Lessons From The Apparent Nord Stream Coverup
Dam It
War Comes Home For Russian Civilians
Three Good News Inflation Stories
On a day when a surprise rate hike from the Bank of Canada (amplified by
Surprise Rate Hikes Force Yet Another Market Rethink
Markets are on notice: Rate hikes can recommence after a pause. I’m not sure why
Why One Bank Isn’t Buying The ‘Liquidity Scare’ Bear Case
The relative importance of liquidity versus fundamentals as determinants of risk assets is everywhere and
Turkey’s Lira Confronts Lose-Lose Reality In New Erdogan Term
It’s back to lamenting the lira. When it became clear last month that Recep Tayyip
Canada Restarts Rate Hikes, Warns Inflation ‘Could Get Stuck’ Higher
It’s becoming clearer by the day that even in economies where rate increases should be
Chinese Economy Can’t Win For Losing
“Weak demand!” Screamed Chinese trade figures released on Wednesday. The numbers, which were disappointing, extended
There’s Always A Disconnect Somewhere
Stocks are disconnected from the macro. How often have you heard that in your investing
Lessons From The Apparent Nord Stream Coverup
All’s fair in love and war, which I suppose means we can forgive Ukraine if
Goldman Cuts US Recession Odds, ‘Undoing’ SVB-Inspired Revision
Good news! The increase in US recession odds associated with SVB’s collapse was a false
‘Worst Liquidity Contraction Since Lehman’ Adds To Bear Case
As most readers have doubtlessly surmised, the tech-driven rally in US equities has done exactly
When A Pause Is Just A Pause
While previewing this week’s data void in the US, I jokingly noted that traders concerned
Concentrating On Concentration
Just how concentrated is the US equity market? Well, the most concentrated ever on at
Under The Lacquer, A Benighted Market
At this point, the narrative is so familiar that just about anybody could pen a
Young Retail Investors Spotted In New Tech Frenzy
Retail investors may be back at it in US tech shares. You don’t so much
As Summer Beckons, Surveys Paint Divergent Picture Of US Services
US services sector activity decelerated to the brink of contraction in May, in what counted
Top Strategist Sees ‘Moment Of Recognition’ For US Stocks
For just the fifth time in nearly a quarter century, the forward earnings growth forecast
S&P On Brink Of Bull Market Brings Out The Bears
The bears are out. With the S&P on the brink of a bull market, many
In Effect Until Recession
If you’re inclined to suggest the recession crowd is treading dangerously close to Boy Who
Contextless Void
It should be a very quiet week for US traders. The data docket is nearly
Zeitgeist 2023
A funny thing happened this week. Or you might call it a very unfunny thing
Quixotic Bears Tested In 2023 Stock Melt-Up
It’s easy to confuse forced capitulation with a loss of conviction. Think of Bill Ackman
Cheating Gravity With The ‘Magnificent 7’
Just how dominant is big US tech in 2023? Or, put differently, how magnificent are
Imminent Global Liquidity Drain Estimated At Up To $1.5 Trillion
It’s time for your weekly liquidity warning. Late last month, I walked back through a
Tide Suddenly Turns For US Stock Fund Flows
The flows story of 2023 is the massive influx of cash into… well, into cash.
‘FOMO’ Morphs Into ‘FOCUS’ Amid A.I. Frenzy
“This cross-asset price rally is about to become a ‘wealth effect’ problem for them again,”
US Jobs Report Is Goldilocks With Caveat
The US economy added a hefty 339,000 jobs in May, hotly-anticipated data released on Friday
