I have been wearing a crash helmet since leaving San Diego last week. I spent a fantastic week in Paris and am currently on the speed train from Paris to London.
By last Friday the $VIX had spiked 60 percent overnight and CNBC was giddy.
Of course CNBC did a special show last Sunday night to lather the panic. I was a touch jealous because for once I thought they may not be completely wrong with their timing of ‘turmoil’ produced shows. Turns out they continue to bat 1,000.
So what happened this week of you had just missed the week Netflix and chilling???
That same $VIX dropped over 42 percent for the week and ALL- TIME record drop in fear and the $VIX.
The London (or Lindzon) FTSE is higher than last Friday.
The S&P closed at its highest weekly level of the year.
600 stocks in the S&P closed at 52 week highs- the most since 2010.
Bill Ackman still sucks and just let 10 people go (that’s bullish).
The US banks perfectly timed a squeeze with an after market $10 billion buyback. The banks are screwed in NIRP and ZIRP environment. They will huff and puff and cheat more than ever but they will still have massive layoffs before Christmas.
Machines or not, nobody needs these bankers and number crunchers. Banking is a great business but the US banks are socialized for the most part as the government is their partner and the government is always hungry and an expensive drag.
You can see the desperation in the chase for growth as banks chase ‘FinTech Startup’ coolness. JP Morgan announced a FinTech fund/incubator this week… so that white rich kids can sit next to them and learn how to help them buy back their own stock. Sounds fulfilling.
The European Banks are the ugliest bastard in a sea of banking bastards and they could not catch any relief this week.
Congrats to those that bought the panic. I saw a lot of people buying on the streams and covering it in real time. One really funny and talented guy @rampcapital was all over it this week.
Have a great weekend and 4th of July.