When Every Trade Is A Crowded Trade
When the headlines start to get repetitive, it usually means everyone’s on the same side of the boat. And unbalanced boats are prone to capsizing.
$1.2 Trillion Suffers From Cognitive Dissonance
Nobody is worried about COVID anymore. Well, I shouldn’t say “nobody.” People dying from it in the ICU are worried. Anyone who’s lost a friend
Stocks Saw Billions In Systematic Selling During Tuesday Rout
Systematic flows may have weighed on equities early this week, as acute Fed fears pushed up bond yields and undermined risk sentiment. Subdued markets, low
Morgan, BofA Close Book On Uninspired Bank Earnings
The last of Q4’s big bank earnings came in mixed Wednesday, as Bank of America and Morgan Stanley delivered decent results that allayed some fears
An Air Of Panic
A Wednesday headline described the Fed’s “tightening steps” as “unprecedented.” I didn’t read the article. But it says something about the addiction liability Jerome Powell
This Is ‘The Most Critical Level In Global Markets’
If you had to choose just one level to watch across the entire global markets universe, what would it be? One candidate, according to Nomura’s
Oil!
Brent crude rose near $90 a barrel on Tuesday. Were it not for surging yields and obsessive pontificating about the trajectory of Fed tightening, crude
Fever Pitch
Wall Street marked an inauspicious start to a holiday-shortened week. Treasurys were heavy throughout the session, weighing on US equities and dealing another blow to
Goldman’s Traders Come Up Short, But IB Strong. Expenses Surge
Even Goldman’s traders couldn’t quite measure up in Q4. Consistent with disappointing markets performance from JPMorgan and Citi, Goldman’s trading revenue was short of consensus
Plunge In Empire Survey May Be Another Canary
The data calendar may be sparse in the US this week, but Empire manufacturing served up some unexpected fireworks on Tuesday. “After eighteen months of
Tech Dread Returns As US Yields Forget Pandemic
It was back to hand-wringing over rising rates Tuesday, as the US came back online after a long holiday weekend. Two-year Treasury yields jumped above
Inflation, Recession And Rabbit Holes
For the first time since the emergence of the Omicron variant, money markets bet on a 10bps rate hike from the ECB in September. That
Sufficient Potential
Headlines centered around China’s economy Monday after the latest batch of key data painted a mixed picture and the PBoC cut rates amid multifarious headwinds.
China Cuts Rates As Retail Sales Crumble, Economy Stumbles
The Chinese economic expansion slowed in the fourth quarter, but not nearly as much as expected, data out Monday showed. GDP growth in the world’s
Fed Speculation In Overdrive Leaves Markets In Limbo
The US data calendar is sparse in what’ll be a holiday-shortened week dominated by Fed speculation. At this point, a March hike is a foregone
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