Nomura’s McElligott: ‘Second-Order Melt-Up’ Setup Still In Play
“Doing their thing”.
Europe’s ‘Miserable’ Industrial Recession Deepened In December
How’s that austerity workin’ out for you?
Markets Resilient, Blankfein Rants About Russians As Virus Lingers, Bernie Tops Polls
Billionaires, Bernie and a possibly-fading pandemic.
White House Back In Crisis: All 4 Roger Stone Prosecutors Quit Case After Barr Intervention
Welcome to autocracy, America.
Macro Tourist: Green Energy Will Vastly Outperform FANG
“Here’s my call…”
Jerome Powell Positively IDed As Man Who Went Out To Dinner
Is this you, or isn’t it?
It’s Good To Be ‘Bigly’ Or, The ‘Perpetual Motion Machine’ At Work
“Like the tech stocks in 2000, this seeming perpetual motion machine is unlikely to work forever.”
Checking In On The Earnings ‘Recession’
It’s the “hockey stick”-style reacceleration forecasts that have some folks concerned.
As Virus Death Toll Passes 1,000, Chinese Government Begins To Fear Idled Economy
Sick days. Lots of them.
Out On A Limb.
No asset is an island.
Trump Delivered A Meaningless MAGA Budget Today. Let’s (Briefly) Discuss
“Everyone knows the latest Trump budget is dead on arrival in Congress”.
5 Reasons Why The S&P Didn’t Selloff Dramatically During Coronavirus Scare
…efforts to speculate on how far stocks might fall proved superfluous.
William Barr Takes Break From Ukraine And Theocratic Speechmaking To Indict Chinese Army For Equifax Hack
“…the scale of the theft was staggering.”
JPMorgan Flags Worsening In ‘One Of The Most Important Market Indicators’
“…similar to 2018, rate markets are sending warning signs”.
Markets Ill At Ease In New Week As Coronavirus, Kramp-Karrenbauer Downfall Weigh
Testing investors’ deeply-ingrained Pavlovian dip-buying instincts…
Inflation In China Surges Again, While Producer Prices Climb Out Of Deflation
All of this comes with a caveat.
A Health Crisis, A Fed Chair, A New Bubble And One Largemouth Bass
“One might, perhaps, see the recent price-action of the Tesla as supportive of this idea.”
Stocks’ Immunity To War, Pandemics, Saps Active Managers’ Joie De Vivre
There’s still hope for stock pickers, though.
Revisiting The Ultimate In Ironic, Tragicomedic Fed Outcomes For 2020
It’s almost fatalistic.
Excerpts From Canada’s Forgotten Tale Of Financial Calamity
“I believe the situation we find ourselves in is analogous to a tsunami coming.”
A Correlation Flip, And A Quick Recap Of Charlie McElligott’s 2020 Macro Outlook
Once we get beyond the virus, we’ll be back pondering the same, familiar dynamics.
A Virus Stole My Reflation Trade
These are the kinds of headlines which have made investors reluctant to carry risk into the weekend.
Hours After Removing Purple Heart Recipient Alexander Vindman, Trump Fires Gordon Sondland
“There is no question in the mind of any American why this man’s job is over”.
Macro Tourist: Prepare For M.O.A.S.
“Central Banks will be back to buying anything with a CUSIP”.
Emerging Market FX Looks Vulnerable As Commodity Plunge, Virus Worries, Idiosyncratic Risks Are Noxious Mix
A helpful reminder at a delicate juncture.
The Coronavirus Infects Fed Communications
“The recent emergence of the coronavirus, however”…
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