Farage at Trump Rally: ‘I Wouldn’t Vote for Hillary Clinton if You Paid Me’

The parallels of what Farage did in the UK, getting his country to get the hell out of the EU, and what Trump is trying to accomplish by pushing against the globalist elite, cannot go unnoticed.

It’s only natural to see Farage at a Trump rally, talking greasy against the H and the thin man in the White House.

Before Heather Bresch became CEO of Mylan, she was a lobbyist for the company. I am sure her success as a lobbyist and role as CEO at Mylan had nothing to do with the fact that her Dad is Senator Manchin, democrat asshole from W. Virginia.

In an indescribable conference dated a few weeks ago, the company blamed employers for choosing high deductible plans for the ‘noise’ around the 460%+ price hike for the Epipen, a life saving allergy drug. They also called the product inexpensive. Fuckery, largess.

With respect to EpiPen, revenues were driven by net price favorability, due in part to payer pricing dynamics year over year, as well as strong sales volumes in anticipation of the peak season. We began realizing the benefits of customer contract negotiations over the last several quarters. I’d note that year-over-year comps will continue to evolve until we pass the one-year mark of the Auvi-Q recall.

But this point, I think there has been a lot of discussion and some headlines around patients going from paying a copay to now paying the entire cost of a product. And where EpiPen falls, because if you look on an annual basis, as a life-saving drug, to have a WAC [Wholesaler Acquisition Cost] price at just under $600, I think that you can see it falls as not an expensive product. And so when employers through high-deductible plans that were incentivized to increase high-deductible plans through Obamacare, as people — as employers shift more cost to employees and make that everything’s got to come out of pocket before you hit your deductible is where you’re seeing a lot of noise around EpiPen.

And so again, I think as far as us realizing those margins are sustainable as we work ourselves through these contracts. And if the dynamic around the EpiPen market would ever change, those would change as well. But I think what we’re continuing to benefit now is the realization of those.

I think as I said earlier in my remarks, we don’t have a significant concentration from anyone product or business segment at Mylan today. And as we continue to grow, just as now we’re bringing Meda into the fold, EpiPen from a true dollar contribution will just continue to shrink. So again, there’s no over-reliance on EpiPen as a brand.

Let’s recap.

The Third Estate, a garrulous class of people, have been complaining over the 460% increase in the cost of the Epipen and is the core problem here, not the fact that the price itself has no business or merit being this high. Moreover, if it wasn’t for those pesky employers, choosing high deductible Obamacare plans, none of this ‘noise’ would be present now. Tax payers would be paying Mylan’s bills like the good little slaves they are, and corrupt lobbyists like Heather Manchin would continue to ingratiate themselves with elaborate pay hikes, unabated, in order to finance 300 foot yachts and summering in Nantucket.

Shares of MYL are down another 5.4% today.  They deserve to get smoked.

As you were.

How’s that for a title?

I sold short FCX on August the 1st and it is my sole position, alongside my long term thesis trade in TLT.

Thus far, I am up a little more than 10% on the FCX short, and more than 18% on my TLT long.

Shares of Freeport are getting smoked today, off by more than 7%.

FCX is a proxy for China, period, end of story. The stock has risen greatly over the past 3 months and there isn’t anything woeful about markets trading near record highs. Having said that, once the market breaks down and starts drowning people again, rest assured, FCX will lead to the downside. It is the toxic blend of everything that’s wrong with the market. It’s an over leveraged, debt laden, China reliant, piece of shit.

I will cover my short when markets flag oversold.

I will sell TLT when the yield curve inverts.

Until then, I’ll continue to talk shit and try my best to guide the readers of this site into safe havens and follow a credo to do no harm.

Perhaps this new technology can be used to form a kill list in the future. God only knows how much I despise gossipers. Perhaps we can round up and kill all those who like Kanye West articles? It’d be a good start.

At any rate, one has to wonder how much longer these social networks, who claim to be apolitical, can get away with this shit. Everything you do online leaves a footprint. Every page you like, subscription added, and comment left is both monitored and added to an algorithm that is then used to target you or used for ads.

