Trader: ‘Everyone Is Wrong But Me’
“And now? Dovish Fed speak, wavering ECB leaks, resolute BOJ actions, completely mixed emotions from the BOE and suddenly it doesn’t feel nearly as fun.”
“And now? Dovish Fed speak, wavering ECB leaks, resolute BOJ actions, completely mixed emotions from the BOE and suddenly it doesn’t feel nearly as fun.”
Well, the message from Yellen was heard loud and clear and amusingly, so was the
“The Loonie is streaking higher like a Canuck on a breakaway, and suddenly, all the Canadian Dollar bears are strangely silent.”
“I’d settle for here’s what were going to do because it’s the right thing to do. And we’ll deal with what comes if necessary, that’s how we roll.”
Well, the overnight session was described as “listless” by at least one Asia-based trader as
“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.”
“I’m also outraged.”
“But a combination of aggressive QE and -0.5% interest rates has not just resulted in a very robust economy, but a totally overheated and out of control housing bubble – one which makes Australian and Canada house price bubbles look merely pedestrian!”
“But that changes when the Fed’s major peers are all raising rates at the same time or when there’s speculation they will do so. The chances a sudden selloff become much greater.”
“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.”
If you were following along last week, then you already know what to look for
“They’re crazy, they’re dumb as a rock, and I assume, they’re not bad people.”
“All the king’s soldiers”…
You need an upgrade.
“In fact it’s odd how fatalistic people seem to be. We used to furiously debate where and when we’d find the canary in the coal mine warning of an imminent market reversal to pounce on. Now, there seems to be blanket resignation that the trend is your master.”
“I don’t think there is any rush to buy. Yet for me, this is a perfect uncorrelated value story. Somewhere cheap to hide while the rest of the crazy extended market swings around.”
Are your stocks on the list?
“With many risky assets close to the ding-dong highs and central bankers becoming less supportive, it’s hard to argue that conditions are as favorable as they were a few months ago.”
“Ask anyone and you’ll hear they hate stocks and hate bonds – – and own oodles of both.”
Yeah, so this afternoon the Fed will almost surely hike and folks will be looking
Right, so OPEC is out with their monthly report, which is basically just a compendium
“Throw enough cheap money at the problem, and people will find a way. I can’t tell you where. I can’t tell you when. But I am confident that eventually, people will borrow.”
It looks like a combination of the latest London terror attacks, opposition to the still-stalled travel ban, and a general sense of incredulity with regard to the fact that the entire world thinks he’s batshit crazy, has pushed Donald Trump over the edge on Monday.
Are your stocks on the list?
“I find it funny how with all this printing, market participants are surprised when the price of assets rise.”
SocGen’s Kit Juckes probably summed up the overnight session best: Overnight currency drivers have been
“It could be described as the original DotCom boom, only this time with oil companies.”
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