom Lee’s thoughts because, like us, he lets the data do most of his thinking, and, like us, he was one of the few pundits last year who actually saw potential for the US stock market. He backed that up, too, with one of the highest S&P 500 targets among strategists for 2016 (2325), but now, according to Bloomberg, he has the lowest price target for 2017 among the fifteen strategists they track (2275), further proof that he doesn’t just parrot consensus numbers.
Reading between the lines of his comments, Lee does not see a substantial upside for the stock market as a whole in 2017, at least not without a pullback first, but he does believe a potential exists among individual areas of the market. This line of thinking is consistent with our view that passive indexing may be more frustrating for this type of investing environment because you will be dragged down by the underperforming sectors and the increased volatility may make it more difficult to hold onto positions long enough to achieve the eventual performance. We generally agree, too, that the C-R-A-P stocks should do well in the political and economic landscape that many expect on the horizon. If inflation does pick up, driven by fiscal stimulus and more robust economic growth, Fundstrat argues that the contemporaneous increase in wages will not hit technology company margins as hard given their reliance on more high-skilled workers, and we, too, continue to advise an overweight of Tech to benefit from the Computers sub-sector. The big acronym of 2015 and 2016, the so-called FANG stocks, may already be coming back into favor, as well, with Facebook Inc. (FB/$123.41/Outperform), Amazon.com Inc. (AMZN/$795.99/Outperform), Netflix Inc. (NFLX/$131.07/Outperform), and Alphabet Inc. (GOOG/$806.15/Outperform) all breaking out to new reaction highs last week.

This post was published at FinancialSense on 01/10/2017.

ETF Rankings Update (1/6/2017)

The ETF rankings update (1//6/2017) is ready and appears below.
Before getting into the rankings, a 40 page PDF is available that describes the ETF Rotational Trading System in great detail. It should be your guide should you wish to follow these rankings and understand why and how they were developed. The document deals with issues such as momentum trading, how the DMS system was developed, trade-offs in the development process and lots of graphs and tables of historical testing.
To the extent that you are new to the system, please read the PDF to understand the trading cycle and various acronyms and definitions that are used below.
ETF Rankings Update
For the time being, only TN1 (Trading Normal, one position) is being tracked. The three highest ranked ETFs are shown in the table below for the most recent week. Prior weeks show what previous rankings were. The rank column in the table has the number one ranked ETF colored either light blue or light orange. That coloring is to differentiate between trade days and non-trade days. For purposes of backtesting only trade days were traded. The trade day falls on the last Friday of each month. In the table below, 12/30/2016 was the trade day. On that day, RSX was the top-ranked ETF according to the momentum algorithm. RSX remains at the top as of the current ranking on 1/6/2017, a non-trade day.

This post was published at Economic Noise on January 7, 2017.

Gun Control Is Treason

Yesterday I saw a headline on Breitbart.com. It wasn’t much of a headline as these things go, a minor story slipped in between two more important subjects, but it started my mind ambling down a path it has followed many times before, yet for some reason, I have never written about.
The Breitbart headline reported that Hillary Clinton was screeching that the problem of terrorism (she actually said the word, apparently) will never be solved until America has more gun control. Now, I freely and unashamedly confess that I didn’t read the rest of the article; I have heard everything this brain-damaged, bloody-fingered collectivist harridan has to say on the subject of victim disarmament what seems like at least a hundred million times since I first regretfully became aware of her miserable existence back in the 1990s. To the best of my ability, I cannot remember ever hearing her (or her disgusting specimen of a husband or their ill-spawned daughter) utter anything that even remotely resembled the truth.
It makes me wonder whether pathological lying is genetic.
As I’m sure you know, the Second Amendment to the United States Constitution reads: ‘A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.’ It’s a sentence that every individual reading this essay has seen many, many times before. Give or take a comma or two, it is far from ambiguous; its meaning, where rights are concerned (of the individual, as it turns out), is perfectly clear, no matter what Marxists like Hillary Clinton – out of the closet and grimly determined to see their prey (that’s us) rendered helpless – claim to the contrary. Their entire cowardly purpose, theirs and their pet celebrities and their fawning sycophants in academia, is to get around our rights and to do things to us that they can’t do as long as we have our guns.

