None of us can know where markets would be trading without the Fed’s constant massive liquidity injections, but now that the bubble recognition has gone mainstream (Bloomberg, FT) and acknowledged by at […]
The Tight Rope Market
Market of the Gaps
The bubble keeps on bubbling, the never ending rally keeps on rallying and the charts keep getting ever more dangerously stretched. Intra-day price discovery is virtually absent as volatility remains woefully compressed […]
He Knows
Last week we found out that Dallas Fed president Kaplan knows that the Fed is creating excess and imbalances in stocks. Yes, bloating the Fed’s balance sheet by over $400B in four […]
Repo Lightning
We’re still only a few days into 2020 but a very reliable trend has already emerged and bears watching. The trend: No matter what happens anywhere in the world or even if […]
The Ghosts of 2000
Finally. A glimmer of cognition. An admission. A sense that the Fed knows, but is largely unwilling to admit it. But Dallas Fed president Kaplan let it slip, the truth everybody already […]
Reality Check
Some quick takes here on events of the day: The lunatics are running the asylum and they pretend to be the sane ones. The Fed is not letting up on their liquidity […]
Desperation
Spoos 50 handles down in overnight, 12 hours later new all time highs. If you called that last night step forward and show me. Nobody of course called this. But these are […]
The Charade
Recently an annual ritual took place. Wall Street analysts setting year end price targets for the S&P 500 for the new year. Don’t act surprised but these latest price targets are higher […]
System Failure
Rarely has failure been celebrated so much. But it is of little wonder after all, as all asset classes rose in 2019 in spite of slowing growth and flat to declining earnings. […]
Trapped
What? You thought a 850+ point drop in the $DJIA would result in a down week? No Sir. The unholy alliance has struck again. Massive jawboning by multiple administration officials about how well […]
Tragedy
I’m horrified. I’m sad. I’m upset. I’m grieving. I’m concerned. I’m full of questions. I’m angry. I’m all these things and more on the heels of the death of a 14 year […]
Unholy Alliance
Some things can’t be proven, but they can be observed. Correlation is not necessarily causation, but when the evidence keeps mounting so does credulity. And the cumulative evidence increasingly points to an […]
