Oh dear. People are embracing the bubble and, as it happens in every bubble, fantastical narratives are emerging to justify the valuations and the price momentum as folks cannot square reality with […]
Mismatch
Dow Wow
The $DJIA got to within 3% of all time highs yesterday. Quite the feat from being down 20% off the highs just 9 weeks ago. Credit where credit is due: Jawboning works. […]
Market in Transition
Can markets extend and sustain new gains without a new free money carrot coming their way? Since the financial crisis bad news hasn’t mattered as markets always had the next free money […]
Bull Market Requiem
A bull market requiem: Following the financial crisis the world needed coordinated structural solutions (and those would be hard requiring tough choices). Instead what the world got was coordinated central bank intervention […]
Carnage
Correlation Watch
Correlation does not imply causation, but who ya gonna believe, me or your lying eyes? Look, we’ve had a classic bounce off of the 200MA following heavy oversold signals. If you stayed […]
Powell ain’t Yellen
When police try to solve a crime one of the key tasks is to determine who benefits from the crime. The beneficiary of a crime is not necessarily the perpetrator, but motive […]
Seas of Change?
The post below is an excerpt of notes Mella sent to clients this week. I think it’s too good not to share: Some observations on the recent market action. What defines a […]
Shutdown Nonsense
Government shutdowns make for stirring headlines, but usually only for a few days. The history is pretty clear: The government doesn’t remain shut for long and usually one side or both sides […]
Check the Rhyme
You might think history teaches; it repeats; page after page, a poem in perfect rhyme tolls echoing bells from both sides of the sheets for births and funerals, tells the time of […]
Check the Rhyme
Quick Takes
Today’s Quick Takes: Once-Hot Apartment Construction Cooling as U.S. Housing Engine Artificial intelligence and the stability of markets QT: The long standing trend of computerized program trading may indeed squash volatility forever. AI […]
