Putting An End To Any Debate About The State Of The US Housing Market

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Wells Q3 Mortgage Pipeline

– Mortgage Application Pipeline At America’s Largest Mortgage Lender Drops To Lowest Since Lehman (ZeroHedge, Oct 14, 2014):

So much for the much hyped, if quite negligible, second quarter rebound in mortgage activity. After rates tumbled, and continued to tumble, there was some hope that at least the offset to the bond market screaming contraction and deflation (something even stocks have realized in recent days), would be more American’s buying homes, which naturally means applying for mortgages. Well, that dead cat bounce has come and gone. As America’s biggest mortgage lender, Wells Fargo, reported moments ago when it once again magically managed to report EPS and revenues which came right in line with expectations (of $2.11 and $21.2 billion), the US housing picture is once again the worst it has ever been (excluding those days around the Lehman bankruptcy when all of finance died for a few weeks).

Case in point: according to Wells Q3 Earnings Supplement, while Mortgage Applications declined from a transitory one year high of $72 billion in Q2 to $64 billion, this number is going far lower. The reason: Wells’ Morgage Application Pipeline just tumbled back to $25 billion, matching the lowest number since Lehman, and putting an end to any debate about the state of the US housing market.

In short: the only people buying houses in the US now are foreigners laundering their illegal, tax-exempt profits (ever fewer) and those as close to the Fed’s ZIRP as possible, and, of course, paying all cash. Everyone else: not so much.

German Economy In ‘Choppy Waters’, As Growth Forecast Slashed To 1.2%

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– German economy in ‘choppy waters’, as growth forecast slashed to 1.2% (RT, Oct 14, 2014):

The German Ministry of Economic Affairs has slashed its forecast of growth this year to 1.2 percent, which is mounting evidence that Europe’s biggest economy is losing steam.

The numbers released Tuesday are a significant downward revision from the 1.8 percent growth expected earlier in the year. Growth for 2015 was also revised down to 1.3 percent from 2 percent, the ministry said.

Read moreGerman Economy In ‘Choppy Waters’, As Growth Forecast Slashed To 1.2%

Saudi Prince ‘Astonished’ At Oil Minister’s ‘Disastrous Underestimation’ Of Effect Of Price Cuts

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– Saudi Prince “Astonished” At Oil Minister’s “Disastrous Underestimation” Of Effect Of Price Cuts (ZeroHedge, Oct 14, 2014):

As the US-Saudi ‘secret’ oil deal continues to depress the price of oil, pressure Russian revenues, squeeze European budgets, and raise doubts about the status quo (OPEC and the rest of the world), not all of The Kingdom’s elites are happy. Infamous billionaire Prince Alwaleed bin Talal has written an open letter to Oil Minister Ali al-Naimi and other ministers, as Reuters reports, saying the world’s top oil exporter should start worrying about the recent slide in global oil prices and warned against the negative effect of such a drop on the state revenue: “Ninety percent of the 2014 budget is based on it (oil), so to underestimate (these implications) is in itself a disaster which cannot pass unnoticed,” he wrote in the letter.

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Put-Call Ratio (Fear Gauge) Higher Than In The Lehman Collapse Of 2008

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Faith

–  Why Is the Put-Call Ratio (Fear Gauge) Higher Than In The Lehman Collapse Of 2008? (ZeroHedge, Oct 14, 2014):

Moments ago, the Fed concluded its latest $931MM POMO, with just 6 more POMOs left ever (at least until another QE program is unveiled), and judging by the last week’s performance, the market has finally figured this out. And Goldman, which has been pounding the table on shorting the 10 Year for about a year now, and in the process crucifying even more muppets, has some bad news for TSY shorts: global growth is crashing.

