Market Dispatch

List of top virtual currencies in 2017 and what differentiates them

With more than 1,100 cryptocurrencies and a total market cap of approximately $150 billion circulating in the market today, this ‘next-gen gold’ has taken the financial world by storm. READ MORE


Zimbabwe Panic Sends Bitcoin Over $6000 – Bitcoin Now Bigger Than Goldman Sachs

Cryptocurrencies are broadly higher this morning with Bitcoin leading the way to new record highs at $6000 – nearing $100 Billion market cap, bigger than Goldman Sachs – as demand from Zimbabwe soars (and Spanish concerns see activity rise). READ MORE


Crude Oil and Orange Juice Spread – 10-19.17

Let’s take a look at the following spread CLF8-CLG8 (Crude oil) The Spread Indicator entered the overbought level. The indicator crossed above 80 suggesting that the January 2018 crude oil contract is weaker than the February 2018 contract. I would consider selling crude oil January 2018 and buying February 2018 at the closing of the market. READ MORE

Rajoy Deploys Ultimate Weapon of Law on Catalonia – 10.19.17

Prime Minister Mariano Rajoy will deploy the Spanish government’s most wide-ranging constitutional powers for the first time in the country’s history as he seeks to land a decisive blow on the Catalan separatist movement. Read More


Congress Closer to Shutdown Over Immigration, Obamacare – 10.19.17

he year’s most divisive fights in Congress are set to converge in a bitter partisan clash in December that could result in a U.S. government shutdown. Read More


Internal battle imperils $230 million cryptocurrency deal – 10.19.17

The people running a blockchain computer project called Tezos staged a hugely successful fundraiser in July. But its central players are waging a bitter feud over control that threatens to derail one of the biggest-ever digital currency offerings. Read More


From Damascus, Iran vows to confront Israel – 10.19.17

Iran’s military chief warned Israel against breaching Syrian airspace and territory on a visit to Damascus on Wednesday, raising tensions with Israel as it voices deep concern over Tehran’s influence in Syria. Read More


The Opioid Addict on the Trading Floor – 10.19.17

When things got bad for trader Trey Laird, he was drinking alone after work and doing cocaine on the evening train to Connecticut. But his biggest problem was swallowing about 160 milligrams of OxyContin every day. He spent his time high, thinking about getting high, coming down or running out of his Lazard Capital Markets office in Manhattan to meet a dealer. Read More


U.S. carrier patrols off Korean peninsula in warning to Pyongyang – 10.19.17

ABOARD USS RONALD REAGAN, Sea of Japan (Reuters) – The USS Ronald Reagan, a 100,000-ton nuclear powered aircraft carrier, patrolled in waters east of the Korean peninsula on Thursday, in a show of sea and air power designed to warn off North Korea from any military action. Read More


Apple drops on iPhone 8 demand worries – 10.19.17

Signs of poor demand for the iPhone 8 fueled more market questions over Apple Inc’s double 2017 iPhone release strategy, sending its shares down as much as 2.6 percent on Thursday. Read More


Psychopath’ Hedge Fund Managers Make Less Money – 10.19.17

Maybe the secret to success on Wall Street is being nice. In the world of high finance, it’s been an article of faith among some that the only way to succeed—or even survive—is to be ruthless. But a new study in the latest issue of the Personality & Social Psychology Bulletin suggests those money makers at the top of the food chain, hedge fund managers, could benefit from being a little less mean. It turns out that people who exhibit what health professionals consider psychopathic traits actually perform worse than their peers over time. Read More


New Crude Oil Spread Opportunity – 10.18.17

The Spread Indicator entered the overbought level. The indicator crossed above 80 suggesting that the December 2017 crude oil contract is weaker than the January 2018 contract. I would consider selling crude oil December 2017 and buying January 2018 at the closing of the market READ MORE


$1 Trillion In Liquidity Is Leaving: “This Will Be The Market’s First Crash-Test In 10 Years” – 10.18.17

In his latest presentation, Francesco Filia of Fasanara Capital discusses how years of monumental liquidity injections by major Central Banks ($15 trillion since 2009) successfully avoided a circuit break after the Global Financial Crisis, but failed to deliver on the core promise of economic growth through the ‘wealth effect’, which instead became an ‘inequality effect’, exacerbating populism and representing a constant threat to the status quo. READ MORE

7 questions bitcoin bulls need to answer now – 10.18.17

Bitcoin and other digital currencies are the future. They’re going to the moon. They’re going to double in value, and double again, and double again. Better get on board, baby, unless you want to be a loser and get left behind. READ MORE


What To Look For If This Is Indeed A Major Bubble – 10.18.17

The core thesis presented earlier by Fasanara Capital, is that what is taking place in the market right now is the blowing of arguably the biggest asset bubble in history, or rather twin bubbles – impacting both equities and bonds… READ MORE


