“I wanted to own some currency and no country wants its currency to strengthen,” Druckenmiller said Tuesday in an interview. “Gold was down a lot, so I bought it.” Druckenmiller, who had held a gold position going into the November election, sold it on election night, explaining in a CNBC interview that he was optimistic that President Donald Trump’s administration would bring deregulation and “serious” tax reform that spurs growth.
In a letter to the SEC, NYSE took aim at some of its biggest customers, and argued that the connectivity fee, which covers the costs of connecting to the NYSE data center, would not be a market data fee. To make the point, NYSE likened the situation to having to buy a TV to watch "Game of Thrones," saying that the cost of the TV and the cost for HBO content are separate. Now, SIFMA, a trade body, has responded with its own reference. In a letter dated February 6, it said: "Lord Petyr 'Littlefinger' Baelish would blush at the deception this analogy presents."
Former NYC police officer Elmer Santiago was living in the back of his Jeep when he learned that a hedge fund could help pay his medical bills from the Sept. 11 attacks, according to his attorney. A few phone calls later, he agreed to borrow $355,000 from affiliates of the fund, called RD Legal Capital. Eighteen months later, the bill came due: $860,000, or an effective interest rate of 67%. RD Legal and its founder were sued Tuesday in federal court for allegedly deceiving first responders to 9/11 and costing them millions earmarked for their health.
What next for the “Trump trade”, or the “Potus pop”, if you will? Analysts at Bank of America Merrill Lynch reckon a technical indicator — the head and shoulder formation (HSF) — may provide some clues. The HSF is useful in identifying market tops and when it is inverted the market bottoms. And BoA says: “Charts show market reaction to new Potus policy is creating tactical head and shoulder reversal patterns in FX and rates.”
A key and typically over-looked technical indicator has helped juice the global rally in financial assets: supply. Net supply of global equities, for example, may flatline this year after falling into negative territory in 2016 for the first time on record, according to JPMorgan. Meanwhile, bond investors in Europe, the U.S., and emerging markets are poised to become cash-rich in the coming months thanks to an avalanche of maturing debt -- a dynamic which should help them soak up fresh sales.
VIX is down, again, or the show so far (again) (Tyler Cowen)
People, I do not favor this kind of experiment with governance or with rhetoric. And the market is by no means always a correct forecast. But right now it is worried less than many of you are. I do understand that America is consuming some of its political and reputational capital. Yet so far the best prediction is that the relatively manageable scenarios are coming to pass.
January 2017 Data Update 9: Dividends and Buybacks (Aswath Damodaran)
As companies increasingly face global competition and much more uncertainty about future earnings, their reluctance to increase dividend commitments is understandable. If you buy into my characterization of dividends as analogous to getting married and buybacks as the equivalent of hooking up, companies and investors are both choosing to hook up, and who can blame them?
The seller said he found the cheese snack in a bag of Flamin' Hot Cheetos. Bidding began at $11.99 on Jan. 28. It ended early Tuesday morning with a winning bid of $99,900. The listing showed a picture of the Cheeto side-by-side with a gorilla climbing a tree.