Over the last week, global equities continued to slide, prolonging a trend that started in early September, according to the “first principal component” of a set of global equity indices (see Exhibit 1). And more recently, the S&P 500 and Germany’s DAX have succumbed to the pressure too, after a period of relative resilience. Declines have picked up steam. Over the last month, many of the markets we track experienced monthly declines that rank in the 5th percentile or worse, relative to their own past histories (see Exhibit 2). The S&P 500, DAX, and Canada (amongst others) had 1st percentile-sized declines. Said differently, monthly sell-offs of this size occur about once every five years.

Visually:

Read morePut-Call Ratio (Fear Gauge) Higher Than In The Lehman Collapse Of 2008

This Is What Happens When Someone Is Desperate To Sell $750 Million Of Stocks In 1 Second

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– This Is What Happens When Someone Is Desperate To Sell $750 Million Of Stocks (ZeroHedge, Oct 13, 2014):

At 1532ET today (Columbus Day – with half the market absent), someone – apparently having waited to see if the almost ‘ubiquitous’ 330pm Ramp would occur – decided it was time to dump three-quarters of a billion dollars notional of US equity market exposure in 1 second. The results of this forced liquidation (or utter disregard for fiduciary duty) were as follows…

A complete collapse of all liquidity in the S&P 500 e-mini futures contract – the world’s most liquid equity exposure vehicle…

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From Ghana: Ebola is not real and the only people who have gotten sick are those who have received treatments and injections from the Red Cross

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Related info:

– Ebola Hoax CONFIRMED: Full CNN video Reveals Crisis Acting + Fakery (Video)

– Ebola Hoax: 100% REVEALED! CNN + NYT Caught Using CRISIS ACTORS! (MUST-SEE Video)

Thomas made me aware of the following through the Jimstonefreelance mail box:

I have confirmed the following is real, and was written by a man living in Accra Ghana.

– From Ghana: Ebola is not real and the only people who have gotten sick are those who have received treatments and injections from the Red Cross (Jim Stone):

Other than the original facebook post, this web site is the first one to carry this and it needs to be spread, the future may be riding on this one, ARCHIVE, POST POST AND RE-POST!

Nana Kwame wrote:

– Ebo-LIE (Nana Kwame via Facebook, Oct 8, 2014):

People in the Western World need to know what’s happening here in West Africa. THEY ARE LYING!!! “Ebola” as a virus does NOT Exist and is NOT “Spread”. The Red Cross has brought a disease to 4 specific countries for 4 specific reasons and it is only contracted by those who receive treatments and injections from the Red Cross. That is why Liberians and Nigerians have begun kicking the Red Cross out of their countries and reporting in the news the truth. Now bear with me:REASONS:Most people jump to “depopulation” which is no doubt always on the mind of the West when it comes to Africa. But I assure you Africa can NEVER be depopulated by killing 160 people a day when thousands are born per day. So the real reasons are much more tangible.

Reason 1: This vaccine implemented sickness being “called” Ebola was introduced into West Africa for the end goal of getting troops on the ground in Nigeria, Liberia, and Sierra Leone. If you remember America was just trying to get into Nigeria for “Boko Haram” #BULLSHIT but that fell apart when Nigerians started telling the truth. There ARE NO GIRLS MISSING. Global support fell through the floor, and a new reason was needed to get troops into Nigeria and steal the new oil reserves they have discovered.

Read moreFrom Ghana: Ebola is not real and the only people who have gotten sick are those who have received treatments and injections from the Red Cross

Shanghai Exchange Chairman Admits China Gold Demand Topped 2000 Tonnes In 2013

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Chairman of the Shanghai Gold Exchange (SGE) Xu Luode

– Shanghai Exchange Chairman Admits China Gold Demand Topped 2000 Tonnes In 2013 (ZeroHedge, Oct 13, 2014):

After all evidence presented, the amount of Chinese non-government gold demand in 2013. At the LBMA forum in Singapore June 25, 2014, one of the keynote speakers was chairman of the Shanghai Gold Exchange (SGE) Xu Luode. In his speech he made a few very candid statements about Chinese consumer gold demand, that according to Xu reached 2,000 tonnes in 2013. In contrast to the Word Gold Council (WGC) that states Chinese gold demand was 1,066 tonnes in 2013. Xu’s speech has now finally been translated and published in the LBMA magazine The Alchemist #75.