This post was published at Lew Rockwell on September 27, 2016.

Monetary policy has Nationalized the Japan Stock Market

Even a resurgent yen hasn’t dampened Japan’s stock rally over the past couple months, but that’s not necessarily because investors like the market.
The Nikkei 225 index has surged around 10 percent since late June, even as the yen has climbed against the dollar, with the pair testing levels under 100. Normally this would be bad news for stocks as a stronger yen is a negative for exporters as it reduces their overseas profits when converted to local currency. So what explains the buoyant stock market?
Analysts attributed the gains to the Bank of Japan (BOJ), not fundamentals.
In a report titled, ‘BOJ nationalizing the stock market,’ Nicholas Smith, an analyst at CLSA, said that the central bank’s exchange-traded fund (ETF) buying program was distorting the market.
At its late July meeting, the BOJ said it would increase its ETF purchases so that their amount outstanding will rise at an annual pace of 6 trillion yen ($56.7 billion), from 3.3 trillion yen previously.
Those purchases were particularly distorting to the market because they focused largely on funds tracking the Nikkei 225 index, Smith said in a note dated Sunday, estimating that more than half of the BOJ’s ETF buying was likely in Nikkei-tied funds.

This post was published at David Stockmans Contra Corner By Leslie Shaffer, CNBC ‘ August 23, 2016.

The Bank of Japan’s Unstoppable Rise to Shareholder No. 1

The Bank of Japan’s controversial march to the top of shareholder rankings in the world’s third-largest equity market is picking up pace.
Already a top-five owner of 81 companies in Japan’s Nikkei 225 Stock Average, the BOJ is on course to become the No. 1 shareholder in 55 of those firms by the end of next year, according to estimates compiled by Bloomberg from the central bank’s exchange-traded fund holdings. BOJ Governor Haruhiko Kuroda almost doubled his annual ETF buying target last month, adding to an unprecedented campaign to revitalize Japan’s stagnant economy.
While bulls have cheered the tailwind from BOJ purchases, opponents say the central bank is artificially inflating equity valuations and undercutting efforts to make public companies more efficient. Traders worry that the monetary authority’s outsized presence will make some shares harder to buy and sell, a phenomenon that led to convulsions in Japan’s government bond market this year.
‘Only in Japan does the central bank show its face in the stock market this much,’ said Masahiro Ichikawa, a Tokyo-based senior strategist at Sumitomo Mitsui Asset Management Co., which oversees about 12 trillion yen ($118 billion). ‘Investors are asking whether this is really right.’
While the BOJ doesn’t acquire individual shares directly, it’s the ultimate buyer of stakes purchased through ETFs. Estimates of the central bank’s underlying holdings can be gleaned from the BOJ’s public records, regulatory filings by companies and ETF managers, and statistics from the Investment Trusts Association of Japan. Forecasts of the BOJ’s future shareholder rankings assume that other major investors keep their positions stable and that policy makers maintain the historical composition of their purchases.

