Bank of England QE Purchase Program is Well Ahead of Schedule; Corporate Bond Buying Bonanza Underway

After the BREXIT vote was announced, the BOE announced a QE program for the ages, which entailed £10b in dengerate corporate bond purchases — for the explicit purpose to lower yields, also known as manipulation.

As of today, the bank is well ahead of their 18mo schedule, reporting corporate bond ownership of more than £1b — significantly higher than the £300m that was expected.

“This is a big statement,” said Tomas Hirst, a London-based credit analyst at CreditSights. “Given that the expectation was that we’d be somewhere in the region of 300 million by now, it gives you an idea of how far ahead they’ve gone.”

The good news, naturally, is that London’s bankers have been very busy issuing new bonds to be purchased by the government. Third quarter sales were £11b.

Helicopter money, but for really rich folks.

It’s all over for you. The figure four leg lock has been applied and there’s no way out.

There are five cogs to the bull market wheel. Next week in Exodus, I will reveal my method to short said wheel — basing it off these pillars.

1. Banks
2. China
3. Energy
4. Retail
5. Industrials

All five are at risk of grave injury.

EIA inventory data missed by more than 4m barrels. Oops.

EIA Petroleum Inventory Data
The EIA reports that for the week ending Oct 7:

Crude oil inventories had a build of + 4.9 mln (consensus called for a build of about +0.65 mln barrels)
Gasoline inventories had a draw of -1.9 mln (consensus called for a draw of about -1.49 barrels)
Distillate inventories had a draw of -3.7 mln

As such, WTI and Brent are careening lower.

Expect markets to worsen into the afternoon. Only the 3:30 ramp can save you now.

Something tells me the finale is gonna resemble a fireworks display.

Here’s what I found, thus far. There will be zero coverage of this in the media.

First email I open from #podestaemails6 seems to show that Qatar, state sponsor of terrorism, wished Bill a very happy birthday in 2011. pic.twitter.com/BDshD3n0AX

— David Barnes (@DavidLBarnesJr) October 13, 2016

They knew she had no chance against @BernieSanders #PodestaEmails6 #hillaryclinton #PodestaEmails #wikileaks https://t.co/GwgEj4JJC2 pic.twitter.com/uLcKYJHugw

— The Dead Reds (@TheDeadReds) October 13, 2016

Hey Liberals, according to #PodestaEmails6, Hillary doesn't need you. Ouch. pic.twitter.com/50xalY4iWV

— Shane K. (@ShaneKPolitics) October 13, 2016

#PodestaEmails6 #Wikileaks ID 7278@johnpodesta goes to GEORGE SORO's house for an entire week for "planning".https://t.co/BUieaLyGpA pic.twitter.com/d3kZIp62DD

— Michael T. (@RealMikeTrimm) October 13, 2016

Just like what they did for their friends in #Travelgate.. Always take care of their friends/donors #NextFakeTrumpVictim #PodestaEmails6 https://t.co/qHY1zsWaJC

— Deplorable DoubleD (@zenbuddi) October 13, 2016

#PodestaEmails6
Hillary camp tried to introduce bill as a distraction from email woes, knowing it would never pass.https://t.co/HAPYBeAnLG pic.twitter.com/DChUCRqFDA

— Jikary Jack (@JikaryJack) October 13, 2016

The #Racist @HillaryClinton Campaign Were Looking For Token Minorities To Show They Are Not #Racist. AND JOKED ABOUT IT.#PodestaEmails6 pic.twitter.com/ErD44veJip

— ??? realDeal ??? (@NoMoreRomney) October 13, 2016

Even Hillary's own staff complain about her temperament. Projection, anyone? #PodestaEmails6 #wikileakshttps://t.co/mlBjIQU9J3 pic.twitter.com/q22gc2eZMk

— Michael Lott (@theS4RG) October 13, 2016

They wanted to keep Bill on the plane!@Cernovich @PrisonPlanet @DRUDGE_REPORT #podestaemails6 #wikileaks pic.twitter.com/ihbIuc7KIa

— DJ Banter (@pizzapartybantz) October 13, 2016

#PodestaEmails6 #Wikileaks ID 7273

Check out this beauty… #NextFakeTrumpVictim #MakeAmericaGreatAgainhttps://t.co/LjocsvuhsR pic.twitter.com/Y0nAepm9lR

— Michael T. (@RealMikeTrimm) October 13, 2016

#SandersTruthSquad#PodestaEmails6 #PodestaEmails5 #PodestaEmails #Wikileaks #OurRevolution #BernieSanders #HillaryClinton #RobbyMook https://t.co/ZRW1ovNNrd

— BernieBird v HillFly (@uxaio) October 13, 2016

Even Dems see #Hillary is Negative and campaign is pointless for America! #wikileaks #podestaEmails6 https://t.co/MVrk9fdJ7E pic.twitter.com/2hgWhMFGDa