Xu’s statements once again confirm what I have been writing for months. SGE withdrawals equal Chinese wholesale demand:

Read moreShanghai Exchange Chairman Admits China Gold Demand Topped 2000 Tonnes In 2013

Will the Fed Let the Stock Market Crash Before an Election?

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From the article:

“If central banks have learned anything since 2008, it’s that waiting around for the panic to deepen is not a winning strategy.

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Put yourself in their shoes. Isn’t this what you would do, given the dearth of alternatives and the very real risks of implosion? Anyone in their position with the tools at hand would not have any other real option other than to buy stocks in whatever quantity is needed to reverse the selling and blow the shorts out of the water.

If $1 trillion doesn’t do the job, make it $3 trillion, or $5 trillion. At this point, it doesn’t really matter, does it?”

Unless their Rothschild overlords tell them to do simply nothing this time.

– Will the Fed Let the Stock Market Crash Before an Election?  (OfTwoMinds, Oct 12, 2014):

Anyone in their position with the tools at hand would not have any other real option other than to buy stocks in whatever quantity is needed to reverse the selling and blow the shorts out of the water.

Since I’m writing this on Sunday evening, if the Dow Jones Industrial Average opens down 1,000 on Monday morning, I’m going to look very foolish. Such is the risk of being contrarian. So what’s contrarian now–expecting a crash or expecting a bounce and rally?
Exactly what the sentiment consensus is right now is open to debate. Analysts expecting a stock market crash see those expecting a rebound as the consensus view.

Read moreWill the Fed Let the Stock Market Crash Before an Election?

‘We Have A System Failure’ CDC Chief Blasted For Scapegoating Ebola ‘Protocol Breach’

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Related info:

– Ebola Hoax: 100% REVEALED! CNN + NYT Caught Using CRISIS ACTORS! (MUST-SEE Video)

FYI.

–  “We Have A System Failure” CDC Chief Blasted For Scapegoating Ebola ‘Protocol Breach’ (ZeroHedge, Oct 13, 2014):

Do not panic. Ebola is not very contagious at all. That remains the mantra from health and political officials in America.. and as far as the nurse who was treating now-dead Dallas Ebola patient Thomas Eric Duncan, it was user error, according to CDC Director Frieden. As Reuters reports, some healthcare experts are bristling at the assertion by a top U.S. health official that a “protocol breach” caused the Dallas nurse to be infected with Ebola while caring for a dying patient, saying the case instead shows how far the nation’s hospitals are from adequately training staff to deal with the deadly virus, “you don’t scapegoat and blame when you have a disease outbreak… We have a system failure. That is what we have to correct.”

As Reuters reports,

Some healthcare experts are bristling at the assertion by a top U.S. health official that a “protocol breach” caused a Dallas nurse to be infected with Ebola while caring for a dying patient, saying the case instead shows how far the nation’s hospitals are from adequately training staff to deal with the deadly virus.

Read more‘We Have A System Failure’ CDC Chief Blasted For Scapegoating Ebola ‘Protocol Breach’

China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin

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– China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin (ZeroHedge, Oct 13, 2014):

While it is beyond a doubt that the primary catalyst for Europe’s triple-dip recession has been the nearly two quarters and counting of escalating Russian sanctions that were supposed to solely harm Putin (because who could have possibly foreseen that plunging German exports to Russia would have a far greater impact on the export-driven German economy), the truth is that the Kremlin itself is starting to hurt, if not so much as a result of the European trade embargo but mostly due to crashing oil prices, which have been driven lower almost exclusively by Saudi Arabia as part of its most recent secret bargain with the US, a bargain which as we read today is likely to tear OPEC apart.