For the love of gigantic walls paid for by Mexico, why the fuck do people keep putting personal info on these platforms?

The primary purpose of these platforms isn’t for fun and entertainment. They are overtly used by the government to monitor and control its citizens.

What is your rationale for the rout in gold? Is there a large seller getting out? The sector has been wrought with losses for the past two weeks, which has coincided with a revival of rate hike talks. This should come as no surprise to any of you. Furthermore, in spite of liking gold for its defensive qualities, this is precisely why I jettisoned all of my gold holdings a few month ago.

Data courtest of Exodus, mankind’s single best market intelligence platform.

As you can see by the chart below, valuations, although elevated from recent lows, is nowhere near the nosebleed territory of the pre 2010 era.

With today’s 1.2% drop in gold, the sector is getting clawhammered lower, poleaxed even.

It’s worth noting, the mood is entirely glum in the commodity sector today, as it is rife with sellers emanating from the oil patch. WTI crude is now lower by more than 3% for the day.

God save Dennis Gartman.

Everyone hates Russia. They have nuclear weapons. They bomb our ISIS allies in Syria. They refuse to be ruled by friendly globalist oligarchs. They displaced actual nazis in the Ukraine. And, they have a lot of oil and have been punching our terrorist factory country, Saudi Arabia, in the face with a steroid induced vigor–by stealing market share from China.

“There’s a market-share battle going on mainly among the Middle East producers and Russia,” Olivier Jakob, managing director of Petromatrix, said by phone from Zug, Switzerland. “Rivals are making a big push into China.”

So pray tell me, if you were a Saud King, lamped up in your harem– wondering about how to fix your countries great oil problem– what would you do?

Wouldn’t you try to recapture the glory days of when George Bush was President of America–when your agents were permitted to blow up skyscrapers with airplanes to induce an oil shock, by which you would profit, handsomely, through a near monopoly of America’s oil markets? After the great spike in oil prices, however, devils in the Bakken shale, and other American locales, started to exhibit sentimental feelings of capitalism.  They drilled like motherfuckers and made America a great oil producing nation. Your Saudi Kingdom was turning to shit, right before your very eyes. Market share losses were both abundant and rampant in both of your core markets. The future looked grim.

The only logical thing to do was to manipulate oil prices lower, in order to bankrupt the marginal players in America, which would then allow you to take back share, without even having to crash airplanes into buildings.

This, however, has not worked out according to plan–as American ingenuity and an instinct to survive, have made this process tumultuous for the House of Saud.

This is an ongoing struggle and the end of the story hasn’t been written yet.

Lululemon is not a mall based story. Their nonsense is in the streets, with the rest of the normal retail stores. Macy’s is in the mall and they’re getting hammered. Express is in the mall and their stock just died.

Although not a very large cap name, this is a big deal for retail. Anyone who ventures out into shopping malls knows that there’s an Express in almost every single one of them. It is the barometer for the layman, semi-retarded, consumer–in search of stylish wares at reasonable prices. I once made the mistake of buying denim from there and ended up looking like an actual clown when I wore it.

In the conference call, the company cited (courtesy of Briefing.com):

1) challenging store traffic

2) an increased assortment of merchandise that resulted in a lack of clarity and skewed too young.

Co is adjusted merchandising target and looking to resonate better with consumers

Traffic will remain a headwind

Mens outperformed but womens but both were negative

Co has ~550 stores and just under 100 outlets (targeting 140-150 outlets in a few years)

Look at these fucking numbers.

Reports Q2 (Jul) earnings of $0.13 per share, $0.04 worse than the Capital IQ Consensus of $0.17; revenues fell 5.8% year/year to $504.8 mln vs the $520.81 mln Capital IQ Consensus.

Comparable sales (including e-commerce sales) decreased 8% vs. guidance for a mid single digit decline, compared to a 7% increase in the second quarter of 2015. E-commerce sales declined 7% to $70.1 million.

Total inventory was down 6% with retail inventory down 9%.

