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WOWS — Full Issue
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
6/29/18 3:00 AM
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
Black Swan Alert
ASR's Perceptive Pros Suspect Financials' Woes Are Systemic
6/29/18 8:00 AM
Absolute Strategy Research Ltd.’s founders, David Bowers and Ian Harnett, respectively, head of research and chief strategist of the City’s leading independent macro research boutique, grace this issue’s cover in part because they were kind enough to alert me that they would be visiting NYC this week. But mostly because they earlier this month issued one of their patented, but rare, “Black Swan Alerts” to clients. 

I’ve learned, over the dozen or so years I’ve known the pair, to sit up and take notice when they flag something in the financial markets. The first time, it was not long after they founded ASR in 2006. [More]
Biking Temptation
Economy’s Sugar High Fading Already; Market Slip Sliding Away
6/29/18 8:00 AM
By Dave Rosenberg
I don’t know about you, but I’m awfully tempted to go out and buy a Harley today (“...they will be taxed like never before!”), and drive it back to Canada in my scuffed boots. The only thing stopping me is the ever-shrinking 75 cent Canadian dollar and the fact that I have no clue how to ride a motorcycle!

I rolled my eyes as Peter Navarro told CNBC on Monday, June 25th that the U.S. [More]

Globally Weak Markets
Bottoming Action in Vol; Yield Spreads Break Out
6/29/18 7:00 AM
By Andrew Addison
My work just generated a Sell signal for MSCI DEVELOPED WORLD ex U.S. Index. Notice the breakdown from a rounding top, after piercing an 18-month up trend. [More]

Periphery To Core
Fed Tightening Roiling EM Now; Likely Spreading Here Next
6/29/18 7:00 AM
By Trey Reik
Financial markets in 2018 have come to resemble an inkblot personality test. As Dr. Rorschach might have hypothesized, contemporary investors now see only what they want to see. [More]

Surveying Pros & Cons
U.S. Still Tops Global Growth, Despite Escalating Tensions
6/29/18 6:00 AM
By Craig A Drill
Despite escalating uncertainty with trade and tariff policies, the world economy continues to expand with the U.S. in the pole position. Real (adjusted for inflation) interest rates remain low or negative. [More]

Market’s Binary Bind
Now Finely Balanced, A Small Tip Could Upset It; Asian Banks
6/29/18 7:01 AM
By Blaze Tankersley
My sense here is that the market is waiting on a tweet that a deal has been made to avert global trade war. I don’t know what else can be said about that and I am not qualified to predict political outcomes. [More]

Too Quiet...Too Long??
A Disquieting Look At The Aftermath Of Earlier Calm Markets
6/29/18 6:01 AM
By James Paulsen
Considering how this bull market began, while it may not be widely recognized, it has simply been too quiet now for too long. The accompanying chart illustrates that the last eight years have been among the four calmest and quietest of all stock markets during the post-war era! [More]

Crude Oil’s Prospects
Room For More Strength
6/29/18 5:01 AM
By John Kosar
Crude prices continued to climb Wednesday morning as traders mulled the potential threat to supply after the Trump administration raised pressure on Iran’s oil industry.

In our June 13th Keys To This Week we said:

“Crude oil futures’ recent decline from the late May highs has pushed prices into near term support at the $65,57 to $63.56 per barrel area, and amid favorable conditions to resume its larger positive trend — IF that trend is still intact. [More]

Jana, CalSTRS Press Apple
To Take Lead In Protecting Kids From OD’ing On Tech Gadgets
6/29/18 8:00 AM
By Barry Rosenstein and Anne Sheehan
JANA Partners LLC and the California State Teachers’ Retirement System (“we” or “us”) collectively own approximately $2 billion in value of shares of Apple Inc. [More]

Brexit’s Big Short
Hedge Funds Hired Pollsters And Cashed In
6/29/18 7:00 AM
By Cam Simpson
A Bloomberg investigation has learned that U.K. [More]

Cyber Risk
A Framework For Quantitative Assessment For The Financial Sector
6/29/18 6:00 AM
By Antoine Bouveret
Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. [More]

Don’t Listen To NYSE
Let Pilot Study on Transaction Fees Proceed
6/29/18 5:00 AM
By Haim Bodek and Stanislav Dolgopolov
On behalf of Decimus Capital Markets, LLC, we appreciate this opportunity to comment on the Transaction Fee Pilot proposed by the U.S. [More]

Financial Alchemy
How Big Banks Used Obscure Footnote To End Run Swaps Regs
6/29/18 4:00 AM
By Michael Greenberger
The multi-trillion dollar market for what was at that time wholly unregulated, over-the-counter derivatives (“swaps”) is widely viewed as a principal cause of the 2008 worldwide financial meltdown. [More]

Acute Observations, week ending June 29, 2018
Perceptive Commentary from June 16-29, 2018
6/29/18 8:00 AM
Oliver Roeder
Yesterday afternoon, a gunman armed with smoke grenades and a shotgun stormed into the newsroom of the Capital Gazette in Annapolis, Maryland, shooting five of its employees dead and injuring two others. “I can tell you this,” Chase Cook, a Capital Gazette reporter, tweeted later that evening, “We are putting out a damn paper tomorrow.” [The Baltimore Sun]
1 damn paper
Significant Digits Blog
June 29, 2018

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