Positioning isn’t necessarily your friend anymore if you’re a bull. Equities benefited immensely in May
Author: therealheisenberg
Fed Fails To Cool US Services Sector, Risking Prolonged Inflation Battle
US manufacturing is beset, but services activity across the world’s largest economy is resilient. What
Investors Ditch Tech, Flee US Stock Funds As Euphoria Wanes
If flows are a proxy for enthusiasm, excitement around 2023’s tech-driven equity rally waned over
European Economy On Brink Of Contraction. Again.
The European economy is stagnating. Again. Preliminary PMIs for June, released on Friday, showed activity
Money Market Outflows Accelerate, But Interpretation Difficult
Cash left money market funds for a second consecutive week in an ostensibly notable development
If Only We’d Kept A Pet Monetarist
We should’ve left at least one seat at the table for the monetarists. If we
What 2023’s Dot-Com-Style Breadth Collapse Means For Drawdown Risk
2023’s US equity rally is narrow. That’s an understatement. And it’s not news. Quite a
‘PMs Should Consider Hedging,’ Goldman Says, Amid Signs Of Exuberance
Two weeks ago, Goldman’s David Kostin raised his price target for the S&P to 4,500
US Housing Still Plagued By Acute Dearth Of Resale Inventory
Existing home sales in the US continue to be constrained by a lack of resale
Erdogan Lets Central Bank Raise Rates. It Won’t Likely Last
Turkey’s central bank, under new leadership, nearly doubled interest rates on Thursday in a hotly-anticipated
Have US Jobless Claims Truly Inflected?
The uptick in US jobless claims appears to be the real deal this time, even
Menaced By Intractable Inflation, Bank Of England Escalates
On the heels of another disastrous inflation report, the Bank of England reescalated its hiking
2000 Here We Come?
“This is a very low probability event.” So said SocGen’s Manish Kabra of a prospective
Powell On Parade
One of the enduring amusements of mainstream financial media coverage is the charade whereby known
A Fundamental Addendum
I’ve mentioned this on several occasions previous, and I mention again only as an addendum
UK’s Harrowing, EM-Style Spiral Continues
I don’t want to call the situation hopeless, but Wednesday’s inflation update out of the
Bearish. Ceteris Paribus, Of Course
Even if Treasury’s cash rebuild ends up funded primarily through RRP transformation, the liquidity backdrop
Corporate America Faces ‘Imminent’ Downturn In Revenue Growth
Determining when (or even if) US corporate profits will suffer a deeper contraction entails making
‘Outright Bullish’ Investors May Get ‘Rude Awakening,’ Bear Warns
“Investor sentiment and positioning has turned 180 degrees,” Morgan Stanley’s Mike Wilson said Tuesday, as
Homebuilders Moonward As Hammers Fly In Weird US Housing
When you think about the US housing market, it’s useful to start with this simple
Markets Want Adrenaline Shot For China. Now
Dribs and drabs. The PBoC is easing in dribs and drabs. Once China cut rates
The Status Of The ‘Liquidity Drain’ Bear Case
What happened to the “liquidity drain” bear case? Asked the curious market participants. I’ve fielded
Who’s Buying The Next Round?
I’ve suggested again and again over the past week or two that the fate of
CTA Stock Longs, Risk Parity Leverage Highest In A Year
Rules-based, systematic investor cohorts and vol-sensitive strategies have increased their equity exposure and leverage to
‘Mutual Respect,’ ‘Common Prosperity’
“Mutual respect.” That should be the basis of the bilateral relationship between the US and
America’s Homebuilders Are Feeling A Lot Better
While previewing this week’s sparse collection of scheduled US macro data, I suggested the Fed
Meanwhile, In The UK…
You didn’t need to be a political scientist or any sort of expert on Downing
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