— retrophoebia (@retrophoebia) October 13, 2016

More DOJ and Clinton collusion. Remember this when they try to call you a "conspiracy theorist"#PodestaEmails6https://t.co/7QF4UQKmeY pic.twitter.com/03SUSkJXIl

— Matt (@SlickedBackSilv) October 13, 2016

BusinessInsider on Clinton's leash, Talking points to surrogates, Congressional Subpoena, comply? #PodestaEmails6 https://t.co/u4b7hLWyj7 pic.twitter.com/NzCpxyNlld

— James W. Styles (@Jules_J_007) October 13, 2016

If there was still any doubt, MSM is owned by #CrookedHillary
#PodestaEmails6https://t.co/ujZc6xnMsa pic.twitter.com/S8Gvz9XCaR

— TrumpMAGA (@WinterReckoning) October 13, 2016

#Hillary camp NOT liking #SNL picking on sub-prime lenders. #Wikileaks #PodestaEmails #PodestaEmails6 pic.twitter.com/3vcvESeSRq

— Charlotte (@Danethepain1) October 13, 2016

#PodestaEmails6 8086, the #Clinton camp making an effort to falsely leak an altered excerpt of one of #HRC's paid speeches. #wikileaks pic.twitter.com/7TKrMZmJIz

— Charrington Daily (@CharringtonDail) October 13, 2016

Hillary's brother is "hustling gold mining" in Haiti. Wow! #PodestaEmails6 https://t.co/CNQGvGQdxi pic.twitter.com/tUUEpCMTZF

— Deplorable Veteran (@KGBVeteran) October 13, 2016

Following last night’s catastrophic export numbers out of China (who the fuck do you think they’re exporting to?), copper is sharply lower this morning — off by 2.5%. Listen to me. This renewed decline in copper is going to feed on itself. First, there were concerns over China. Then, there was capital flight. Next, there will be weakness in commodities, mainly copper and oil, which will scare people into believing the global growth story that never was — really isn’t gonna happen.

This is called a ‘negative feedback loop.’

I’ve been, personally, fucked inside these things plenty of times throughout my meaningless career of money changing. I’d be long XYZ and then news would break that would crack my skull into pieces. I’d then spend about a month trying to mend my skull, as markets dove into the pits of hell — based off some human emotion called fear.

This guy had it right. Clamor and dream for recessions. You’ll never be disappointed when they come, truth be told.

As an investor, you could play stupid games and bet against VALE and BHP — effectively pussyfoot around the real loser in all of this, which is FCX.

I am short from $11.60 and hope to cover said short at $3, not a penny more.

I want to foment a civil war on the site. To that end, it’s important that I permit both liberals and conservatives battle it out until death. As such, I want to start ‘Barry’s Basement’ and ‘Donald’s Penthouse’ blog sections — where both groups could vent and cast aspersions to their heart’s delight.

Anyone is welcomed to join — even people who I hate and have banned.

If interested, email me at [email protected].

Just know, I will pay you absolutely nothing. You’d be doing this for God and country.

These blogs will self destruct after election day.

I know it’s hard for many of you to believe the unbelievable — but we support ISIS.

Moscow has been fighting them in Syria — bitching and complaining the whole time about our compliance with the terror organization. Ahead of a very planned and almost idiotic scheduled attack on the city of Mosul, Russian sources are saying we’re permitting 9,000 ISIS fighters and their families to leave the city — relocating them in Syria, so they could fight against Russia and Assad.

Makes sense.

source: RT

“More than 9,000 Islamic State (IS, formerly ISIS, ISIL) militants will be redeployed from Mosul to the eastern regions of Syria to carry out a major offensive operation, which involves capturing Deir ez-Zor and Palmyra,” the source said.

According to the anonymous diplomatic source, US President Barack Obama has already sanctioned an operation to liberate Mosul, due to take place in October.

During the storm of the city in northern Iraq the US-led coalition’s planes would only strike detached, vacated or uninhabited buildings, while keeping terrorists as targets, he said.

In September, US Secretary of Defense Ashton Carter confirmed that Washington would send an additional 600 troops to Iraq to help liberate Mosul at the request of the local authorities.

The source suggested that redeployment of IS militants is necessary because “Washington must somehow counter Russia’s achievements in Syria, try to diminish their importance.”

“Apart from the purely political dividends, the other purpose of this operation, obviously, will be to discredit the success of Russian Airspace forces. And, of course, it’s an attempt to undermine Syrian President (Bashar) Assad,” he said.

The leadership of Saudi Arabia’s General Intelligence Directorate will be the mediators and guarantors of the agreement on safe passage for the jihadists from Mosul, he claimed.

The source added that a similar scheme had been used by the US and its allies during the liberation of the Iraqi city of Fallujah.

What the fuck. Far fetched? I think it sounds par for the course in this $5 trillion sinkhole of a fuckheaded neocon strategy to keep us in perpetual war. If only we could foment a war with Russia, why, would could be at war for at least another 10 years.

