Well, either Mark Cudmore was already drunk when he wrote his Friday missive, or he
Category: S&P 500
Finally Friday: Oil Looks For Weekly Gain; EM, Euro Surge; Merkel Meets America’s Useful Idiot
Well, it’s quiet out there as an exceptionally eventful week (finally) winds down. As we
A Good Bottle Of Scotch Would Be Nice: Making Sense Of Market Nonsense
Thank God for four months of sobriety because the old Heisenberg would have been at the bottom of a good bottle of scotch right now…
Why One Bank Is Still Bullish On Stocks (And Bearish On The Long End)
A tug-of-war is developing between two competing narratives on US Treasurys. On one side are
Albert Edwards: Stock Market “Cannot Conceive” Of A Fed That Would Let S&P “Suffer Any Serious Damage”
“One reason why the market doesnÂ’t believe the Fed dots is that investors cannot conceive of Fed tightening to the point that it causes the stockmarket any serious damage.”
(More) Euphoria, (More) Optimism
Just two words…
“Big Trees Fall Hard”
Just how complacent and sanguine are equities ahead of the Dutch elections and the Fed?
Goldman Goes Full-Kolanovic: Warns Systematic Strats Are Overexposed, Will Exacerbate S&P Selloff
Marko Kolanovic. You know the name. He’s Gandalf. Nostra’quant’mus. JPMerlin. If you frequent these pages,
“Quick, Buy That (Macro) Dip!”
Earlier today, we noted that the correlation between implied vol and equities is breaking down
Another Market Anomaly Emerges
More than a few (hundred) commentators have taken a stab at explaining why volatility has
“What Blizzard? It’s A Couple Of Flakes”: Markets In Cryosleep Ahead Of Snow, Fed, Geert
Welcome to day 2 of 2 in the pre-Fed, pre-Dutch election market cryosleep. Overnight we
These Charts Do NOT Scream “Ready For Super Aggressive Fed”
We don’t want to sound like a broken record, but …
Chart Of The Day: Rise Of The “Dumb” Money
So as with all passive ETF posts, we have to put the word “dumb” in
This Is Why The “Pros” Are Short Small Caps But Long The S&P
Over the weekend, I said the following about the most recent CFTC data which showed
“Spillover”
If you were following along last week (well, I guess technically it’s still “this” week,
A One-Way Bet: “People Are Waist Deep For The First Time”
“People went toe in the water, knee in the water and now many are probably above the waist for the first time.”
Bernanke Was Right
“And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.”
Happy Birthday Bull Market! (Just Don’t Forget To Read The Fine Print)
If you’re like so many ‘Sharons’, you’re still long or worse, you just recently got long along with all the other retail investors who together have dumped something on the order of $124 billion into ETFs YTD. For you, how we got here matters. That is, you need to make sure you know what you just bought into. You need to read the fine print.
“There’s No Diversification”: When This Ship Sinks, We’re All Going Down With It
” However, the correlation with S&P 500 varies substantially among different HF strategies. Short Bias is the only strategy that offers negative correlation or most diversification effects.”
More Trouble
I don’t know if maybe you noticed, but this is playing out exactly like I
Dammit, Who’s “Sherlock” Here? BofAML Weighs In On A Fed That’s Behind The Curve
“While this has allowed the Fed to have its cake and eat it too at the March meeting, in our view there could be a bigger sign from the markets to the Fed: financial conditions could be at the cusp of signaling that policy is behind the curve.”
After A Rough Start, It’s Been “Smooth” Sailing
“After 62 weeks, the present cycle has had the fewest corrections (six times) relative to other hiking cycles (Chart 3). By contrast, the equity market was turbulent during the 1999-2000 hiking cycle with 14 weekly corrections of at least 1.5% in 52 weeks.”
Chart Check: “Things Fall Apart”
Presented without comment.
Chart Of The Day: “Bear” This In Mind If You’re Short
Have you put on your flatteners? That’s a question some folks are asking these days
“There’s No Point Denying The Reality We Live In”
On Monday in “There Are Plenty Of Investors Who Would Celebrate An 8% Drop,” I
Chart Check: “Trouble”
So earlier today in “To ‘Tantrum’ Or Not To ‘Tantrum’, That Is The Question,” I
Yes, I’ll Take “Vanilla” Please
A lot of people are talking about ‘Sharon‘ this month. For those new to Heisenberg,
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