This post was published at David Stockmans Contra Corner

Pay Attention To What BoJ Did Do

As if a mirror of the Federal Reserve, what is more important from the Bank of Japan flop today is what it did do rather than what it did not. Everyone was looking for at the very least an even quicker pace to QQE if not the full-blown ‘helicopter’ of momentum dreams. Instead, BoJ offered what appears tepidity. As widely expected, their ETF buying program was expanded to 2.7 trillion annually, but that wasn’t the end of the submission. The only other change was to double a ‘dollar lending’ program that few knew existed.
In April 2012, the Bank of Japan policy statement included the official approval of a plan to extend dollar loans from its supply of dollar ‘reserves’ to eligible Japanese companies obtaining overseas finance.
The goal of overcoming deflation will be achieved both through efforts to strengthen the economy’s growth potential and support from the financial side. With this in mind, the Bank will pursue powerful monetary easing, and will support private financial institutions in their efforts to strengthen the foundations for Japan’s economic growth via the fund-provisioning measure to support strengthening the foundations for economic growth. At today’s meeting, as shown in the Attachment, the Bank established detailed rules for a new U. S. dollar lending arrangement equivalent to 1 trillion yen, of which a preliminary outline was released at the previous meeting in March.
‘Eligible’ counterparties are narrowed specifically in the technical terms to only those firms who have accounts at FRBNY or have accounts at banks with settlement recourse to FRBNY (where BoJ’s assets are mostly in custody). All loans are in US dollars posted by eligible collateral with 1-year duration (and 3 available one-year rollovers, for a total of four years) at 6-month LIBOR refreshed every six months. The maximum loan per counterparty is $1 billion, with a total balance capped at $12 billion (those amounts were today doubled).

This post was published at David Stockmans Contra Corner on July 29, 2016.

Are VIX ETFs A Powder-keg Waiting To Explode?

I have been following several ‘bearish’ ETFs and ETNs lately – UVXY, TVIX, VXX and SDS. All seem to have the following characteristics recently
After some initial post Brexit selling – they are all seeing steady, if not accelerating inflows Rather than showing signs of being ‘stopped’ out as the daily losses mount – more money is coming into these funds This is occurring at the same time many sentiment indicators, such as this one on CNN Money, are showing Greed overtaking Fear At the same time the short VIX ETPs are experiencing outflows and the short interest in the VIX ETPs seems to be shrinking So basically money continues to flow into these products in spite of losses and shows no signs of abating

This post was published at David Stockmans Contra Corner on July 22, 2016.

Friday’s $2 Trillion Plunge: Biggest Single Day Equity Market Loss Ever

The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor’s Dow Jones Indices.
Global markets skidded following the unexpected result from the June 23 referendum, in which Britons voted to withdraw from the EU by a 52 percent to 48 percent margin.
Markets in mainland Europe were hit the worst, with Milan . FTMIB and Madrid . IBEX each down more than 12 percent for their biggest losses ever. Britain’s benchmark FTSE 100 . FTSE was down nearly 9 percent at one point on Friday, but rallied to close down 3.15 percent.
The route started in Asia, with the Nikkei . N225 down 7.9 percent, and carried over into Wall Street as the S&P 500 fell 3.6 percent.
Mohit Bajaj, director of ETF trading solutions at WallachBeth Capital LLC in New York, said the severity of the sell-off was partly due to investors misreading the outcome and betting the wrong way.

This post was published at David Stockmans Contra Corner on June 27, 2016.

Brazilian Risk Assets Slammed After New President Suffers First Corruption Scandal Crisis

Back on May 12, when Brazil’s disgraced president Dilma Rousseff was impeached in a move that according to her was a “coup” and a “farce”, we said that “Brazil’s problems are only just starting“because “if Brazil is indeed seeking to cleanse its corrupt political class, Temer is hardly the right guy to do it. In fact, if markets believe that the Brazilian political situation will stabilize following the Rousseff “coup” as she calls it, we would be sellers for one simple reason: the man who may become Brazil’s next president is almost as unpopular as the leader facing impeachment now, and stained by scandals of his own.”
To be sure, the Brazil EWZ ETF peaked on May 12 and the price has been downhill ever since.
But the bigger problem is that the selling may have only just started, because what until recently was seen a salvation cabinet for Brazilian risk assets, is quickly turning into a just as substantial liability: as AP framed the “big question” two days ago, can acting Brazilian president Michel Temer “avoid ouster himself.“
Some more of our observations:
Whether the Rio Olympics in just over two months are a disaster or not, however, one thing is certain – for months, the business community has been hoping that Temer would take over from the leftist Rousseff. But whether he’ll have the ability or appetite to take on major reforms, such as overhauling a costly pension system, is unclear. “I think that Temer is not going to be able to govern if he assumes the presidency,” said Jandira Feghali.

