The last time the SOX rose 40% in a month, Bill Clinton was president and
Category: Markets
Cash On The Barrel
It’s still early (sort of), but 2026 is shaping up to be a helluva year
Dollar Doomsday 2026?
The dollar doomsday narrative’s not difficult to write. After years of practice, it’s an exercise
The World’s Always Ending Somewhere
Equities have decided the Strait of Hormuz doesn’t need to be open. Or, more precisely,
Warsh Makes His Case: ‘I’m Not A Sock Puppet’
Kevin Warsh is no one’s “sock puppet.” That’s according to the man himself, who on
New Stock Records Are Justified. But Don’t Read The Fine Print
Remember: Geopolitical conflict only matters for equities if investors — as distinct from traders —
Trading ‘Crazy’
One of — perhaps the highest — hurdle to successfully trading Donald Trump’s policy machinations
Strait Down, Strait Up
Remember when Iran was going to keep the Strait of Hormuz closed indefinitely? No? Me
Albert Edwards Is Doubly Bearish
Albert Edwards is bearish. On stocks, of course. But on bonds too. His dour outlook
Meanwhile, Under The Hood…
Modern market structure isn’t something a lot of investors, or even traders, truly understand, and
The Buyers Were Higher
Don’t say it wasn’t predictable. Because it damn sure was. No, this isn’t another “I
Wall Street’s War Windfall
Volatility can be a good thing if you’re in the business of providing liquidity, making
BofA Says Did Pretty Swell Last Quarter
It was a banner quarter for BofA’s stock traders. Like their counterparts at Goldman, Brian
Like It Never Happened. (Death And Destruction Aside.)
“I think it’s close to over, yeah.” So said Donald Trump while chatting about the
Iran War Blows Up Professional Investor Sentiment
Donald Trump’s war with Iran triggered a surge in a survey measure of professional investors’
JPMorgan Beats. Dimon Flags Risks, Says He’ll Manage Them
JPMorgan beat estimates on more or less every key line in Q1 results released Tuesday.
Bonds Are In 2026 What Stocks Were In 2008
Who wants bonds? Still nobody. They don’t work in the “new” old normal. War, macro
Stocks Are The ‘Vigilantes’ Now
It used to be the bond market that bullied politicians and policymakers into pivots. Now,
Weekly: All Eyes On Islamabad
Generally speaking, it’s not a good bet that benchmark US equities will fall six weeks
Mechanical Stock-Buying In Play On ‘Face-Ripper’ Rally
By now, all regular readers should be able to write their own script re: mechanical
V-Day (Everybody’s A Winner!)
Risk sentiment was predictably buoyant Wednesday, as markets around the world cheered a two-week ceasefire
Weekly: Back To Normal
I realize many (most?) readers don’t like this framing, and in a lot of important
Peace Dividend
Did you listen to Bill Ackman? Did you “ignore the bears” on the way to
Bad News Bears
As a reformed macro-market propagandist, I’m a recognized authority on negative economic news. I’ve been
Bill Vs. Bagher
Heads-up: Pre-market so-called “news” or “Truth” is often just a setup for profit-taking. Basically, it’s
Restless Wall Street Out Of Patience With Iran War
At the index level, the five-week selloff in US equities is the furthest thing from
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