Palladium Spread Opportunity for 10/16/2017 – 10.17.17

The Spread Indicator entered the overbought level. The indicator crossed above 80 suggesting that the December 2017 Palladium contract is weaker than the March 2018 contract. I would consider selling Palladium December 2017 and buying March 2018 at the closing of the market. READ MORE


If You’re New to Futures, Here’s How to Get Started – 10.17.17

You’ve decided that you want to give futures trading a try. Perhaps you’ve had experience trading stocks, options, or foreign exchange, and you want to try your hand in commodities trading. You’re aware of the high leverage in futures trading and the potentially high profits and losses that you can experience when trading commodities. Nevertheless, you believe that you have adequate levels of risk capital to take on this endeavor. READ MORE


Marc Faber Racist Diatribe Costs Him CNBC, Fox Slots; Sprott Board Seat – 10.17.17

Marc “Dr. Doom” Faber is in trouble, only this time it’s not for yet another doomsday forecast which hasn’t come true, but for launching into a racially charged diatribe telling subscribers to his newsletter that he was glad that “white people populated America…” READ MORE


Bubblenomics – 10.17.17

Question: What is a bubble?
Answer: A bubble is trade in an asset at a price range that strongly exceeds the asset’s intrinsic value.  Or it could also be described as a situation in which asset prices appear to be based on implausible or inconsistent views about the future. READ MORE


Gary Cohn is Concerned about Wall Street Clearinghouses – Blockchain is Already Fixing it – 10.17.17

Gary Cohn, chief economic adviser to the President, voiced concern over the weekend about risk posed by Wall Street clearinghouses that became systemically important following the 2008 financial crisis. READ MORE


Can Bitcoin Be Stopped?  – 10.13.17

Listen to a bitcoin enthusiast and you might get the impression that cryptocurrency is a beacon of liberty. Governments can’t touch it. The authorities can’t track it. The stock exchange can’t influence it. It’s a coin that’s unique and untouchable. It’s not quite that simple. In fact, the price and the future of bitcoin are affected by all sorts of influences beyond the control of the crypto community. READ MORE


Ether Follows Bitcoin onto Nasdaq Stockholm – 10.13.17

In the world of traditional investments cryptocurrencies are mounting a charge, as now Ether’s movement can be followed on Nasdaq Stockholm; this follows on from Bitcoin also finding a home there. READ MORE


Israeli TV Shows Footage Of ISIS Training Camp On Israel’s Border – 10.13.17

Last November Israel Prime Minister Benjamin Netanyahu said his country “won’t allow Islamic State figures or other enemy actors, under the cover of the war in Syria, to set up next to our borders,” but it appears this has already happened, to the point that a sizable ISIS training camp has been set up just across the Golan Heights border with Israel.  READ MORE


Bitcoin Breaks Records after Falling in September – 10.13.17

After a few weeks of tumult, Bitcoin is back to breaking records it set in September. Experts are predicting even greater gains in the near future. READ MORE


Bitcoin bulls see $6,000 in sight, as digital currency jolts higher – 10.13.17

Bitcoin extended its record rebound on Friday, with rival digital currency Ether joining in a run-up that has taken both to, or near, all-time highs since stumbling badly last month. READ MORE


New Cryptocurrency for Social Media Influences – 10.13.17

A new cryptocurrency is set to be launched by influencer platform indaHash, allowing brands to pay social media stars in virtual tokens rather than cash. The platform announced the arrival of the indaHash Coin this week, with the pre-ICO (initial coin offering) set for November 8 and running for a week. READ MORE



…in fact, the state never placed much priority on your interests as a citizen, despite the popular myth that government represents the people under its governance. It’s in the nature of a centralized state to draw and uphold its boundaries, and to enforce the mechanisms that constitute its flow and function. If a state cannot expand beyond its external boundaries, its ontological imperative is to impose an internal expansion by way of control over the lives of its citizens. READ MORE


China may reverse ban – Bitcoin skyrockets above $5,200

Bitcoin hit a new record high Thursday with rising investor interest causing a rally for the price of the cryptocurrency .The bitcoin price hit an all-time high of $5,231.28 in early trade on Thursday, according to data from industry website Coindesk. This surpassed the previous high of $5,013.91 hit on September 2. Bitcoin is now up around 424 percent year-to-date. READ MORE


RBOB Sinks After Surprise Build, WTI Bounces On Biggest Production Drop In 2 Years – 10.12.17

WTI/RBOB have extended their post-API (crude build) losses overnight (not helped by IEA forecasts indicating the oil-inventory decline will halt in 2018). However, DOE data perfectly contradicted the API data with a big crude draw and big gasoline build. WTI bounced a little (helped by the biggest production cut since September 2015) and RBOB slumped. READ MORE


