Earlier this month, while appraising the twisted, smoldering heap of institutions, norms, and principles that
Category: Markets
That Is Soooo 2020
In the context of the historic summer surge, it would be strange to characterize the
Nomura’s McElligott: Tesla The ‘Retail Gamma Proxy’ Is Now An ‘Idiosyncratic Pain Point’
Why does Tesla’s tumble in the wake of what Bloomberg described as the S&P 500
Legends Of The Summer
For obvious reasons, market participants are obsessed with the blockbuster rally in US tech, which
Froth Off The Top
“Take a little off the top”. That’s generally how market participants are thinking about last
When The Chips Are Down
Monday was a rough day for Semiconductor Manufacturing International. Shares of China’s top chipmaker plunged
We’re All SoftBank. We’re All Masayoshi Son. We’re All Robinhood.
The market did not appear to be amused with the idea of Masayoshi Son, gunslinging
Frankenstein
If you were wondering how much SoftBank made buying calls on US tech stocks over
Dystopia Revisited: ‘Central-Bankism’ And ‘The Next Normal’
It’s with varying degrees of success that I’ve endeavored to explain to casual readers what,
Volatility The Wayward Traveler (Unemployment Abyss 2045)
Perhaps the most important thing to understand about the societal unrest that continues to play
Meanwhile, In Credit: More Records
Week after week, it’s the same story: investors’ appetite for corporate credit is insatiable. Although
‘We Disagree With Every Element Of This Narrative’: Why One Bank Doubts A Consensus Bond Trade
Lost in the fog of “whale tales” and superseded in the news cycle by the
Whale Tales And Riverboat Gamblers: The Story Of 2020’s Summer Tech Bonanza
“Think back to last week when the bulls were telling us that the market was
The Nasdaq Whale
We now know that SoftBank was the “Nasdaq whale”. For at least a week prior
$1.6 Billion Per Hour (And Apple As The ‘Poster Child’ For Right-Tail Repricing)
If you thought the Nasdaq 100’s 30% premium to its 200-day moving average was egregious,
Charlie McElligott And The Reservoir Dogs Standoff
“Little did you know I meant MINUTES not months”, Nomura’s Charlie McElligott quipped on Friday,
Permanent Job Losses Surged In August (And Other Reality Checks)
And now for the bad news. As is customary in the post-pandemic reality, a quick
August Jobs Report Puts US Nearly Halfway To Recovering Pandemic Losses, Unemployment Rate Drops
Evidence on the US labor market was mixed coming into August payrolls on Friday. Jobless
‘This Was Not A Rally To Take Seriously’
Global equities took the largest selloff in US shares since June largely in stride, although
Bill Barr Comes For Google
“Way” back on May 16, I wondered if Donald Trump would gamble 20% of the
A Badly Needed ‘Crash’
Lost in a truly egregious rout for US equities on Thursday was news that Steve
Attention-Deficit Disorder
On Thursday, investors received a decidedly unwelcome reminder that stocks can (and will) occasionally fall,
As Tech Bleeds Red, A Possible Silver Lining Emerges…
On Thursday morning, tech shares in the US plunged in what was poised to be
Nomura’s McElligott: Equities Vol Complex Is ‘Broken,’ ‘Something’s Gotta Give’
After a blistering run that conjured every superlative in the dictionary, US equities betrayed the
881,000 (Newly ‘Adjusted’) Jobless Claims — That’s What ‘Good’ Is In 2020
The legislature is suffering from a particularly acute bout of paralysis, above and beyond the
Boiling And Launching
“If related enterprises are transferring technology abroad during trade, investment or technical cooperation that fall
Color Me Skeptical
In what certainly felt like a combination of capitulation and forced buying, US equities accelerated
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