Category: Market Analysis

Back Test

Having fun yet? Worst H1 start to a year since 1932. A macro picture as complex as we’ve seen in all our lifetimes and central bankers stumbling to fix their mistakes of […]

What If

Time to ask a pertinent question at this stage of our macro journey: What if? No, not the ‘what if’ of the various worst case scenarios that are currently being propagated all […]

The Unthinkable

Yesterday markets made new lows for the year accelerating to the downside following up on the 3rd most negative start to a year through April in history. Yesterday on my Twitter feed […]


The first three weeks of 2022 have been brutal for risk assets including stocks and crypto. Long forgotten is the traditional Santa rally and suddenly cheerful $SPX 5,000-5,300 price targets seem much […]


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: […]


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 […]