Ricks Picks

A Wasting Disease Has Impaired Wall Street’s Judgment


The buy-the-dips bots and bozos were noticeably absent as last week ended, presumably because they expect more weakness ahead. If so, the selling is likely to pick up tempo unless the news environment brightens. It’s hard to imagine what “good” news might look like, since the headlines have been relentlessly downbeat lately. Most disconcerting of all is a global economic slowdown that has yet to be discounted by Wall Street’s best and brightest. They’ve all got 3.6%-unemployment-on-the-brain, a wasting disease that impairs one’s ability to see a recession coming.

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none June 3, 2019, 5:34 am

DB and LEH

1) Deutsche Bank has $75 trillion worth of Derivatives on its books but the nominal GDP of the world is $71.83 trillion.

2) Three primary factors drove Lehman Brothers into bankruptcy, and derivatives trading is not one of them. First, Lehman Brothers consistently ignored its own risk thresholds through its commercial real estate investments.

A couple hours ago, trading on Germany’s DAX Index, price slips below the 6.00 level for the first time in history now printing at 5.90.

Have a great day Rick.

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