Trading Short, Playing Catch-Up
“Why have equities been trading short?” That’s what JPMorgan’s Nikolaos Panigirtzoglou wants to know. Whenever
Just Another Tech Bubble Article
The good news is, the rally in tech stocks is “justified.” That’s also the bad
How AI Spending Could Rob Stocks Of Their Biggest Buyer
This’ll be a bit repetitive, but that’s fine because it’s important, and there’s a tie-in
A Half-Trillion Dollar Sell Flow (Hypothetically)
Things better stay calm. If you’re looking for a four-word summary of everything I’ve written
Some Fed Officials Unconvinced Of Rate Cut Case: FOMC Minutes
“Several participants observed that high-income households were increasingly doing better, economically, than lower-income households.” That’s
Apples, Oranges And The AI Bubble
I don’t love charts that purport to compare apples and oranges. I say “purport” because
US Home Purchases Are Still Falling Through At Record Rates
US housing. It’s — what word should I use? — complicated. That’s a (very) polite
Albert Edwards Explains ‘Batsh-t’ Precious Metals Rally
“Batshit crazy.” That’s me. Ask around. Somebody, somewhere will emphatically attest. But in 2025 I’m
Gold’s Moment
Gold’s having a moment. Spot prices cleared $4,000 on Wednesday, green-lighting another round of mostly
Margin For Error
I guess I have to mention Oracle. Right? I mean, you can’t harp on potential
Schrödinger’s Equities Vol
What do you get when you combine moribund trailing realized vol with recently firmer implied
Justifiable Propaganda
I’m hittin’ the “bubble” theme pretty hard lately. Some of you are probably tired of
The General State Of Things
It’s not all about AI. The equity rally, I mean. But there’s a self-fulfilling prophecy
Chip Chasin’
They’re chasin’ it. The rally, I mean. If that sounds like a familiar opener (“Do
Hype Machine Volume: 11
OpenAI. Ever heard of it? The funny thing is, most people hadn’t until not so
Gold, Bitcoin And Breaching The Laugh Threshold
We might’ve (b)reached the “laugh threshold.” During the pandemic, I was a staunch defender of
Expeditionary Force
Is that legal? If so, how? Those two questions come up a lot these days
Remember Nvidia?
In an October 4 piece for Bloomberg, Seth Fiegerman and Carmen Reinicke wrote, of the
Troops In The Streets, Layoffs In The Capital
This week’s US data docket would be light even if government reports weren’t suspended for
Weekly: Perfect Storm, Imperfect Union Revisited
In December of 2023, I published a piece called “Perfect Storm, Imperfect Union.” Technically, it
Why The Stock Bubble Might Not Pop. Yet.
Why do cycles die? There are a lot of possible (plausible) answers, but one of
Wall Street Versus Main Street: It’s Complicated
True or false: The stock market = the economy. True or false: Wall Street =
Trump Will Bring Peace To Mideast By Sunday. With Violence If Necessary
Donald Trump’s going to bring peace to the Middle East even if he has to
Damn You, Stagflation!
It’s a miss. Wait, I have to snap everyone out of their equity melt-up stupor,
How The Stock Melt-Up Dies. Or Not.
I suppose it’s just as well we’re not getting a US jobs report on Friday.
The Leader We Deserve
Remember when Donald Trump didn’t have anything to do with Project 2025, let alone any
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