This post was published at Zero Hedge on 05/23/2016.

Biggest Junk Bond ETF Slammed With Massive Outflows

The largest exchange-traded fund that buys junk bonds is flashing a potential warning sign that a three-month rally in the $1.4 trillion market is losing steam.
BlackRock Inc.’s iShares iBoxx High Yield Corporate Bond ETF has seen 27.8 million shares redeemed, or about $2.6 billion, in the last four days, according to data compiled by Bloomberg. Short interest in the fund climbed more than 80 percent since mid-April, according to financial analytics firm S3 Partners.

This post was published at David Stockmans Contra Corner on May 6, 2016.

Canary In The Tech Shop – -22% Q1 Plunge Of Tiger Global Hedge Fund Foreshadows Another Bursting Stock Bubble

One of the biggest supporters of the recent technology boom lost at least $1 billion during the first three months of the year, illustrating how ardor has cooled for a once-hot sector of the U. S. economy.
Tiger Global, a hedge fund founded by billionaire Charles ‘Chase’ Coleman and best known for its early bets on startups including Facebook Inc. andZynga Inc., plunged 22% in the first quarter, said people familiar with the situation. The pullback amounted to a more-than billion-dollar loss on paper, these people said, and potentially more for its larger private-equity and venture-capital operation.
The average stock-focused hedge fund was down about 3% through the end of March, according to researcher HFR Inc. The S&P 500 index rose 1% during that same period, including dividends.
The main culprit for Tiger Global’s performance: Its three largest stock investments – retailer Amazon.com Inc., video streamer Netflix Inc. and Chinese e-commerce companyJD.com Inc. – all are down big this year. They comprised nearly half of Tiger Global’s portfolio at the start of 2016.

This post was published at David Stockmans Contra Corner on April 8, 2016.

The Debt Bubble Is Bursting – – Another Curtains Time for Stocks

Recently I had a conversation with a large investment advisor. I recounted how I started my first fund to short technology stocks in 2002, and my second in the fall of 2007 to bet against financial companies. I told him that I would start my third fund right here, right now. This was just last week.
Sometimes I feel the stock market is a lot like that movie Groundhog Day. I wake up and find it’s the same thing over and over again. Investors, motivated by fear and greed, act the same way cycle after cycle. They’re caught holding the bag when the market falls out from under them.
But unlike the movie, we don’t need to engage in hedonism and suicide to reexamine our priorities. We just need to go against the crowd and act with conviction.
Because I do think we’re at one of those points where investors have grown incredibly greedy, and will get spanked hard in the next downturn.
One of the biggest telltale signs right now is market sentiment. There’s a number of ways to measure this, but the simplest way is just to look at what investors are saying.
As recently as February, professional advisors held on average just a 20% allocation in stocks. Since then, it’s shot up to nearly 70%.
While that’s high, it’s not nosebleed territory. It’s been higher in the past. But now the market’s been on a big run, and these guys have already upped their allocation when it’s too late. Odds favor the recent rally petering out.
We can also look at professional money managers. The percentage of domestic mutual fund and ETF allocations are at 61.1% into stocks.

This post was published at David Stockmans Contra Corner on April 5, 2016.

Netflix’ House of Cards Is Much More Realistic Than We’d Like To Admit (Spoiler Alert)

