18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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Higher Yields Causing Major Blow Ups in Household Name Stocks — Plus Bitcoin is Dead Again

Let me just say this to you, okay? No man should have to walk his fucking coyote at 6:30am — period. This morning I was entreated to an energetic snarling in my face by this coyote who lives in my house. After 5 minutes of incessant cajoling, I took the fucking dog for a walk. Lo and behold, it wasn’t an emergency of some sort. The dog just wanted to chase birds and yell at squirrels. She didn’t even defecate on my neighbors lawn. After 30 minutes of wasting my time, while being dead tired, I took her back home and for a brief moment or two I hated her — until I realized I was just sleep deprived and her life wasn’t as exciting as mine, and that I was being a faggot.

Futures are slightly lower — but bitcoins are getting crushed. We’re talking full throttle massacre in the crypto space — taking the entire asset class below $400b. Meanwhile, the dollar is cruising higher again by 0.6% and the ten year is at 3.06%. Mortgage rates are sharply higher and this can only be viewed as deflationary, a force to be reckoned with, a vortex that is as black as it is a hole.

Simultaneously, a whole swath of household names are getting fucking crushed. This kids is called ‘multiple contraction.’ Because the Fed is purposely trying to hurt the economy via higher rates, the effect is felt first in stocks with high levels of debt and/or who pay a dividend. Due to lack of growth, the main driver for many household consumer names is income. The higher a tax sheltered government bond yield goes, the less attractive a somewhat risky American icon becomes. Hence, we’re at a fork in the road now: is this something to fear, the proverbial canary in the coal mine or more nothing?

On this topic, Goldman upgraded GIS today, so there’s always that.

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  1. ferd

    From my NYTs news brief this AM, leads the Gaza slaughter as follows:

    “Israelis grappled with the casualty reports from the Gaza protest on Monday: 60 killed and more than 1,700 hospitalized, according to Palestinian officials. Israel said that only a small number of those shot had been armed.

    …“When we hear of the dead, it pains us,”

    Yup folks, it is the Israelis who are the victims. Only in America – eh s.k?

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  2. reversion

    I know Fly isn’t political anymore (since he’s embarrassed he pushed for the orange clown) but why no comment on the ZTE reach around? Two days after a Chinese company makes his trump branded resort deal happen. WTF?

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  3. fryguy15

    If what you say is true, why are ABBV, LVS, WY, MC, TGT, CSCO, BP at or near 52 week highs?? All “old school dividend payers”. Figure out what the difference is between these stocks and the ones listed above. Ok, go!

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