Listen, if you haven’t been able to capitalize on a universe of compelling event-driven opportunities in US equities, then that’s your problem.
It’s certainly not the fault of Goldman’s John Marshall and Katherine Fogertey.
Listen, if you haven’t been able to capitalize on a universe of compelling event-driven opportunities in US equities, then that’s your problem.
It’s certainly not the fault of Goldman’s John Marshall and Katherine Fogertey.
With the “raise cash” calls rolling in, and with DM central banks poised to upset all kinds of applecarts (including the bacchanal, drunken orgies hosted by the vol. sellers and carry traders), we cast a wary eye at the following charts and ask…
“We recommend that investors lock in some gains in the stock market, re-balance to under-owned sectors and hold above-average cash.”
“We believe that central banks would be willing to let the markets correct lower and would act only to avoid a panic that could affect the recovery and the inflation outlook.”
“We believe that the financial markets seem to have entered frothy territory (even if not being in a bubble). In the first place, we would never know if this is a bubble until it bursts.”
So obviously, deglobalization is a terrible idea. It’s a step backward in time. It represents
“So the question you need to be asking isn’t whether something is mispriced, but what are the catalysts that will convince the market that it’s time to recognize it as so.”
Well, the won is at four-month low against the dollar on Thursday because, well, because
“The S&P 500 and US HY credit have had roughly 9 and 19 times the risk-adjusted returns of US 10-year Treasuries, respectively, during these periods, while commodities have lagged materially.”
“Markets have been pricing in a Goldilocks scenario: benign growth, low inflation and slow central banks and therefore high valuations and low implied volatility.”
“Many risk assets are ripe for a correction from elevated levels and North Korea’s latest provocation provides sufficient excuse for traders to act.”
We just hit technical levels that were a bridge too far at this stage. That’s
“Record levels for several widely followed country indexes occurred in the context of notably muted volatility, adding to the sense of investor comfort and accomplishment.”
There’s never a dull moment in a world that’s lost its mind. North Korea celebrated
“With asset prices so well correlated to financial conditions now, being too hawkish – and instigating market tantrums – creates the ultimate negative feedback loop.”
Ok, so Shinzo Abe’s LDP suffered a stunning loss in Tokyo assembly elections over the weekend,
If you were following along last week, then you already know what to look for
” Ultimately it all depends on inflation and growth but whether or not these are structurally driven or endogenous to the Fed’s and other central banks policy rhetoric remains to be seen. We remain skeptical!”
“We raise our year-end 2017 S&P 500 price target to 2400 from 2300, reflecting a 1% decline over the next six months.”
Well, the overnight action was predictable under the circumstances, but it’s nevertheless unnerving for anyone
“Yet, unfazed by the roll-over in activity and inflation and lower growth expectations, the Fed and the PBOC are sticking to a stubbornly hawkish path. Tighter money at a time of weaker activity poses deflationary risks and a spill-over into the real economy.”
“This morning, at a speech at the BIS Annual General Meeting, Bill Dudley came right out and stated unequivocally that the Federal Reserve was targeting financial conditions.”
Well, gold plunged $18 in seconds on surging volume (18k contracts in a one-minute window)
“The reality is that there are many risks on the horizon as we write”…
“The dictionary speaks of facts and specifics. But in reality it includes, biases, positions and a whole lot of other subjective factors. You and I can, quite properly, look at the same data and react differently.”
It’s Russell reshuffle day, which means equities will likely be jarred out of any summer
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