One place where Russia has been hit the hardest as a result of tumbling oil prices, is the crashing currency, with the Ruble hitting new record lows against the USD on a daily basis. In fact, as Bloomberg reports, Russia has been forced to spend a whopping $6 billion in just the past 10 days to slow down the tumble of the RUB:

Read moreChina, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin

Manic-Buying Turns To Panic-Selling As ‘Illiquid’ Stocks Plunge To 5-Month Lows

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And ‘somebody’ surely made a lot of money with some put options like on 9/11.

– Manic-Buying Turns To Panic-Selling As ‘Illiquid’ Stocks Plunge To 5-Month Lows (ZeroHedge, Oct 13, 2014):

Just as we warned, liquidity was incomprehensibly low today (below normal pre-market levels during the peak of the trading day) and the intraday whipsaws were meteoric as a closed cash bond market enabled the slightest twitch in USDJPY to send S&P algos into conniptions. Biotech crashed. Trannies were ripped ridiculously higher at the open – then collapsed into correction (-11% from highs); US Airlines have fallen for 6 straight days, crashing 17% (with today’s 7% plunge – driven by chatter over airborne Ebola – its biggest in over years). Treasury futures implied a notable drop in yields across the curve (10Y -7bps at 2.21%, 30Y 2.97%, and 5Y 1.45%). The USdollar closed -0.33% led by EUR and JPY strength (but AUD surged 1% extending gains after China data).  Gold ($1234), Silver, and copper all gained on the day as WTI fell once again (despite some intraday strength in the middle of the day). Stocks “flash-crashed” on very heavy volume in the last 30 mins with VIX breaking above 24 (highest in 16 months). All major equity indices are now below their 200DMA with the worst 3-day loss since late 2011.

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MasterCard To Comply With New Rules And Remain In Russia – CEO

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mastercard-to-adopt-new-rules-in-russia.si

– MasterCard to comply with new rules and remain in Russia – CEO (RT, Oct 13, 2014):

The MasterCard international payment system will continue operating in Russia and comply with the new rules set out by the Central Bank of Russia, CEO Ajay Banga has said.

“We have intentions to remain in Russia,” TASS quotes Ajay Banga the President and Chief Executive of MasterCard.

“My approach is that we will follow the new rules. The law requires a partnership with the Central Bank of Russia. We think, this is reasonable for Russia,” he said.

Read moreMasterCard To Comply With New Rules And Remain In Russia – CEO

Is The Bank Of England Giving The Market A Hint Of What’s To Come?

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– Is The Bank Of England Giving The Market A Hint Of What’s To Come? (ZeroHedge, Oct 13, 2014):

Despite Bank of England’s Mark Carney confident overtones that policy-makers must focus on economic developments rather than worry about potential market volatility as they consider exiting stimulus, it appears the esteemed central bank is communicating ‘forward guidance’ on its money-printing expectations over the next decade… BANK OF ENGLAND SIGNS 10-YEAR BANKNOTE PRINTING CONTRACT WITH DE LA RUE… starting in April 2015 (when US rate hikes might start?)

Carney warns:

Read moreIs The Bank Of England Giving The Market A Hint Of What’s To Come?

China Claims US Behind Hong Kong Protests

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… and rightfully so:

– Entire ‘Occupy Central’ Protest Scripted In Washington

– Dr. Paul Craig Roberts: US Government Is Funding The Hong Kong ‘Student Protests’

– US Openly Approves Hong Kong Chaos it Created

– China Claims US Behind Hong Kong Protests (The Diplomat, Oct 12, 2014):

A commentary in the official newspaper of the Chinese Communist Party on Saturday accused the U.S. of trying to foment a “color revolution” in Hong Kong.

The commentary, which was entitled “Why is the U.S. so keen on ‘Color Revolutions’?”, appeared on the front page of the The People’s Daily overseas editions on Saturday. The People’s Daily is the official newspaper of the Chinese Communist Party.