Merchandise margin declined by 200 basis points driven by increased markdowns on clearance items as we focused on positioning our inventory for the fall season. Buying and occupancy as a percentage of net sales rose by 120 basis points. In combination, this resulted in a 320 basis point decline in gross margin, representing 29.9% of net sales compared to 33.1% in last year’s second quarter.

Co issues downside guidance for Q3, sees EPS of $0.09-0.15 vs. $0.32 Capital IQ Consensus; comps negative high single to low double digits.
Co issues downside guidance for FY17, lowers EPS to $1.00-1.14 from $1.41-1.54, excluding non-recurring items, vs. $1.46 Capital IQ Consensus; lowers comps to negative high single digits from low to mid single digits.

“I am disappointed with our second quarter performance as sales and earnings were below our guidance, reflecting challenging store traffic. This was compounded by a lack of clarity across the assortment. We believe we have identified the necessary actions to position Express to regain momentum and we are moving on them. Our fall assortment is more cohesive across our wearing occasions, clearly identifying the important trends, and we are aggressively pursuing several marketing initiatives focused on driving new customer acquisition and retention. In addition, we are pleased with our overall inventory position as we begin the fall season.”

Shares are being shattered this morning, off by 25%.

Other mall based retailers are heading lower too, namely GES and ANF.

This is the stupidest shit of all time. How many faux rate hikes do we need to endure before people finally realize the Fed cannot hike? I’ll play along. Don’t worry.

Yesterday’s housing numbers were so terrific, investors are anticipating a rate hike, especially ahead of Yellen’s speech at Jackson Hole–later this week. Futures are mildly higher, so there’s no immediate risk to equities. After all, the economy is great. However, the specter of higher rates has people curiously selling off commodities, en masse.

Also curiously, that same tentativeness is not being found in the bond market safe havens–with TLT still straddling record high territories at $140. It’s worth noting, there haven’t been any meaningful pullbacks in either the utility or REIT sectors–making the sell off in commodities all the more beguiling!

When I started the business in ’97, people suspected markets were rigged. Order books were regularly subjected to front running. Not held orders were ignored and wide spreads raped people with the sort of malice you’d expect in a third world nation. But, for the most part, if you were buying big companies and had a decent enough time horizon, making money wasn’t so hard.

Since the great recession of 2008, everything changed.

At first, they tried to tell us they weren’t manipulating markets and were instead experimenting with capital in order to save the world. No one really knew what was going on, so we accepted it on face value. We had to save the world. I got it.

But now, more than 8 years after the fact, we don’t even hide the manipulation. The media tries to sell it to us like it’s part of the game. Sure, it’s fucking normal for the Bank of Japan to create money out of thin air, buying up ETFs, placing themselves as the top shareholder in dozens of NIKKEI 225 index member companies.

This video, performed by Cramer, struck me as especially egregious. In it, he gleefully praised the Chinese manipulation of their markets, citing their egregious actions–such as arresting short sellers– and saying ‘it got the job done.’

Really, Cramer. Have you fallen that far that you cannot see the folly in your own, demented and distorted, version of the world?

Shameful.

Let me preface everything that I say here with the fact that I am actively ignoring the melt up and will continue to do so–because I refuse to play in a rigged game. Granted, this leaves me out in the cold like Fred Flintstone, while the rest of you do blow with Dino and Wilma. Like any good Doctor, I endeavor to do no harm, using that as my credo as I navigate markets with a snarky disposition.

Having said that, the true barometer of any good bull market is the health of its IPO market. Last year, the IPO market was dreadful, littered with stupid shit like ETSY–regularly blowing people to smithereens, Fred Wilson style. But this year, its been good–real good.

Using the IPO screen in Exodus, the following stocks are crushing the market over the past month. Overall, the median return for IPOs, over the past 3mos, is upwards of 11%. That number is much higher for the anointed few.

TEAM +29%

SUPV +21%

TWLO  +38% over the past month (shout out to Option Addict on this one)

SQ +31%

RRR +18%

ACIA +239%

CCRC +56%

PEN +42%

Look for a slew of IPOs to come public in September, once the junior traders are slapped fucking stupid off the trading turrets, making room for the true bosses coming back from a summer of narcotic induced sauntering.