The Yen Canary
Better do somethin.’ It’s gettin’ out of hand. And the intervention ain’t workin.’ The yen
Near-Death Experiences
I used to think it was silly when a dear friend — one of the
In China, A Quant Quake
China’s propping up the chips. On Tuesday, an ETF that tracks an index of the
Tariff Man Returns
Tariff man’s back. And in this case, that means it’s no longer safe to procrastinate
Gravity Comes For The Momentum Trade
How extreme is the July 2026 momentum unwind? Asked exactly no one with a life.
Chips And Dips
Semis might stage a near-term bounce, but assuming overall equity market gains hold into year-end,
Meanwhile, The Momentum Trade’s Blowing Up
I’ve spoken at some length recently about the juxtaposition between low index volatility and extremely
Traffic Jam
Once upon a time on America’s roads and highways, traffic congestion was reliably accompanied by
Boring But For The Bombs
Thank God the war’s back on, otherwise we might be set up for a rather
Shortages And Extortion In A Post-Neoliberal World
Not everyone liked “Mark Carney Was Wrong.” In that linked article, I suggested the so-called “middle
Weekly: Ok, What Now?
Semis slipped towards a bear market, SpaceX was down 45% from its intraday high on
Take A Hint, Man
I didn’t watch Donald Trump’s prime time White House address on election “integrity” this week.
Kimi Cometh
If you ask Xi Jinping, no country should command a monopoly on bleeding-edge AI. And
Stock For Sale!
Stock for sale! Who wants some?! Equity supply’s a hot topic in 2026. Maybe you
Have We Spent Enough On The Damn Chatbots Yet?
One of the biggest questions on investors’ minds in the back-half of 2026 asks if
God Save The Housing Market
God save the homebuilders. And US housing more generally. A pair of private-sector updates painted
Americans Are Still Spending
Retail sales data for the world’s largest economy matched estimates in figures released Thursday by
Stock Chaos, FX Crash Put South Korea In Firefighter Mode
“Local officials have to rein this in somehow.” So said yours truly earlier this week,
What ‘Landing’?
“Way” back in 2023, BofA started asking professional capital allocators about the most likely “landing”
Melt-Up Setup?
Is the stage set for a summer equity melt-up? That’s the question implicitly posed in
China’s A Mess
The slowdown in China’s “temporary” and due in large part to “external factors.” That’s according
BLS Hands Warsh Another Excuse
There was more good news on the inflation front in the US Wednesday. A day
Kevin Warsh Makes A Promise
Don’t worry everybody: Kevin Warsh has this under control. “This” being inflation. He said as
Warsh, Trump Get Inflation Godsend
Time to cut rates! Said Donald Trump on his morning conference call with Kevin Warsh.
Goldman’s Stock Traders Hit The Jackpot
If you thought Q2 trading hauls at JPMorgan and BofA were impressive, wait until you
‘China Shock 2.0’ Narrative Gathers Steam As Exports Boom
The Chinese, um, shipped some stuff last month. More than $410 billion worth, in fact,
JPMorgan, BofA Enjoy Huge Trading, IB Windfalls
When you’re in the business of making markets and facilitating trades, volatility can be a
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