WARNING – MAJOR SPOILERS ALERT
Netflix original series, House of Cards, has never shied away from controversial storylines. The narrative has followed Frank Underwood’s rise to power from Congressional whip to Vice President to President. His meteoric ascent to power was always trailed by a dark shadow, though – one that perhaps mirrors the real life brutality, scandal, and corruption that accompanies the machinations of most high-level politicians.
House of Cards is particularly ruthless in this regard. Frank Underwood has personally killed two people. One, a journalist with whom he has been having an affair. She learns too much, and during a discreet subway station meeting, Frank takes advantage of a well-timed metro train to push the young woman into its oncoming path. Another Underwood victim is a ruined, alcoholic candidate for governor of Pennsylvania (who had become politically toxic for the Democrats). Late one evening, he passes out in his car, and Frank, who has driven him home, leaves the gas running and closes the garage door.
Frank, of course, has addressed the camera and been open about his Machiavellian philosophy of power.’For those climbing to the top of the food chain there can be no mercy,’ Frank once said. At one point, he also stated, ‘I’d push [the Russian president] down the stairs and light his broken body on fire just to watch it burn if it wouldn’t start a world war.’
Season 4 of House of Cards picked back up in the middle of the savage Democratic primary, where Underwood is pitted against an ethical judicial reformist, Heather Dunbar, who promises to restore dignity to the White House. Unfortunately, her brief inconsequential meeting with journalist-turned ex-felon Lucas Goodwin, who pleads with her to listen to his evidence of the president’s crimes, spells her end. After Goodwin attempts to assassinate Underwood, rendering him on the brink of death, Dunbar’s dalliance with Goodwin is a nail in her political coffin.

This post was published at Zero Hedge on 03/21/2016.

Gold Is Back – -Up 15% YTD And Leading All Asset Classes

Gold’s comeback is dominating 2016.
The precious metal is the year’s best-performing major asset. Its 16 percent gain is topping gauges of high-yield and investment grade bonds, Treasuries, all currencies and major stock indexes in developing and emerging countries.
Turmoil across global equity and currency markets has sparked demand for a haven. Speculators raised their net-long position in gold to the highest in a year. SPDR Gold Shares, the world’s largest bullion exchange-traded fund, attracted $4.55 billion of new money in 2016, the most among all U. S.-listed ETFs, according to Bloomberg data as of Feb. 28. It’s a turnaround from just a few months ago, when investors were selling the metal, sending prices in December to a five-year low.
‘Gold has been the biggest story of this year,’ said Dan Denbow, a portfolio manager at the USAA Precious Metals & Minerals Fund in San Antonio, which oversees $600 million. ‘Last summer, people were calling it a barbaric relic, and nobody could care less about gold. Now, it’s slowly generating more and more buying.’
February Gains
Futures advanced 10 percent since the end of January to $1,230.70 an ounce, poised for the biggest February gain since futures trading data began in 1975. This year, U. S. treasuries rose 2.9 percent, while the MSCI All-Country World Index of shares fell 6.7 percent. The yen, 2016′s best-performing major currency, rose 6.5 percent against the dollar.

This post was published at David Stockmans Contra Corner on February 29, 2016.

The Sleepwalkers Awaken

A host on bubblevision this afternoon noted that the S&P 500 is now down $2 trillion for the year and wondered if his panel could explain ‘what’s happened since January 1st?’
The implication, of course, was that since no new recessions have started – – nor have any new wars been declared, polar glaciers melted or Wall Street banks gone down for the count – – that the market’s worst ever start of the year was surely overdone. Maybe it was even BTFD time again.
Then again, maybe the outlook is just as bad as it was before January 1st, but that the outlookers have acquired a new outlook. Stated more baldly, perhaps the sleepwalkers have finally awakened.
That would certainly seem to be the case with the market’s high flyers. Most of this year’s spectacular flameouts have reported nothing new nor issued any disturbing 8-Ks. Amazon apparently had a swell Christmas, for example, but its share price is now down 19% from the bubblevision man’s line of demarcation.
Indeed, Amazon and its fellow FANGs (Facebook, Amazon, Netflix and Google) succinctly explain the pivot. They have actually been the canary in the coal mine all along; it just now that their warnings signals are being noticed.

This post was published at David Stockmans Contra Corner on January 20, 2016.

