On Thursday, a reader suggested, not implausibly, that a recent high-profile bull call on Chinese
Category: Duly Noted
The Yen Rollercoaster Continues
Remember the Shigeru Ishiba yen rally? If so, you should know that it’s over now.
Meanwhile, In The Equity Vol Space
US markets traded with a risk-off vibe to kick off Q4 in the presence of
Asia’s Favorite Trade Goes Wrong-Way
Where’d the money come from? What was the source of funds for Monday’s pre-holiday buying
Money Funds, Stock ETFs Inundated In 2024 Flow Bonanza
Meanwhile, on the flows front. US money market funds just saw one of their largest
China Initiates Easing Blitz With Biggest-Ever MLF Cut
As expected, China cut the rate on one-year policy loans Wednesday, a day on from
Goldman’s Scott Rubner Sees Year-End Rally, 2025 ‘RINO’ Trade
A “year-end melt-up.” That’s what Goldman’s Scott Rubner sees, although he suspects equities could be
The Risk-On, Risk-Off Fed-Jobs Tactical Equity Matrix
I’m going to eschew the temptation to make jokes about highly-paid forecasters stating the obvious.
US Stock Funds Took In $34 Billion In FOMC Lead-Up
Investors were back into stocks like they left something in the days leading up to
Melt-Up Mechanics
In the lead-up to the September FOMC meeting, professional investors polled for BofA’s monthly fund
Cutting The Left-Tail
Evercore’s Ed Hyman gets it. “If they don’t do 50 tomorrow I’ll be shocked,” Hyman,
Reflexivity Revisited: What Happens If The Fed Disappoints?
I spent some time late last week talking about the Fed’s reflexivity dynamic with markets,
Stock Funds Just Saw Their First Outflow Since April
Don’t look now, but global equities just saw their first weekly outflow since April. $3.7
Stratospheric Cash Mountain Grows Still Taller As MMF Inflows Persist
It just keeps going and going and going and… US money funds saw a sixth
Beware The ‘Acute,’ Multifaceted Seasonal Liquidity Drain
I’ve talked a lot about a challenging late-September seasonal for equities. And I’ve talked a
‘Oh Snap! Did I Short Into The Lows?’
“Oh snap! Did I short into the lows?” That’s what at least some traders thought
Bond Market Says Fed Has Never Been Further Behind
Pundits will say whatever pundits say, but the market thinks the Fed’s behind the curve.
Money Fund Cash Mountain Reaches $6.3 Trillion
Can cash be a “bubble”? I don’t think so. But if cash bubbles were a
Dispersion Pods ‘Soul-Punched’ In Wall Street’s Latest Vol Shock
On Wednesday, Bloomberg reported that multi-strategy hedge funds managed to get through August largely unscathed.
Nvidia’s Daily Market Cap Swings Border On Farce
I’ve said it again and again since 2020, but I find myself compelled to reiterate
A Long Bond Overshoot And ‘Extreme Fed Front-Running’
Bonds are — self-evidently — among the best hedges for an economic hard landing, but
Warren Buffett Has Enough Cash To Buy Every Share Of Stock Held By Black America
Warren Buffett was in the news this week for the only reason Warren Buffett’s ever
Melt-Up Tickets
It’s perilous to say anything about directionality for equities index when the only stock that
Checking The Mechanics
The earliest of this week’s trade on Wall Street was a bit difficult to parse,
Gold’s Trying To Tell Us Something
Gold’s trying to tell us something. As you might’ve noticed, bullion hit records above $2,500
Global Stock Funds Run Inflow Streak To 18 Amid Rally
If you’re curious — and I know you were! — global equity funds just enjoyed
Money Fund Assets Scale New Peak Amid $100 Billion Month
US money market funds took in another $25 billion in the week to August 21,
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