Key Calls (Friday): Upgrades, Downgrades, & Initiations
Are your stocks on the list?
Goldman Presents: “The Good, The Less Good, And The Ugly”
“Against this friendly backdrop in Europe, fundamentals remain weaker in North America despite the recent signs of improvement since 1Q 2016. Relative to the peak in credit quality reached at the end of 2010, median net leverage ratios remain significantly higher while interest coverage ratios are also lower.”
As Trump Exits Paris Climate Accord, Earth’s Days Of Freeloading Are Over
“Absurd big birds in black and white tuxedos. Demanding bears in white fur coats who insist they need floating ice to survive. Maybe they should ditch those luxury garments and try to live like the rest of us”…
Visualizing The Invisible Behemoth
China’s latest efforts to push the yuan higher and stave off any (additional) capital flight
Why One Strategist Thinks “The Dollar Is About To Flex Its Muscles”
“Dollar bulls have had a rough go of it lately. After peaking in early January the greenback’s been on a one way train lower, one of many popular “Trump trades†gone awry. While there may have been a solid rationale for the dollar’s decline, I’d be wary of chasing it here. Conditions are brewing for a revival of the dollar’s fortunes.”
Inside China’s FX Dice Roll
Admittedly, trying to decipher what the fuck is going on in China is a Herculean
Goldman: Here’s How To Play Upcoming Catalysts With ETF Options
“In fact, S&P500 (SPY) 1m implied volatility of 8% is near its pre-sell off level, and most sector ETFs have followed suit.”
SocGen: “Any Shift In Equity Volatility Could Be Ruinous”
“However today, US equity markets and debt markets are at odds with each other, US equity market investors are avoiding stocks with poor balance sheets, yet high yield bond yields are down at historical lows.”
Let’s Listen To Sean Spicer Tell America That Trump “Knows Exactly What ‘Covfefe’ Means”
“A small group of people knew exactly what he meant”…
Albert Edwards: “The Reflation Trade Is Trump-Inspired Fake News”
“The last time volatility in the US bond market was this low (and complacency this high), 10y yields spiked up some 150bp in only four months as part of Bernanke’s ‘Taper Tantrum’. “
China’s “No Bears Allowed” FX Policy Still In Spotlight Overnight
Ok, so the overnight fireworks were largely confined to early Asian trading. As noted last
Key Calls (Thursday): Upgrades, Downgrades & Initiations
Are your stocks on the list?
Yuan Erases Drop, Rises (Again) As China Sets Fix Strongest Since November 10
It certainly looks as though we may get a replay of last night’s session which
4 Black Swans And Why “Trumpflation” Is No Match For The End Of “Xiflation”
Well, SocGen is out with their Global Economic Outlook which, as you may or may
Wednesday Satire: “I’m Covfefe As Fuck, Yo!”
“Donald J. Trump tweeted early Wednesday morning that his practice of sleeping only four hours a day was having no impact whatsoever on his ability to cljjryff.”
Guest Post: Technology & Political Snake Oil
“Their anti-elitist sentiment, combined with their messianic fantasy, which has been running in displaced mode as a war on facts and critical thinking in general, compromised their own resistance to nonsense – they start believing the nonsense they are peddling and ultimately become victims of the snake oil sale themselves.”
Chart Check: A Disconnect Worth Watching
Something to ponder…
Pimco’s Balls On Markets: “You’re Too Relaxed. Raise Cash Now.”
Balls: “We believe that many market participants today are too relaxed, that medium-term risks are building.”
Guest Post: Are Stock Traders Actually The Pessimists Here?
“Could it be utility stocks smell the coming economic slowdown ahead of the bond market?”
Philadelphia Police Dept. Trolls Trump: “Drive With Covfefe”
Donald Trump has finally done it. He’s united the nation – in a coordinated effort
Just 10 Stocks Account For Half The S&P’s 2017 Gain: “We’ve Reached A Limit”
“At 17pp above the average since 2003, it would be unusual for this outsized 47% contribution to increase even further.”
One Bank Sums Things Up: “Equities Are The Last One Standing”
This is something I hope you already know.
Trader: “We’re Struggling To Understand Why Things Are Even Happening”
“So we function in a world where risk assets keep going up while we couch everything in risk-off terms. It’s not enough that our central bankers think they can play with our heads under the fiction that they are masters of nuance, we do it to ourselves.”
And At 6 Minutes After Midnight, Trump Did Deliver The Orb’s Message: “Covfefe”
There’s a logic to Trump that you can only get if you look at Trump
China Just Murdered The Yuan Bears
The PBoC has spoken and markets, at least for the time being, have listened. Coming
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
Are your stocks on the list?
Here’s This Week’s “Central Bank Chatterbox”
So about two weeks ago, we said that Goldman is super excited about their new “Central
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