If you’re wondering why JPMorgan remains defensive in their asset allocation (and cautious in their
Author: therealheisenberg
Winning The Life Lottery
Are we in a late-cycle backdrop? Or are we in the process of witnessing “immaculate
Thanks For Playing! Bill Ackman’s Bond Short Was Short-Lived
Everybody look at Bill. Bill needs to be reminded how important he is. You can
Are Stock Bears ‘Vindicated’?
“Somewhat vindicated.” That’s how one mainstream financial media outlet described the persistently bearish view harbored
5%: US Treasurys Or GameStop?
10-year US yields, the benchmark of all benchmarks, breached 5% on Monday for the first
Swissy Never Lies
What’s the best hedge for geopolitical turmoil? That question’s a bit of a red herring.
Don’t Forget The Mega-Caps
What’s next for US equities? At the risk of stating the obvious, a lot depends
US Prepares GDP Scorcher As Fed Goes Silent
US economic exceptionalism should be on full display this week. The advance read on Q3
An Unruly Kite
Where’s the peak for 10-year US yields? That’s not just a question, it’s the question.
For Whom The Bell Tolls
Things are about to get real for corporates with a steep maturity wall. Even for
Why Friday’s Stock Selloff Got No VIX Response
Remember the call spread buyer? If not, I won’t trouble you with the specifics on
The World’s Burning. And US Treasurys Can’t Save You
Shouldn’t US Treasurys rally in the face of the dangerous realities on display in the
Haves, Have-Nots And The Term Premium
Earlier this week, I noted that money market funds are throwing off an estimated $22
Xi’s Reopening Bull Market Crashes And Burns In 12 Months
This feels a little gratuitous, but I don’t generally care. We’re talking about an autocrat
Famous BofA Indicator Flashes Rare, Contrarian ‘Buy’ Signal
It’s time to “nibble.” That’s according to BofA’s Michael Hartnett who, despite what sometimes feels
Money Market Funds See Largest Outflow Since Lehman
Money market funds saw the largest weekly exodus since Lehman in the week to October
The Disinversion You Should Be Watching
When you hear the term “disinversion,” you probably think Treasury curve. If this were a
Fed Policy ‘Not Too Tight,’ Powell Says, After Otherwise Balanced Remarks
As expected, Jerome Powell tried to thread the needle on Thursday during closely-watched remarks prepared
Are Higher Rates Inflationary Now?
On Thursday, while editorializing around the slowest pace of US existing home sales since 2010,
Albert Edwards Exposes China’s GDP ‘Beat’
In “Roses Are Red,” I gently suggested market participants should cast a wary eye at
‘The Fed Simply Can’t Keep Raising Rates’: Existing Home Sales Slowest Since 2010
The good news is, existing home sales in the US actually managed to beat estimates
The Never-Ending US Treasury Selloff
Bonds were in the headlines again on Thursday, when 30-year US yields pushed well above
No Surrender
“No surrender!” shouted the US labor market. Initial jobless claims for the week ending October
Never A Dull Moment For Bonds Gone Wild
There’s rarely a dull moment in the US rates complex these days. If it’s fireworks
‘What Sets Us Apart’
“We believe in the fundamental dignity of every human life,” Joe Biden declared on Wednesday,
Netflix Had A Lot Of Paying Add(ict)s
Much as it pains me to take up my time and yours with Netflix earnings
Market Hedging Mideast ‘Tinderbox’ With VIX, Crude, Gold: McElligott
Bonds haven’t been the best hedge for your equities over the past two years. Maybe
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