Hopefully, most readers can recite some version of the flat skew narrative from memory by
Category: Markets
Nosebleed Risk Appetite May Impose ‘Speed Limit’ On Stocks: Goldman
“Maybe.” “Might.” “Possibly.” “Could.” And especially “in our view.” Every sell-side research note contains one
Stocks Could Soar, Might Plunge, Will Probably Stay Put: Wilson
If you ask me, the most interesting aspect of Mike Wilson’s 48-page mid-year US equities
Breaking Bear News…
I’m supposed to make a big deal out of Mike Wilson’s new price target for
Fate Of The World, Weight Of The Rally Rests With Nvidia
A dearth of top-tier US data releases and the proximity of Memorial Day could make
‘Magnificent 7’ Nickname ‘Needs To Be Retired,’ Goldman Says
Earnings season’s all but over in the US with a notable exception: Nvidia. So, reporting
Who Wants These Bonds?
Bonds. Nobody wants them. I shouldn’t say nobody. Maybe Lacy Hunt wants them. Or Albert
‘A One-Way Equities Index Vol Destruction Event’
It doesn’t pay to be long vol. The opposite, in fact. For a fleeting moment
Approximations And Abstractions
By now, most regular readers know how I feel about macro aggregates: They’re largely meaningless.
Markets And The People Who Trade Them
Markets and the people who trade them (that could be a soap opera: “Last time,
Memes Make Mockery Of Powell’s ‘Restrictive’ Refrain
I’m not one for gratuitous Fed criticism. God knows I’m not. I avoid, assiduously even,
Renewed Soft Landing Faith May Be Misplaced, Kolanovic Says
Markets are “settling back into the soft landing narrative,” JPMorgan analysts led by Marko Kolanovic
Meanwhile, In The Blue-Chip Corporate Bond Market…
Half a trillion. Give or take. That’s how much investment grade credit funds are on
‘Peak No Landing’
Everyone’s in the “Anything But Bonds” rally and “no one’s in the long-end.” So said
Fait Accompli
I was having a pretty hard time pretending to care about the Bank of England
Before The Black Swan, A ‘Big Summer Rally’?
Looking for another bullish narrative? Of course you are! Who isn’t? The financial media, for
Zentner Clings To Rate-Cut Call As Fed Searches For Disinflation
I harbor — how should I put this? — “reservations” about the usefulness of sell-side
What Happened To The Selloff?
Remember the equity correction? If not, don’t worry. You didn’t miss something. There wasn’t one.
Stan Druckenmiller Takes Up Clout-Chasing In Semi-Retirement
I don’t much care for Stan Druckenmiller. He’s smug. And not smug like I’m smug.
Who’s Afraid Of The Big, Bad Government?
For US equities, domestic politics is an “unpriced” risk, according to Goldman. I spent some
Kolanovic, JPMorgan Still Skeptical. Of Everything
Jerome Powell’s reluctance to countenance market speculation about a return to rate hikes is indicative
Between The Lines
If you asked a committed bear what’s priced into equities in terms of risks, he
Warren Buffett Now Has Nearly $200 Billion. In Cash.
It’s a Berkshire weekend. In fact, it’s a “Woodstock for Capitalists” weekend. On Saturday, Warren
Rethinking The Repricing
Market pricing for the Fed trajectory tends to overshoot. It was clear in January that
The ‘Big Picture’
One popular strategist has it all figured out. Bonds and the dollar are in an
Apple Delivers In Stormy Seas
What we can’t get in sales we’ll make up for with buybacks and payouts. That
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