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By Tyler Durden

Last week, when Bloomberg was celebrating the 7 year anniversary of the third longest, most central bank-supported, and thus “most hated” bull market in history,

While confused by this unprecedented equity outflow, it then promptly spun the “bullish angle”and noted that just because the rally is the “most hated in history”, it probably will continue:

[W]hen people withdraw money, stocks inversely tend to rise later, according to data since 1984. In the 12 instances when funds experienced monthly outflows that were at least 2 standard deviations from the historic mean, the S&P 500 rose an average 7.1 percent six months later, compared with a normal return of 3.9 percent, data compiled by Bloomberg and Investment Company Institute show.

[Once] things start to turn around, bears will be forced to buy. From Feb. 11 through Monday, a Goldman Sachs Group Inc. index

of the most-shorted companies outperformed the S&P 500 by almost 16 percentage points, the most in data going back to 2008.

What Bloomberg failed to touch upon was who was buying. Ever helpful, we explained what Bloomberg was missing:

What Bloomberg is confused by is that despite this unprecedented rally, after a brief period of inflows in 2013 and 2014, investors have been pulling money out of stocks at a record pace, leading not only Bloomberg but many others to dub the move in the market as the “most-hated rally ever.”

Specifically, what Bloomberg fails to note is that as everyone else has been selling, corporations have unleashed the biggest debt-funded stock buyback spree in history, providing the natural offset to wholesale selling by virtually everyone else, and allowing the market to barely dip over the past year.

And since the bond market had gotten clogged up in recent months as a result of the market turbulence, that explains why the ECB proceeded with the unprecedented step of explicitly backstopping the IG bond market, a move which we first, and then JPM explained, would encourage even more stock buybacks.

* * *

Today, nearly a week later, Bloomberg follows up on its celebratory “anniversary” piece with the much needed clarification hinted here, in an article explaining that “There’s Only One Buyer Keeping S&P 500’s Bull Market Alive.” This is what Bloomberg “uncovered”:

Demand for U.S. shares among companies and individuals is diverging at a rate that may be without precedent, another sign of how crucial buybacks are in propping up the bull market as it enters its eighth year. Standard & Poor’s 500 Index constituents are poised to repurchase as much as $165 billion of stock this quarter, approaching a record reached in 2007. The buying contrasts with rampant selling by clients of mutual and exchange-traded funds, who after pulling $40 billion since January are on pace for one of the …read more

Source: Bloomberg Stumbles On The "Only One Buyer Keeping The Bull Market Alive"

    

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By Tyler Durden

The biggest macro development over the weekend was China’s latest “gloomy” economic update, in which industrial production, retail sales and lending figures all missed estimates, however now that we are back to central bank bailout mode, bad news is once again good news, and the Shanghai Comp soared +1.7% among the best performers in Asia on calls for further central bank stimulus while the new CSRC chief also vowed to intervene in stock markets if necessary. In other words, the worse the data in China, the better.

The same of course as true in Europe, where

… the ECB also unleashed a massive bond buying rally after Draghi said for the first time ever the ECB would monetize corporate bonds, in a move that has infuriated Germany, and confirms Europe’s economy is weaker than ever before as otherwise it wouldn’t need this unprecedented support by its central bank.

As a result, the MSCI Asia Pacific Index and the Stoxx Europe 600 Index were headed for their highest closes in two months.

As Bloomberg summarizes the global “deja vu all over again” situation, Central banks are being relied on to revive the global economy after a worsening growth outlook wiped almost $9 trillion off the value of equities worldwide this year through mid-February. The bulk of the stock-market losses have been clawed back, helped by monetary easing in China and last week’s announcement of unprecedented stimulus by the European Central Bank. The Bank of Japan, which adopted a negative interest rate in January, will conclude a policy review on Tuesday and a Federal Reserve meeting ends Wednesday.

“Central banks are going to be dominating market sentiment,” Matthew Sherwood, head of investment strategy at Perpetual Ltd. in Sydney, which manages about $21 billion, told Bloomberg Radio. “That could be enough for the risk rally to continue, but I think it is starting to run out of steam. The Fed is going to be front and center.”

And while Asia was up on China’s bad data, and Europe was higher again this morning to catch up for the Friday afternoon US surge, US equity futures may have finally topped off and are now looking at this week’s critical data, namely the BOJ’s decision tomorrow (where Kuroda is expected to do nothing), and the Fed’s decision on Wednesday where a far more “hawkish announcement” than currently priced in by the market, as Goldman warned last night, is likely, in what would put an end to the momentum and “weak balance sheet” rally. Earlier today, Deutsche Bank doubled down on that call as well.

Elsehwere, WTI started the week lower after Iran said over the weekend it plans to boost output to 4MM b/d before joining other suppliers in seeking ways to balance marke, while Saudi crude output was little changed at 10.22mln bpd in Feb vs. 10.23mln in Jan. Not even the ongoing “imminent OPEC meeting” headline farce, where according to flashing read headlines …read more

Source: Central Bank Rally Fizzles: Equity Futures Lower As Attention Turns To "Hawkish Fed" Risk

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Breitbart News reporter Michelle Fields and editor-at-large Ben Shapiro resigned on Sunday due to frustrations with their company’s response to an alleged assault on Fields by a top aide to Donald Trump.

…read more

Source: Michelle Fields, Ben Shapiro resign from Breitbart News

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Macau’s casino slump is spreading far beyond gaming tables, with residents and businesses across the Chinese gambling mecca feeling the pinch.