“Sunset Clause” to Potentially Kill NAFTA in 5 Years – 10.12.17

U.S. negotiators on Wednesday presented a proposal for a so-called “sunset clause” that would see the North American Free Trade Agreement expire after five years unless the parties can agree to extend it, according to two people familiar with the talks. READ MORE


Florida’s Farmers Produce Smallest Orange Harvest Since WWII After Irma Wiped Out Half Of Crops – 10.12.17

Hurricane Irma wiped out nearly 50% of Florida’s iconic orange crop when it buffeted the state with 160 mph winds and a massive storm surge last month, sending orange concentrate futures rocketing higher and stoking speculation that the state’s embattled orange growers – already struggling to fend off a worsening “greening” epidemic that’s constrained production over the past decade – might never recover. READ MORE

EQUIFAX HACKED AGAIN!!! This time via fake Flash update – 10.12.17

Malware researcher encounters bogus download links during multiple visits. READ MORE


Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC – 10.11.17

 “We’re not betting on the price of Bitcoin, we’re betting on the adoption of blockchain technology,” Stephens says. READ MORE


A former hedge funder thinks bitcoin will hit $10,000 – 10.11.17

The Bitcoin bubble will continue blowing up until it inevitably pops, according to Michael Novogratz, a former manager at the $72 billion investor Fortress. “It would not surprise me if, in the next six to 10 months, we’re over $10,000,” Novogratz told CNBCon Tuesday. READ MORE


FOMC Minutes Show Schizophrenic Fed Fears Low Inflation Is Here To Stay But Push For Another Rate Hike In 2017 – 10.11.17

The yield curve has collapsed since The Fed’s hawkish September statement (but bank stocks have soared) as rate-hike odds hit 80%and balance sheet normalization is believed to be like watching paint dry. All eyes going into the FOMC Minutes were on just how transitory The Fed believed inflation’s dip was – “many Fed officials concerned low inflation is not transitory,” but schizophrenically “many Fed officials saw another rate hike warranted this year.” READ MORE


Can We Blame the New iPhone’s Mediocrity on Inflation? – 10.11.17

Apple held its 10th anniversary iPhone press event on 9/12. As expected, the tech giant released new iterations of their decade-old smartphone as well as the new iPhone X. Whereas the media has focused on innovation and technology, the event also tells another story: how the company uses the perception of innovation as a strategy for dealing with inflation. READ MORE


Will Tax Reform Increase or Limit Liberty? – 10.10.17

President Trump and the congressional Republican leadership recently unveiled a tax reform “framework.” The framework has a number of provisions that will lower taxes on middle-class Americans. For example, the framework doubles the standard deduction and increases the child care tax credit. It also eliminates the alternative minimum tax (AMT). Created in the 1960s, the AMT was designed to ensure the “wealthy” did not use “loopholes” to “get out of” paying taxes. Today the AMT is mostly a means to increase taxes on the middle class. READ MORE


Nouriel Roubini’s “Good, Bad, & Ugly” Scenarios For The Global Economy – 10.10.17

For the last few years, the global economy has been oscillating between periods of acceleration (when growth is positive and strengthening) and periods of deceleration (when growth is positive but weakening). After over a year of acceleration, is the world headed toward another slowdown, or will the recovery persist? READ MORE


Kobe Steel Fakes Data for Metal Used in Planes and Cars – 10.10.17 – Bloomberg

The industrial scandal engulfing Kobe Steel Ltd. began to reverberate overseas as Japan’s third-biggest steelmaker said its staff falsified data about the strength and durability of some aluminum and copper products used in planes, trains and potentially a space rocket. READ MORE

Tech Companies Vulnerable to a Bitcoin Crash – 10.10.17 – WSJ

Ask most people about the bitcoin bubble, and they’ll probably have the same reaction: It’s interesting, but it won’t affect me. After all, they’ll figure, they aren’t investing in bitcoin, so if there is a bubble, and it does burst, they’ll be just fine. Well, maybe they should start worrying. READ MORE


“Technical Error” Blamed For Dow Jones Fake News That Google Is Buying Apple – 10.10.17 – Zerohedge

It appears that “fake news” has finally made it to the news wires.

