Winkelvoss Twin Beatdown: SEC Rejects Their Bitcoin ETF; Prices Plummet Amidst Panic Fag-Friday Trading Tumult

This was a no brainer decision for the SEC — denying the Winklevoss proposed bitcoin ETF — based on the merits that it is nothing more than a digital way to commit wire fraud and a sundry of anti-money laundering schemes. It will never, ever, gain SEC approval.

Get used to it Bitfags.

In a statement issued by the D+ students at the SEC, they wrote: “the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”

Tyler Winklevoss retorted the SEC rejection with more Facebookesque determination.

“We remain optimistic and committed to bringing COIN [the proposed ticker] to market, and look forward to continuing to work with the SEC staff. We began this journey almost four years ago, and are determined to see it through. We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors.”

Botton line: prices are down in the magnitude of 8%. But don’t worry, there are thousands of Chinese millionaires scheming ways to remove their money from China — which should provide succor to prices soon.

Ironically, the only bitcoin ETF derivative play, $GBTC, should benefit from this Winklevoss beat down — further solidifying its position as the only way normies can invest in bitcoin on the open market.

Gold was so hated, earlier this week, it bottomed and is now rally off the lows — led by gains in $GORO, $MUX, $NGD, $IAG and $SA.

If you’re a member of Exodus and need a live demo to better understand the platform, please inbox me. For those interested how our algorithms could help you trading sectors, or individual names, please observe our oscillator for gold and how it nailed the bottom in gold — almost to the exact second.

Would you’ve bought gold had you seen the oscillator at the annual lows? Who knows? The point is, you were provided an edge to trade off of — instead of wallowing out there like idiots playing with your StockTwits feed.

What’s OS now? REITs, Drug stores and oil and gas. If you want the details, you’re just gonna have to join the league of gentlemen and quit leeching from the internets.

Talk about convoluted policy. Hiking rates while at the same time doing QE is like stabbing yourself while taking a blood transfusion. This is sheer perversion of economics and I hope he is punished in the after life for it.

ECB SAID TO HAVE DISCUSSED WHETHER RATES CAN RISE BEFORE QE END: BBG

— zerohedge (@zerohedge) March 10, 2017

As a result of his comments, European stocks sold off and we’re giving back a lot of gains.

The euro is flying v the dollar, up 0.75% and crude is now off by 0.7%.

More fuckery. I’m still 100% cash.

I always remembered conservatards sucking CIA pole, not libtards. As a matter of fact, the left has always chimped out on the CIA, ever since they killed JFK.

But now, since it’s politically expedient, they are beginning to genuflect to them. Our beloved intelligence services can do no wrong, in the eyes of many.

Explain this or die a fire.

This is probably the most important and interesting Boot Camp Jeff will be hosting to date.

We’be had a great run and ran into some resistance. Now we got some great jobs numbers and the Fed is intent on hiking again. How will a tight Fed policy affect stocks and which stocks stand to benefit? If any of you have ever been to an iBC conference or Boot Camp, you know Jeff is a great educator. Typically, I eschew so called market educators like the plague, for most of them are scammers. Jeff is the real deal. I’ve seen him do very well in the market for a decade now, have witnessed him do live presentations with the patience of a God damned saint.

If you’re wondering what happens over the next quarter in stocks, attend this boot camp. It’s well worth the small investment.

Here’s the 5 day schedule.

The program begins on Monday. Link to join is above.

Go ahead and celebrate you fucking primates. Because America is great again, the Federal Reserve is going to destroy it and there’s nothing you can do about it?

Want to audit the Fed, in order to see what they’re up to?

Fuck off. The American government doesn’t have jurisdiction.

For the month of February, the first full month for Trump, America added 235k jobs. The market had been expecting a gain of 200k burger flippers. Unemployment came in at 4.7%.

U.S. employers added jobs at an above-average pace for a second month https://t.co/9WP4UnFZB9

Instant reaction: pic.twitter.com/ybEJUb6eO0

— Bloomberg TV (@BloombergTV) March 10, 2017

Dow futures are +100 and commodities, sans gold, are sharply higher.

Fox News leaked an email sent out to airmen who, apparently, were pissed off after being given a list of words to avoid using both on and off Lackland Air Force Base.

Unbelievably, the words boy and girl were on it, citing a ‘100 percent zero tolerance’ policy by the Air Force leader who issued the email.

1. Boy

2. Girl

3. You People

4. Colonial

5. Blacklist

6. Blackmail

7. Blackball

8. Sounds Greek to me

9. Blondes have more fun

10. Too many chiefs, not enough Indians

“Please be cognizant that such conduct is 100 percent zero tolerance in or outside of the work climate,” the email read. “Let’s capitalize on our richly diverse climate, and help others seek assistance if they are struggling with compliance.”

Fox reached out to Lackland and they denied being retarded leftards.

“The Air Force has no list of prohibited terms,” a public affairs spokesperson told me. “It was sent out by an individual simply reminding Airmen to be respectful to others.”

It looks like the Air Force got caught red handed being social justice warriors and are trying to publicly save face. Utterly ridiculous.

In a Bloomberg interview today, JP Morgan’s Jamie Dimon praised President Trump and his cabinet of consummate professionals for bringing a pro growth strategy to Washington.

