Not Pretty
Sometimes it is good to look at the markets with the simplest charts. SPX reversed at the same levels we…
Sometimes it is good to look at the markets with…
Huge Reversal in Chinese Equities (not spotted by most)
The move higher in Chinese equities has taken most people by surprise, especially the fundamental investors, constantly pointing out the…
The move higher in Chinese equities has taken most people…
Crowded Gold Longs Killed
The failing crowded trades continue to implode. The saga from last year still haunts investors. Latest casualty is gold. The…
The failing crowded trades continue to implode. The saga from…
Tax Cuts A Year Later – Did They Deliver As Promised?
Leading up to and following the passage of the Tax Cuts and Jobs Act (Trump Tax Cuts) I wrote a lot of…
Leading up to and following the passage of the Tax…
It Is All About the Risk
Trump, Xi, trade deal or not, Fed, Powell, Emerging markets, long or short. There are plenty of themes for investors…
Trump, Xi, trade deal or not, Fed, Powell, Emerging markets,…
Sell Today? Risk Vs. FOMO
The market is downright bullish.  There is little reason to argue the point given the bullish trend since the December…
The market is downright bullish.  There is little reason to…
Macro and Credit – Lethe
“Forgiveness is the fragrance that the violet sheds on the heel that has crushed it.” – Mark Twain Looking at…
“Forgiveness is the fragrance that the violet sheds on the…
Did Trump Jinx the Market with the Oil Tweet?
Last week we wrote a note on oil, pointing out the fact oil had become a somewhat “forgotten” topic. After…
Last week we wrote a note on oil, pointing out…
QT cannot run forever
An end to QT by Q4 2019 will probably not be a big game changer for EUR/USD by now. We…
An end to QT by Q4 2019 will probably not…
Fearfully Fearless
By now everybody knows global equity volatilities have imploded. The move lower in VIX has been huge, falling from 35…
By now everybody knows global equity volatilities have imploded. The…
The “There Is No Recession In Sight” Chartbook
Yesterday, Michael Lebowitz wrote an interesting piece discussing the “yield curve” and the message it is sending. To wit: “Recently, Wall…
Yesterday, Michael Lebowitz wrote an interesting piece discussing the “yield…
What about Oil?
Remember the Oil carnage last year? Oil is up 35% from late December lows. As we wrote last year, the…
Remember the Oil carnage last year? Oil is up 35%…