As markets have continued the non stop levitation to new highs they become ever more untethered from basic market history and I want to highlight one interesting example. But first for context: […]
Untethered
Mistake
Things are coming to a head. Things are changing rapidly if you pay close attention. As you know I’ve been hammering on the Fed for overdoing it on the liquidity front causing […]
Failure is not an Option
Following all time highs last week markets actually also got to within an inch of a complete breakdown. Again. And again they were saved in the nick of time with the predictable […]
The Wyckoff Problem
Technology has evolved exponentially in the last 100 years and in this sense we live in extraordinary times. We all are participants in this amazing journey that requires us to adapt constantly […]
Game Over
Game over. Occam’s Razor: The simplest explanation is often the best one. Central banks will never extract themselves. Whether they ultimately end QE is besides the point. They won’t reduce their balance […]
It’s Coming
Last week in “Crushed” we talked about a coming volatility spike and sure enough $VIX spiked to over 20 from the 15 handle in a matter of days only to be crushed […]
Crushed
So they crushed the $VIX again as volatility has entirely disappeared and the never ending rally keeps on ticking high relentlessly. Welcome to every big rally in recent years that all ended […]
The Never Ending Rally
Oops, he did it again. The second there was any concern in markets about tapering or the potential of earlier than expected interest rate hikes as suggested in last week’s Fed dot […]
It’s Coming
Bored by the benign chop in markets drifting ever closer to all time highs again? With almost programmed certainty new highs are coming every month after all. New highs Fed balance sheet, […]
Transports
Following up on The Trap which suggested recent market strength may turn into a bull trap. Last week again we saw the tiniest dip in markets instantly reverted and markets again closed […]
The Trap
Markets continue to be engaged in a very subtle battle for control. Having just witnessed another minor pullback of 5% or so here in May one can certainly argue it’s business as […]
Froth
So Powell finally used the F word: Froth. Being non specific though as one would expect and being super careful as to not overtly link monetary policies to the said froth we […]