The commentary deems it “inevitable” that the U.S. actions towards Hong Kong “will be associated with the US involvement in the ‘Color Revolutions’ in the Commonwealth of Independent States, the Middle East, North Africa and elsewhere.” The People’s Daily then slams the U.S. for pretending to be interested in democracy when it is really only trying to advance its “strategic interests.” For the United States, the commentary claims, a “‘democratic’ country is one that conducts its affairs in line with American interests.”

The commentary ends by stating that “U.S. may enjoy the sweet taste of interfering in other countries’ internal affairs, but on the issue of Hong Kong it stands little chance of overcoming the determination of the Chinese government to maintain stability and prosperity.”

Read moreChina Claims US Behind Hong Kong Protests

“Prepare For Runs”, IMF Warns Policymakers Of “Elevated Financial Stability & Liquidity Risks”

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THE IMF WAS HERE

–  “Prepare For Runs”, IMF Warns Policymakers Of “Elevated Financial Stability & Liquidity Risks” (ZeroHedge, Oct 12, 2014):

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The IMF is worried…

Policymakers and markets need to prepare for structural higher market volatility. Doing so requires strengthening the system’s ability to absorb sudden portfolio adjustments, as well as addressing structural liquidity weaknesses and vulnerabilities.

Advanced economies with financial markets at risk for runs and fire sales may need to put in place mechanisms to unwind funds should they come under substantial pressure that threatens wider financial stability.

Source: IMF

greece-imf-riot-police-athens

 

Doug Kass: The Day The Market Died

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– Doug Kass: The Day The Market Died (ZeroHedge, Oct 13, 2014):

Here is Doug Kass’ latest: “The Day the Market Died” (to be sung to the tune of Don McLean’s ” American Pie” and with special recognition to Sean Brady and Tom Kearney who originally presented this concept after the Nasdaq blew up in 2000).

Have some fun and sing along!

A long, long month ago

I can still remember

How the market used to make me smile

Read moreDoug Kass: The Day The Market Died

BoJ Invisible Hand (Briefly) Rescues Nikkei From Sub-15,000 Plunge (Again)

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– BoJ Invisible Hand (Briefly) Rescues Nikkei From Sub-15,000 Plunge (Again) (ZeroHedge, Oct 12, 2014):

UPDATE: That didn’t last long… NKY back under 15k as JPY collapses

Heavy volume selling in Nikkei futures at the open sent the index down over 200 points and broke the oh-so-crucial 15,000 line. It appears – just as in August that 15,000 is the BoJ’s line in the sand as a miracle buyer turned up and lifted the index all the way back to 15,000 (whiule JPY remained lower and US futures saw no bounce). Of course, for those who prefer to ignore the fact that the BoJ is almost the biggest holder of Japanese stocks in the world and bought more stock ETFs than ever before in August, this is a clear signal of BTFD’ers back to save the world. For the rest of the sane rational fact-checking market participants, that ‘know’ the BoJ’s trigger to buy is a weak morning session, we wonder how much of this futures ramp is front-running… that will fade as JPY is not supportive at all.

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Consider This Your LAST Wake-Up Call – Former US Army Intelligence Officer James Wesley Rawles

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This just in case the so far worldwide non-existing Ebola pandemic will get real after people having received these treatments:

– From Ghana: Ebola is not real and the only people who have gotten sick are those who have received treatments and injections from the Red Cross


Flashback:

– Former US Army Intelligence Officer James Wesley Rawles: America Will Experience Weimar-Style Hyperinflation – ‘People Have No Idea What COLLAPSE Might Look Like’ (Video)

– Interview With Former US Army Intelligence Officer And Bestselling Author James Wesley Rawles: Global Economic Collapse – Gun Confiscation – How To Survive The End Of The World – If The Power Grid Goes Down We Are In A Massive Die Off Situation Where Literally More Than 50% Of The Population Of The Country Could Die In Just One Winter (Video)

Read moreConsider This Your LAST Wake-Up Call – Former US Army Intelligence Officer James Wesley Rawles