…read more

Source: Inside the economy that shrank 20% last year

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…read more

Source: Democrats take stage for town hall in Ohio

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By Tyler Durden

Submitted by Andrew Korybko via OrientalReview.org,

The Law Of Hybrid Warfare

Hybrid War is one of the most significant strategic developments that the US has ever spearheaded, and the transitioning of Color Revolutions to Unconventional Wars is expected to dominate the destabilizing trends of the coming decades. Those unaccustomed to approaching geopolitics from the Hybrid War perspective might struggle to understand where the next ones might occur, but it’s actually not that difficult to identify the regions and countries most at risk of falling victim to this new form of aggression. The key to the forecast is in accepting that Hybrid Wars are externally provoked asymmetrical conflicts predicated on sabotaging concrete geo-economic interests, and proceeding from this starting point, it’s relatively easy to pinpoint where they might strike next.

The series begins by explaining the patterns behind Hybrid War and deepening the reader’s comprehension of its strategic contours. Afterwards, we will prove how the previously elaborated framework has indeed been at play during the US’ Wars on Syria and Ukraine, its first two Hybrid War victims. Next part reviews all of the lessons that have been learned thus far and applies them in forecasting the next theaters of Hybrid War and the most vulnerable geopolitical triggers within them. Subsequent additions to the series will thenceforth focus on those regions and convey why they’re so strategically and socio-politically vulnerable to becoming the next victims of the US’ post-modern warfare.

Patterning The Hybrid War

The first thing that one needs to know about Hybrid Wars is that they’re never unleashed against an American ally or anywhere that the US has premier preexisting infrastructural interests. The chaotic processes that are unleashed during the post-modern regime change ploy are impossible to fully control and could potentially engender the same type of geopolitical blowback against the US that Washington is trying to directly or indirectly channel towards its multipolar rivals. Correspondingly, this is why the US won’t ever attempt Hybrid War anywhere that it has interests which are “too big to fail”, although such an assessment is of course contemporaneously relative and could quickly change depending on the geopolitical circumstances. Nevertheless, it remains a general rule of thumb that the US won’t ever intentionally sabotage its own interests unless there’s a scorched-earth benefit in doing so during a theater-wide retreat, in this context conceivably in Saudi Arabia if the US is ever pushed out of the Mideast.

Geostrategic-Economic Determinants:

Before addressing the geo-economic underpinnings of Hybrid War, it’s important to state out that the US also has geostrategic ones as well, such as entrapping Russia in a predetermined quagmire. The “Reverse Brzezinski”, as the author has taken to calling it, is simultaneously applicable to Eastern Europe through Donbass, the Caucasus through Nagorno-Karabakh, and Central Asia through the Fergana Valley, and if synchronized through timed provocations, then this triad of traps could prove lethally efficient in permanently ensnaring the Russian bear. This Machiavellian scheme will always remain a …read more

Source: Hybrid Wars Part 1: Disrupting Multipolarism Through Provoked Conflict

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By Tyler Durden

Authored by Michael Klare via TomDispatch.com,

Three and a half years ago, the International Energy Agency (IEA) triggered headlines around the world by predicting that the United States would overtake Saudi Arabia to become the world’s leading oil producer by 2020 and, together with Canada, would become a net exporter of oil around 2030. Overnight, a new strain of American energy triumphalism appeared and experts began speaking of “Saudi America,” a reinvigorated U.S.A. animated by copious streams of oil and natural gas, much of it obtained through the then-pioneering technique of hydro-fracking. “This is a real energy revolution,” the Wall Street Journal crowed in an editorial heralding the IEA pronouncement.

The most immediate effect of this “revolution,” its boosters proclaimed, would be to banish any likelihood of a “peak” in world oil production and subsequent petroleum scarcity. The peak oil theorists, who flourished in the early years of the twenty-first century, warned that global output was likely to reach its maximum attainable level in the near future, possibly as early as 2012, and then commence an irreversible decline as the major reserves of energy were tapped dry. The proponents of this outlook did not, however, foresee the coming of hydro-fracking and the exploitation of previously inaccessible reserves of oil and natural gas in underground shale formations.

Understandably enough, the stunning increase in North American oil production in the past few years simply wasn’t on their radar. According to the Energy Information Administration (EIA) of the Department of Energy, U.S. crude output rose from 5.5 million barrels per day in 2010 to 9.2 million barrels as 2016 began, an increase of 3.7 million barrels per day in what can only be considered the relative blink of an eye. Similarly unexpected was the success of Canadian producers in extracting oil (in the form of bitumen, a semi-solid petroleum substance) from the tar sands of Alberta. Today, the notion that oil is becoming scarce has all but vanished, and so have the benefits of a new era of petroleum plenty being touted, until recently, by energy analysts and oil company executives.

“The picture in terms of resources in the ground is a good one,” Bob Dudley, the chief executive officer of oil giant BP, typically exclaimed in January 2014. “It’s very different [from] past concerns about supply peaking. The theory of peak oil seems to have, well, peaked.”

The Arrival of a New Energy Triumphalism

With the advent of North American energy abundance in 2012, petroleum enthusiasts began to promote the idea of a “new American industrial renaissance” based on accelerated shale oil and gas production and the development of related petrochemical enterprises. Combine such a vision with diminished fears about reliance on imported oil, especially from the Middle East, and the United States suddenly had — so the enthusiasts of the moment asserted — a host of geopolitical advantages and fresh …read more

Source: Energy Wars Of Attrition – The Irony Of Oil Abundance

    

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