A ‘Terrific Explosion’ (Or, Stimulus > Geopolitics)
It’s all fun and gains until…
‘This Cycle Does Not Defy All Precedent’: Morgan Stanley Doubles Down In Mid-Year Outlook
“We remain firmly in the camp that the economy is likely to experience a V-shaped recovery”.
Foreign Treasury Pile Dropped To Four-Month Low In April After March’s Epic Chaos
The decline in foreign holdings is set against a backdrop of ballooning supply, but…
The Fed Will Be Building A Corporate Bond Portfolio. Or Didn’t You Believe Them?
“It would be helpful if you soon began buying in size.”
Larry Kudlow Goes All In, Floats ‘I-Shaped’ Recovery Narrative Where ‘It Just Goes Straight Up’
“I don’t want to get cute here, I’m just saying…”
‘One Helluva Ride!’: Dip-Buying Perfection And The ‘Bizarre’ Case Of The Robinhood Rally
…and addressing potentially false narratives.
Why JPMorgan Thinks Global Stocks Can Rise 47%
More of a longer-term, structural thesis than it is near-term tactical call.
‘I’m Struggling To Get Optimistic’
Markets wary as risks suddenly seem more real.
Somber, Regardless.
Last week saw the first real test of the bear market rally. The week ahead brings more challenges.
A Change Is Gonna Come
The road to a new paradigm will be bumpy to say the least.
Larry Kudlow’s ‘Paying People Not To Work’ Claim Refuted By Jobs Report He Touted
“It’s better than their salary”.
From Beijing To Tokyo To Iran To Florida, COVID Mounts A Comeback
“As long as each and every one of us do our jobs well, and stay aware of personal hygiene”…
Maybe More People Need To Turn Bullish Before We Can Have Another Meltdown
Is it really “exuberance”?
The Rally’s Next Hurdle: A Wave Of ‘Second Wave’ Coverage
Remember: This is a headline-driven market.
‘This Time, It’s Here To Stay’: 2020 Brings Realization Of Aleksandar Kocic’s 2017 Fed Vision
“With every new crisis problems have become deeper and more difficult to manage”.
Robinhood Hordes Get Reality Check In Selloff, But Goldman Takes Note Of Retail Triumph
“The narrative of Main Street weakness versus Wall Street asset inflation is misleading”.
‘Some Embers Flaring Up’
“I don’t know where that got started on Wall Street”.
Marko Kolanovic: It’s Ok To Buy The Dip
Positioning and low risk of new lockdowns justify a reasonably constructive take.
2020 Has Seen More 3-Sigma Cross-Asset Moves Than 2008 – And It’s Only June
“…even though we are not halfway through the year yet”.
Two Decades Of UK Growth Disappears In Two Months As Country Faces Worst Slump Since 1706
UK faces worst annual contraction in 300 years.
‘Classic Butterfly Effect Knock-On’: Nomura’s McElligott Explains Thursday’s Dramatic Selloff
“So what was yesterday all about?”
‘The Good News Is, It’s Not Severely Out Of Hand’
“The second wave has arrived; or at least that is the impression one would get”.
Albert Edwards: ‘The Great Melt’ Is Coming. But ‘Outright Deflation’ Is Here Now
“…there will never be any serious attempt to reverse policy stimulus.”
Hello Darkness, My Old Friend
Another day in reality television.
Household Net Worth Suffers Biggest Drop In History While Business Debt Explodes Most On Record
This is what it looks like when the “wealth effect” slams into reverse.
Rotation Frustration Grips A Suddenly Terrified Market, As Mnuchin Says ‘Can’t Shut The Economy Again’
“Not everything has to be a paradigm shift”.
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