So, Where Was Waldo?

President Trump said on Wednesday that the Memorandum of Understanding (MoU) between Washington and Tehran was “not final” and warned the US could return to “dropping bombs” on Iran if the country “didn’t behave.” “It’s a Memorandum of Understanding. If I don’t like it, if they don’t behave, we’ll go right back to dropping bombs […]

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

Record Highs: Should You Chase The Rally? Authored by Lance Roberts via RealInvestmentAdvice.com, Pinned and Stretched There is nothing bearish about the tape, and the overall trend could not be much cleaner. The S&P 500 sits above every major moving average and above a rising 200-day line it has not closed beneath since April. That is a healthy, intact uptrend, and it deserves respect. The problem is not the direction, but the distance from the longer-term trend, which is more concerning. As is always the case, deviations above the long-term trend eventually “revert...