Dimon, who was an avid supporter of Obama, never really got along with Hillary — mainly since he knew she’d love to destroy the country if given the chance.

Although he wasn’t a supporter of Trump during the campaign, he’s been a appointed as chairman of the business round table of nearly 200 executives.

“It seems like he’s woken up the animal spirits,” Dimon, chairman and chief executive officer of JPMorgan Chase & Co., said Thursday in a Bloomberg Television interview in Paris. Confidence has “skyrocketed because it’s a growth agenda,” Dimon said, adding that he’s not overly concerned about the possibility of a correction in equities markets, which have surged since the November election.

Dimon, 60, has been a vocal supporter of Trump’s business agenda, saying last month that the U.S. has a bright future if the president overhauls taxes, regulations and infrastructure investment. Since Trump’s victory, Dimon was named chairman of the Business Roundtable of almost 200 CEOs and joined Trump’s policy forum aimed at boosting job growth. Shares of U.S. banks have climbed on speculation that higher economic growth and interest rates will boost results.

“If he gets it done, even part of it, it will be good for growth, good for jobs, good for Americans,” Dimon said. “I’m really confident he will get that done.”

“If you look at the policy, forget the tweets, look at the people on the ground, they’re top professionals,” Dimon said. “Serious people, with deep knowledge and deep experience — and their mission is to have a growth agenda. And that agenda is reducing corporate taxes; starting to build infrastructure, which we desperately need; reducing some of the regulatory regime, which has probably held back growth.”

Seperately, Dow Chemical’s Andrew Liveris described his relationship with President Trump — saying that he ‘managed in 45 days to move the ball on regulations more than in the previous 8 years.’

He praised the specificty of talking business with Trump, suggesting that the previous administration we’re nothing more than community organizing retards.

“I will tell you this, every time we’ve had a discussion that is generic, he goes into the specifics. He goes to, ‘Well, in my business, I saw this. Does that relate to you?'” Liveris told CNBC’s “Power Lunch” during CERAWeek in Houston on Thursday.

“And obviously his type of business is different than my type of business, but the rules of business are the rules of business, and he speaks business language in our meetings and in our interactions,” the Dow Chemical CEO said.

Liveris was one of 24 manufacturing CEOs who met with Trump last month to discuss deregulation, tax reform, trade, infrastructure and job training. Trump and his team has “managed to move the ball in 45 days on regulatory reform more than in the previous eight years,” Liveris said.

“We complain about financial regulation and all the other things, but in the manufacturing sector, we’re carrying, per employee, double the cost of regulations. So that means there’s too many regulations,” Liveris said.

Now you know why the market loves Trump. If only the shills in Congress would act on some of the President’s requests, we could get a truly great market run going.

Thanks to our hawkish Fed, rates have been soaring — pressing the 10yr north of 2.6% — up from 1.75% on election night. By definition, this tightening his anti growth and poses as a risk to GDP. This is especially non semsical due to inflation saddled at 2% and GDP growth sub 3% — coupled with the fact that every other major central bank is easing and undergoing QE campaigns.

The net result should lead to a much stronger dollar, weaker US exports, and lower GDP — especially if Trump’s tax reform and infrastructure plans get delayed or inexorably cancelled by GOP shills.

Note: this isn’t bullish for prospective borrowing to fund stimulus.

As a result of this new narrative, illiquid closed end ETFs are getting dismantled today — following the lead of some of the higher profile bond funds getting blown out in recent days ($JNK, $HYG, $LQD).

Here are some of the lesser known closed end funds getting blown out today ($NCV, $PHK, $PTY).

Inside Exodus, I keep a risk appetite index for this very thing. From time to time, bonds prices come under pressure and it doesn’t affect equities. However, this bond rout is also coinciding with some weakness in equities — something you should be paying attention to.

According to the OECD, the United Steaks has the highest tax rates of any developed nation on earth. After all, how else do you expect to pay for our $700b per year defense budget, welfare, and Obamacare?

One of the key tenets of President Trump’s campaign pledges was to introduce lower taxes, in order to remove the moat around big businesses that is effecting monopolies and scorning small businesses. To do that, he needs the help of the shills controlling the GOP in both the house and senate.

Senate Majority leader, Mitch McConnell, just told Trump and Sec. Mnuchin, to fuck off — throwing said tax reform ideas into his garbage pail. He isn’t interested in lower taxes.

Source: The Hill

“I think finishing on tax reform will take longer,” McConnell said during a Playbook Live interview.

Treasury Secretary Steven Mnuchin said late last month that the administration wants to wrap up a long-held GOP goal of overhauling the tax code before lawmakers leave for a month long break.

“So we are committed to pass tax reform,” he told CNBC. “We want to get this done by the August recess.”

The Senate is tentatively scheduled to leave town by July 31st and return during the first week of September.

Pressed about when he thought lawmakers would be able to complete tax reform, the Senate’s top Republican demurred.

“It is complicated. All of those discussions are already under way,” McConnell said. “How do you craft it?”

Markets aren’t happy with that news and have pressed the lows of the day, with most of the weakness found in Trump inspired infrastructure stocks.