Algorithms Behaving Badly

(1) Get a neck brace. (2) ETF-led flash crash. (3) S&P 500 down slightly from when taxes were cut at the end of last year. (4) The differences between the 2016 and 2018 tightening tantrums. (5) Bouncing off the 200-dma. (6) Consensus expected S&P 500 earnings for 2018 now almost $11 more than before tax cut. (7) Latest correction wasn’t a Black Swan event, strictly speaking. (8) Bond Vigilantes are saddling up. (9) Dudley’s small potatoes. (10) Fed is starting to taper its balance sheet just as fiscal policy is ballooning the federal budget deficit. (11) Raising our bond yield forecast to 3.00%-3.50%.