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Category: Markets

S&P Needs To Rally 8-10% To Escape Gamma Trap, One Bank Says

March 7, 2020March 7, 2020

“Almost” there…

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1 Comment on S&P Needs To Rally 8-10% To Escape Gamma Trap, One Bank Says

Dollar-Funding Stress Could Be ‘Crossing The Rubicon’ Moment For Market

March 7, 2020March 7, 2020

Canaries and such.

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China Exports Sank 17% Amid Virus Lockdown, Delayed Data Shows

March 7, 2020

Ambiguity remains.

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2 Comments on China Exports Sank 172 Amid Virus Lockdown, Delayed Data Shows

The Week When Everything Else Snapped.

March 6, 2020March 7, 2020

“Wild” is an inadequate adjective.

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oil, OPEC3 Comments on The Week When Everything Else Snapped.

One Bank’s Warning As Credit Cracks: ‘The Black Swan Is A Liquidity Crisis’

March 6, 2020March 6, 2020

“Worry about liquidity, not funding”.

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5 Comments on One Bank’s Warning As Credit Cracks: ‘The Black Swan Is A Liquidity Crisis’

OPEC+ Is Dead. No Telling Where Bottom Is For Crude.

March 6, 2020

Worst-case outcome.

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oil, OPEC2 Comments on OPEC+ Is Dead. No Telling Where Bottom Is For Crude.

Veteran Traders See Shades Of 2008 In Friday’s Action

March 6, 2020March 6, 2020

“Ever. Even during the 2008 crisis”.

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2 Comments on Veteran Traders See Shades Of 2008 In Friday’s Action

‘Tin Hat’ Time In FX As Duration Goes ‘Offer-less’ Amid Quarantine Panic

March 6, 2020March 6, 2020

Carry a towel.

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3 Comments on ‘Tin Hat’ Time In FX As Duration Goes ‘Offer-less’ Amid Quarantine Panic

Jobs Report Blows Through Expectations, But Market Likely To View Numbers As Stale

March 6, 2020March 6, 2020

The numbers are good, but things have changed and the situation is fluid.

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2 Comments on Jobs Report Blows Through Expectations, But Market Likely To View Numbers As Stale

Defcon 1.

March 6, 2020March 6, 2020

It’s getting scary out there.

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4 Comments on Defcon 1.

And I’ll Dance With You In Vienna.

March 5, 2020March 6, 2020

“There’s a tree where the doves go to die”…

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oil, OPEC5 Comments on And I’ll Dance With You In Vienna.

All This Selloff Was Missing Was A Jeff Gundlach Chat With Scott Wapner. Not Anymore.

March 5, 2020March 5, 2020

“Stick a fork in it.”

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5 Comments on All This Selloff Was Missing Was A Jeff Gundlach Chat With Scott Wapner. Not Anymore.

We’re All Momentum Traders Now

March 5, 2020March 6, 2020

“We are all subject to the same risk management parameters.”

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7 Comments on We’re All Momentum Traders Now

Fear Reigns.

March 5, 2020March 5, 2020

“In a significant way”.

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4 Comments on Fear Reigns.

‘Try 8X Instead’: As Market Crosses Another ‘Ice Age’ Milestone, Albert Edwards Looks Ahead

March 5, 2020March 6, 2020

“Try 8x instead at the bottom of the next recession and see where that takes us!”

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2 Comments on ‘Try 8X Instead’: As Market Crosses Another ‘Ice Age’ Milestone, Albert Edwards Looks Ahead

We Should Have Just Ordered Chinese.

March 5, 2020March 5, 2020

Oh, the tragic irony.

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2 Comments on We Should Have Just Ordered Chinese.

‘A Lot Has Changed Since This Weekend’: World, Markets Go COVID-Crazy

March 4, 2020March 5, 2020

“We certainly hope that these latest measures are enough”.

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3 Comments on ‘A Lot Has Changed Since This Weekend’: World, Markets Go COVID-Crazy

Depth Charge And The Biden Affair

March 4, 2020March 4, 2020

“…since the beginning of the COVID-19 panic, there’s been a ~90% plunge in futures market depth.”

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2 Comments on Depth Charge And The Biden Affair

Global Rate Cut Bonanza Continues As Canada Takes A Swing At COVID-19

March 4, 2020March 4, 2020

Are you listening virus?!

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4 Comments on Global Rate Cut Bonanza Continues As Canada Takes A Swing At COVID-19

Nomura’s McElligott: ‘One Left Tail Down, One To Go’

March 4, 2020March 4, 2020

The ever-present COVID-19 tape bomb risk notwithstanding…

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2 Comments on Nomura’s McElligott: ‘One Left Tail Down, One To Go’

Fed Harshly Panned For ‘Panic’ Rate Cut. Market Looks To Biden For Relief

March 3, 2020March 4, 2020

Now, in 2020, it’s not clear where we are, besides on the border of lost credibility.

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7 Comments on Fed Harshly Panned For ‘Panic’ Rate Cut. Market Looks To Biden For Relief

Zoltan Pozsar Takes On COVID-19: ‘Use The Swap Lines, An Uncapped Repo Facility And QE’

March 3, 2020March 3, 2020

“Dollar funding is always the orphaned child of crises”.

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10 Comments on Zoltan Pozsar Takes On COVID-19: ‘Use The Swap Lines, An Uncapped Repo Facility And QE’

Pop Your Collar, The Black Swan Is Here.

March 3, 2020March 3, 2020

Things didn’t go according to plan.

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12 Comments on Pop Your Collar, The Black Swan Is Here.

Steve Mnuchin Says ‘There’s No Reason’ To Halt The Stock Market (And 10-Year Yields Make History)

March 3, 2020March 3, 2020

“…the markets are working properly.”

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Coronavirus Selloff Resembles Lehman In One Key Respect. Will The Emergency Fed Cut Change That?

March 3, 2020March 4, 2020

Is your parachute working?

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4 Comments on Coronavirus Selloff Resembles Lehman In One Key Respect. Will The Emergency Fed Cut Change That?

Fed Delivers Emergency 50 Basis Point Rate Cut Amid Virus Scare, Oversubscribed Repos

March 3, 2020March 3, 2020

“Whatever it takes”, I suppose.

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5 Comments on Fed Delivers Emergency 50 Basis Point Rate Cut Amid Virus Scare, Oversubscribed Repos

Nomura’s McElligott Explains The Market’s ‘Embedded Short’, Looks Ahead

March 3, 2020

And yet, through it all…

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1 Comment on Nomura’s McElligott Explains The Market’s ‘Embedded Short’, Looks Ahead

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Monthly Letters

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