Shortly after the market open, Dow Jones blasted a story that “in a surprise to everyone who is alive” Google was buying Apple for $9 billion. READ MORE


BLS Caught Fabricating Wage Data – 10.10.17

While it’s not the first time we have observed the BLS manipulate data (the last time was in “This Is What Happens When The Bureau Of Labor Statistics Is Caught In A Lie”), never before had we actually caught the Bureau Of Labor Statistics openly fabricating data. Until now. READ MORE


White House Says Trump’s “Calm Before The Storm” Comment Is “Extremely Serious”– 10.6.17

Following President Trump’s “calm before the storm” comments last night, reporters tried to ask him once again what he meant today, to which he responded “you’ll see.” However, during The White House Press Briefing, Sarah Sanders replied to questions suggesting the President’s comments were “extremely serious,” however without offering an explanation. READ MORE


North Korea Planning To Test Fire Missile Capable Of Reaching U.S. West Coast; Stocks Slide– 10.6.17

Is this the stormy weather that Donald Trump was referring to yesterday? Russian news agency Sputnik reports, that according to a Russian lawmaker, who has just returned from North Korea, Pyongyang is ready to test a missile capable of reaching the US western coast. READ MORE


New Robot Equity Analyst Hits Facebook And Google With A Sell Rating – 10.6.17

it should come as a surprise to precisely no one reading this post that wall street equity analysts have a ‘slight’ bias toward “Buy” ratings.  After all, equity analysts aren’t really in the business of helping clients make buy/sell decisions, their only real value comes from acting as an intermediary to setup the coveted 1×1’s at lavish conferences in Miami between the hedge funds who pay them and the management teams of the companies they cover.  And, of course, it’s much harder to get those management teams to attend your conference if you spread too much truth about their future potential. READ MORE


Does Ethnic Heterogeneity Make Homicide Worse in the Americas? – 10.6.17

When gun-control advocates make international comparisons on homicide rates, they generally employ an assumption that places with more stringent gun control laws have lower homicide rates. Unfortunately for them, this only holds up when countries with both high levels of gun control and high homicide rates are excluded from the analysis. READ MORE


Here’s what 6 of the most powerful Wall Streeters have to say about bitcoin– 10.6.17

By many measures, 2017 appears to be the year of cryptocurrency, but Wall Street’s most powerful players are not on board with the craze. READ MORE


The Dollar Empire is Crumbling: Enter the Petroyuan – 10.5.17

If we were to identify what uniquely fuels American imperialism and its aspirations for global hegemony, the role of the US dollar would figure prominently. An exploration of the depth of the dollar’s effects on the world economy is therefore necessary in order to understand the consequential geopolitical developments that have occurred over the last few decades. READ MORE


Seasonality Outlook for Next Week in Natural Gas, RBOB Gas, and Crude Oil – 10.5.17

Week 41 of 2017 begins next week. Historically, does week 41 exhibit any historical consistencies with regard to the energy markets? Let’s take a look. READ MORE


7 Independence Movements That Can Destroy The EU – 10.5.17

Catalonia continues to press on with its independence movement, much to the dismay of Spain and the European Union. Catalonia is not the only region in the EU demanding more autonomy or independence.  READ MORE


Lean Hog Spreads Outlook – 10.5.17

Do you trade hog spreads? If so, you might not want to miss what’s happening right now. READ MORE


Puerto Rico Bonds Crash to Record Low After Trump Says Debt May Need To Be “Wiped Out” – Zerohedge – 10.4.17

Echoing President Obama’s interference in the legal bondholder process of the General Motors bankruptcy, President Trump’s comments that Puerto Rico’s debt “will be wiped out” yesterday has sparked a bloodbath in PR Muni bonds. Puerto Rico’s 8s of 2035 have plunging to a record low 35 cents on the dollar this morning from 44 yesterday, as bondholders fled hitting any bid, worried that Trump would follow through on his warning. READ MORE 


Bitcoin’s rise may be like when ‘paper money displaced gold,’ says Goldman’s CEO – MarketWatch– 10.4.17

Goldman Sachs CEO Lloyd Blankfein is weighing in on the biggest debate raging on Wall Street: the prospect for the burgeoning market for digital currencies. READ MORE


Meet The Next Fed Chair: The Definitive Cheat Sheet – Zerohedge – 10.4.17

With the race for the next Fed chair in its final stretch as Trump is now expected to make his decision over the next few weeks, and following recent reports from Bloomberg, Politico and the WSJ, the three frontrunners to replace Yellen, according to PredictIt, are Kevin Warsh, Jerome Powell, Gary Cohn and unexpectedly, Neel Kashkari, following yesterday’s endorsement by Jeff Gundlach… READ MORE


Why the Euro Took a Dive After Merkel’s Re-Election – Mises – 10.4.17

After the German elections held on the 23rd of September, the euro started a pronounced decline. But why was there such a sharp fall of the common currency? READ MORE 


Yet another key barometer of the U.S. economy returns to its prerecession peak –  MarketWatch – 10.4.17

SM services index surges to 59.8%, highest level since 2005 READ MORE