Why Nomura’s McElligott Thinks 3,050 On The S&P Is ‘In Play’ Through Mid-September
“Gamma gravity” time.
“Gamma gravity” time.
Not today, but who knows, right?
“It dominates all other curves we checked in its power to predict”.
What’s not to like?
It starts in FX land.
The bond rally may have new life.
If Powell’s speech rationalized a path to the lower bound, the tariff escalations “provided a shove in that direction”.
… stunned traders, disillusioned investors and indifferent algos looked haplessly to one another for answers.Â
Haruhiko Kuroda has a yen problem and it just got materially worse.
“The market should have realized” this was coming.
Surely he wouldn’t risk it – or would he?
It’s safe to say some participants see things differently three weeks on.
Dream, meet reality.
Peering through the haze towards Jackson Hole.
“The important thing is the narrative they’re beginning”.
The combination of relatively tight Fed policy and a resilient dollar acts as a boa constrictor.
Eric doesn’t see the light.
“Here we are now, with all of this ‘crash’ now increasingly likely to ‘bleed out'”.
Hope springs eternal.
If you’re looking for reasons why the market is pricing a full-on easing cycle from the Fed, try this lens.
Japan’s is not an enviable position.
“A couple of weeks one way or another probably doesn’t matter”.
So, it falls to the Fed to fight a currency war via competitive easing.Â
“They had already bought the stuff”.
Investors and policymakers are increasingly wary of the White House’s “crazy like a fox” tariff tactics.
Crystal ball gazing via a trio of possible scenarios.
For the second month in a row.
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