Determined Hawks, Ambivalent Bulls
Markets felt all at once tense and disinterested following what it was fair to call
Search Results for: McElligott
The State Of Play For Markets As March Dawns
Although key PMI readings out of the US this week do have the potential to
Make Or Break
The Fed desperately needs a break from hot US economic data. Monday’s large upside surprise
How Much Have CTA And Options Flows Mattered Recently?
How much did systematic re-leveraging matter for the rebound in US equities from October through
Why Stocks May Be Doubly Dangerous
I’ve spent quite a bit of time opining on both the re-rating in US equities
Wishing Upon A Star
If you read the weekly (it’s in your inbox, and it’s also here), you probably
What 0DTEs Are Doing To Markets
When I talk about “brave new markets,” I’m generally referring to market microstructure in general,
Head-Spinning Regime Shift Feeds US Stock Fund Exodus
It’s always an open question whether flows follow performance or vice versa, but the prospect
Suddenly, People Are Asking The Bigger Macro Question
The “structural shift” discussion as it relates to long run rates in a new macro
How Extreme Is 2023’s Bullish Sentiment Shift?
Notwithstanding tentative signs of exhaustion over the past two weeks, the story of 2023 in
Are HELOCs Making The Fed’s Job Harder?
When you spend nearly two years minting scores of overnight millionaires, you shouldn’t be terribly
A ‘Pure Markets Guy’ Explains The Fed’s Inability To Tighten
I’ve spent quite a bit of time lately on the r-star discussion. It’s important, and
Defiant Stocks ‘Taunt’ Fed By Ignoring Dramatic Rates Repricing
Over the past week, quite a bit of digital ink was spilled editorializing around the
Macro Tension And 0DTE: Why Stocks Are ‘A Mess’
Equities are an “untradeable mess.” That’s apparent to anyone trying to trade them. The maddening
The Simple Reason Slower Demand Can Be Inflationary
There are two key pillars to the Fed’s inflation-fighting campaign, and they’re related. First and
Macro Dinner Whispers
Headed into the new week, there was a “building hot inflation whisper.” Speculation around an
Why Markets Could Be A Fireworks Show Next Week
The range of possible policy outcomes is expanding in the US. I assume this is
Hawks And Doves On The Carousel Of Madness
It’s been a week since the combination of a blockbuster US jobs report and a
AI Frenzy Rekindles Story Stock Mania
It’s a junk rally! Not in high yield (well, there too now that you mention
Terminal Correction
I have some potentially distressing news for those who might’ve gone all-in on the notion
Rally Music Or Siren Song?
Investors are getting “drawn in.” So said JPMorgan’s Mislav Matejka on Monday. “Drawn in” has
Weekly
August 10, 2024 The first full week of August was a stretch to remember.
Brave New Markets
Last year, Nomura’s Charlie McElligott suggested that every session had become its own self-contained narrative
Goldman Says Scope For Additional Stock Gains ‘Limited’ After Rally
Goldman is raising their near-term S&P target. Or perhaps it’s more apt to say they’re
Funds Trapped In ‘Doom Loop’ Amid ‘Spot Up, Vol Up’ Trade
Some unlucky folks on the buy-side might be trapped in a “doom loop” with little
‘Apocalypse Postponed’
If you’re looking for “signs of greed,” BofA’s Michael Hartnett sees one. He probably sees
The Fed’s Latest ‘Credibility Crisis’
Does the Fed have a credibility crisis? Before you answer, let me give you the
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