China’s Key October Data Is Good Enough. PBOC Moves To Quell Liquidity Concerns
China’s economic recovery remained largely on track in October, activity data out Monday suggested. Retail
New Week, Same Virus
Markets will kick off the new week confronted with more disconcerting news flow around the
Head-Fakes And One ‘Giant Logistical Project’
Some would probably tell you the dramatic rotation that played out in the equities space
Gather ‘Round Children, It’s Time For A Liquidity Ghost Story
“If Democrats take control of the Senate after the January 5th Georgia runoff elections, our
While You Were Watching The Election Soap Opera, Earnings Season Was ‘Stellar’
You may not have noticed, but Q3 earnings season went remarkably well. In fact, it
Everything In Between
On Saturday morning, I offered a take on America’s economic future that was simultaneously optimistic
Profits And The Lonely Barber
“The vaccine development means corporate America’s earnings power may be greatly under-appreciated,” Bloomberg’s Lu Wang
‘Get Ready’ (Red Alert Freeze)
“People should get ready,” Bill de Blasio said Friday. He was referring to the distinct
Investors Just Rushed Back Into Junk
Earlier this week, US junk bond yields hit all-time lows amid the rampant euphoria that
‘Game Changers’ (Crashes & Squeezes)
This will be a week remembered for the largest one-day momentum crash and the biggest
Election Blues For Red Consumers
Consumer sentiment unexpectedly declined in the preliminary read on the University of Michigan survey for
‘Sell The Vaccine’ (And The Biggest Ever Inflow Into Global Equities)
“We are sellers” into vaccine strength, BofA’s Michael Hartnett said, in the latest edition of
Lukewarm Congratulations
Global equities were mixed and Wall Street looked to end a rollercoaster week with gains
Cancel Thanksgiving
If you’re wondering how it’s going in the US when it comes to containing COVID-19,
Trump Abandons Stimulus Push With 10 Million Americans Jobless. Focuses On Election Litigation
Donald Trump has given up on passing another virus relief bill. Or, if you like
From ‘We’re All Gonna Die’ To 15-Sigma ‘Hope’ Shocks (And Beyond)
Nothing is certain in life besides truisms, tautologies, death, and taxes, and even the latter
Disinflation Dominates. Historic Surge In Used Car Prices Ends
If it’s signs of inflation in the US you’re looking for, you won’t find them
Jobless Claims On Verge Of Falling Below Pre-Pandemic Record. But…
709,000 Americans filed for unemployment benefits last week, in what’s either a “new pandemic low”
Hope. But Also Fear.
Risk appetite abated a bit on Thursday, and markets were broadly mixed as investors took
Can The S&P 500 Perform Without FAAMG? Here’s The Answer
On the one-week anniversary of US tech shares’ post-election surge, America’s favorite mega-caps were buoyant.
In This Market, ‘Good News Can Actually Lose You Money’
“Why comment on the past?,” SocGen’s Andrew Lapthorne and Solomon Tadesse wondered, in a note
Gullibility Knows No Bounds: Lira, Turkish Banks Stage Absurd Rally On Erdogan Promises
Turkey’s Recep Tayyip Erdogan is ready to take his medicine. Don’t believe me? Just ask
‘Sure,’ The World’s On Fire. But Strats Controlling $1 Trillion Will Still Buy Stocks
I love reading copy sometimes. Whenever the world is going to hell in a handbasket,
Goldman Sees ‘Roaring ‘20s Redux.’ S&P To Hit 4,600 In 2022
“A vaccine is a more important development for the economy and markets than the prospective
Chinese Tech Is Imploding
Chinese tech shares are in trouble. Beijing’s abrupt blitz to rein in Alibaba, Tencent, and
Withdrawal Symptoms
What was truly remarkable about the first two days of trading in the new week
America’s Government Is Failing
It’s exceedingly difficult to know what is and isn’t “worth” mentioning these days when it
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