Whoever penned this report at Wedbush is braindead. First of all, Wedbush is just about the worst firm on Wall Street. If you’re an advisor at Wedbush, you should be embarrassed to say so. If I worked there and someone asked me where I worked, I’d say I was a manager at Taco Bell or some shit. The very essence of Wedbush is spirited depravity. Having said that, Wedbush slapped a $50 tgt on Wall Street’s best company today, Netflix.

I realize the PE at 300+ is somewhat excessive.

But look at the growth, son. Revenues are off the charts and Stranger Things is a smash hit.

On a p/s basis, the current valuation isn’t all that excessive — based off previous years — post House of Cards.

Here is the Wedbush drivel.

Via Briefing.com

Wedbush continues to believe that Netflix is overvalued. They think that Netflix’s delay of the price increases scheduled for May created a lingering problem with investors – slowing domestic growth that will likely persist for another quarter as it “un-grandfathers” as many as 15 million more domestic subscribers over the next two months. Additionally, they think that Netflix’s current share price fails to address the potential for meaningful competition from Amazon (AMZN), which recently launched a video-only subscription option of its own. They acknowledge that Netflix has the much more powerful brand for SVOD, but they are confident that with its new standalone service, Amazon declared war on Netflix.

The Amazon service is completely different. No one uses NFLX for their bullshit, old, movies. It’s all about original programming and they have tonnes of it. Compared to the juvenilia at Amazon, they donkey-dick smack Bezos about his bald head.

When the apocalypse hits, everyone will be marooned in their homes watching NFLX.

Amongst others, Bill O’Reilly went to war last night — talking extreme shit about the drooling pseudo intellectuals at the NY Times, CNBC and other organizations of ill repute. Bill dove into the Wikileaks documents which exposed the left wing media for being harlots for the Clinton camp — little bitches inside of large corporations run by actual demons.

As I’ve stated here on numerous occasions, J. Harwood is just about the very worst person in the world — and should be summarily fired and forced to live in homeless shelters for the balance of his life.

BTW: I fucking hate Bill O’Reilly too. But he’s a necessary evil tonight — sort of like tactical nuclear weapons.

I’m getting very bored with this jerk-off of a market — as we delicately saunter the outer edges of the toilet bowl — teasing if you will — the refuse that lies inside. The truth of the matter is, all of you are the refuse and need to be dumped into the fucking toilet bowl and flushed — expeditiously. Look, Hillary Clinton understands it better than I do and maybe she has more in common with me that I previously had analyzed. Either way, there is such a comeuppance looming, I can practically taste the margin calls.

Ninety-nine percent of you deserve to lose stark amounts of net worth — for being so god damned greedy when I told you: there’s a storm coming. All of these months, as you sashayed alongside the beach property, with your faggot friends, drinking champagne and gallivanting for swims with the jellied fish, I ate pieces of wood and giraffe — aboard the SS Ark — scowling at all you catamites near the shore.

Now that a category 20 hurricane is circling towards your nude resort, I can only smile at the carnage to come.

Chinese trade data came in…bad. Very fucking bad.

Key Points

Exports fell 10 percent from a year earlier in September, the customs administration said Thursday
Imports declined 1.9 percent
In yuan terms, shipments declined 5.6 percent, imports rose 2.2 percent
Trade surplus at $42 billion

Enough of the data. Markets run on emotions and Central Bank schemes. What we have taking place this evening is ordinary, run of the mill, downward spiraling action.  Dow futures are off by 125, WTI -1%, gold +0.6%, yen is rising and government bonds fucking soaring.

Per chance, do you know why the trade data was so very bad? I’ll give you a hint. It’s the same god damned reason why the Fed won’t raise rates in December.

FUCKING RECESSION.

Now that I’ve got that off my chest, I can sit back, smoke my pipe, and enjoy the downward traversing of futures — bearing witness to real life ham and eggers play themselves like baboons in a zoo — losing vast sums of money and then telling the people on Bloomberg and CNBC that it’s a buying opportunity.

This is single handily the worst product launch in the history of mobile phones. To think that this company bet $17b in sales on specious, untested, technology is beyond understanding. People should be held accountable in the most heinous of ways.

Samsung still doesn't know why the Note 7 phones catch fire–and the only way to ship them is in fireproof boxes. https://t.co/NjcgrK4Dmw

— Consumer Reports (@ConsumerReports) October 12, 2016

I’m all for bringing back medieval torture devices. Lucky for me, very soon the H. Clinton administration will most likely start manufacturing them en masse, in order to ‘correct’ the alt-right. Let it be known, Le Fly was never part of the alt-right movement. I’ve always considered myself to be a capitalistic anarchist with designs for total world destruction. Seeing any organized religion or political party — destroyed from root to crown — is always appealing to my dark side.

Back to Samsung.

Tim Cook wins, hugely, and will be dining on their brains, zombie style, as they undergo a logistic nightmare trying to recall all of those phones and not have them burn down postal workers and offices.

NOTE: They are NOT allowed to be shipped via airplane.