Amazon And The Fantastic FANGs – – A Bubblicious Breakfast Of Unicorns And Slippery Accounting

At year end I posted a rant about the ‘Brobdingnagian’ bubble embedded in Amazon’s market cap. On December 29th it was valued at $325 billion and had gained $180 billion or 55% of that towering figure in just the previous 12 months.
Self-evidently this was a flashing red warning signal that the end of the third great central bank fueled financial bubble of his century was near. AMZN and its three other FANG amigos had accounted for a $530 billion gain in market cap while the other 496 stocks in the S&P 500 had declined by even larger amount.
That is, the apparently flat S&P 500 index of 2015 was hiding an incipient bear – – owing to a market narrowing action like none before. Compared to the Fabulous FANGs (Facebook, Amazon, Netflix and Google), the early 1970s Nifty Fifty of stock market lore paled into insignificance.
After the worst start to a year in history, some of the air has now been let out of the bubble. Amazon’s market cap is now down by $53 billion or 16% and the story has been roughly the same for the rest of the FANGs.
After Wednesday’s plunge, Goggle is now also down by $52 billion or 10%; Facebook is lower by $33 billion or 10%; and Netflix is off by $6 billion or 11%. In all, the FANGs have given back in eight trading days about $144 billion or 28% of their madcap gains during 2015.

This post was published at David Stockmans Contra Corner on January 13, 2016.

How Progress Occurs

Inquiring minds should be interested in how progress occurs. Do we advance as a result of government or does government hinder advancement?
Our so-called leaders want us to believe that everything evolves from government including rights. This view is held by many, but especially those at the top and bottom of the food chain. At the top, politicians hold this view as do their crony capitalist friends. After all, even large companies would prefer not to have to compete with upstarts. Few recognize upstarts like Amazon or Netflix until it is too late and they have disrupted or displaced the dinosaurs who once controlled their industries.
The beauty of government is that it provides a wonderful tool to combat competition. Think of free markets where ideas and innovations are frequent. Some, perhaps most, fail but the ones that succeed are nearly impossible to spot in advance. If you can’t see them coming, how do you stop them?

This post was published at Economic Noise on December 29, 2015.

BOJ’s Mad Money Printers Get Desperate – -Plan To Buy Nonexistent ETFs

Haruhiko Kuroda has a new plan. He’s going to buy $2.5 billion of something that doesn’t exist.
Markets were roiled Friday after the Bank of Japan unveiled measures including purchasing exchange-traded funds that track companies which are ‘proactively making investment in physical and human capital.’ The central bank will spend 300 billion yen ($2.5 billion) a year from April buying such securities to offset the market impact as it resumes selling stocks purchased earlier from financial institutions.
The only problem is such ETFs have never been made in Japan, at least not yet. Even as fund providers start hundreds of so-called ‘smart beta’ products that choose stocks based on everything from dividends to volatility, ETFs that pick companies for how they deploy their cash are rare in global markets.
‘These kinds of ETFs don’t exist now. Using capital spending as a factor in deciding what goes in an ETF is quite unusual,’ said Koei Imai, who oversees $25 billion of ETFs at Nikko Asset Management Co. in Tokyo. ‘I think the message from the BOJ is for us to go out and make them.’

This post was published at David Stockmans Contra Corner on December 23, 2015.

The Credit Plunge Comes To Wall Street – -Q4 Trading Revenues To be Down 20%

Some of Wall Street’s most senior bankers lined up last week to issue a grim forecast: Trading revenues in the last three months of the year would be down by double-digits.
Those predictions are already out of date.
There’s been a dramatic fall in the market for high-yield bonds in the past few days. The sell-off accelerated late last week, when the closure of the Third Avenue Focused Credit fund spooked the market.
It continued into Monday, with one fund that tracks the debt of riskier corporate borrowers – the iShares iBoxx $ High Yield Corporate Bond ETF – falling to its lowest level since early 2009.
Even before the latest slide, banks were warning of a weak fourth quarter for trading revenues. Bank of America, Citigroup, and JPMorgan all said that trading revenues would fall in the fourth quarter from the third, with Citigroup estimating a drop of as much as 20%.
‘I think what happened over the last few days might render that commentary from last week somewhat out of date,’ Guy Moszkowski, managing partner at Autonomous Research US, told Business Insider.

This post was published at David Stockmans Contra Corner on December 15, 2015.