The Dow joined Small Caps and Trannies in the red for 2019 this morning as Coronavirus fears sparked global derisking...
Stock Dealers Flip "Short Gamma"
Having gotten dragged kicking and screaming into validating the late-2019 market meltup and even hiking his own year-end price target for the S&P500, Morgan Stanley's bearish equity strategist, Michael Wilson, was looking for just the right catalyst
After a slightly tailing 2Y auction priced earlier today as yields tumbled across the curve, the lack of motivated auction buyers was that much more on display moments ago when the Fed sold $41BN in 5Y paper, at a high yield of 1.448%, ....
Well that escalated quickly...
Presented with little comment aside to ask (rhetorically), why - amid the unknown parameters of what appears to be escalating into a global pandemic, and ongoing weakness in economic data despite the 'trade deal' - are stocks soarng to record highs a
The Dow Jones Industrial Average is down for the 3rd day in a row, breaking back below the key 29,000 level as Treasury yields tumble to seven-week lows...
The US is currently enjoying another stock market boom which, if history is any guide, also stands to end in a bust. In the meantime, the boom is having a politically toxic effect by lending support to Donald Trump and obscuring the case for reversin
The biggest challenge the Fed faces currently is how to deal with a recession. Given the current expansion is the longest on record; a downturn at some point is inevitable.
Despite the fact that the bond market refuses to sell-off (as it should in a well-behaved market sending stocks to record-er and record-er highs each and every day), the levered long crowd has never been more "all-in" than they are right now.
- triggering payout plan that could be worth billions for CEO Elon Musk
Just yesterday we predicted that it is only a matter of time before we get a headline like "stocks surge on optimism China epidemic is contained"
As the market is levitated by central bank liquidity to record high after record high despite stagnant fundamentals, one asset manager is quantifying the mass hypnosis and warns investors are in "grave danger."
Buy the dip has been an American tradition since 1987. The first truly modern global financial crisis unfolded in the autumn of that year.
Does a liquidity driven momentum market that seemingly does not care about valuations, risk, open gaps and technical extensions face any resistance at all? Are there technical limits for a market that goes up every day, every week and every month?
In last week's missive, I discussed a couple of charts which suggested the markets are pushing limits which have previously resulted in fairly brutal reversions.
The Fed has created a Full-Rick-Astley market...
The bubble keeps on bubbling, the never ending rally keeps on rallying and the charts keep getting ever more dangerously stretched.
Neel Kashkari Appeals To "QE Conspiracists": Show Me How The Fed Is Moving Stock Prices... So Here It Is
Sees Gold Soaring As Dollar Loses Reserve Status
It's the end of an era for Goldman: after a decade of breaking out its prop trading results, which in the aftermath of the Volcker Rule was renamed "Investing and Lending"
As we noted over the weekend, everyone's all-in...
With a market cap over $90 billion now (almost as big as VW - the world's largest market cap automaker - which sold 10.9mm cars in 2019, compared to TSLA's 367,500...)
The worship of mortals as demi-gods and faith in Golden Idols triggers a turn in the karmic wheel as near-infinite hubris invites divine retribution. In case you missed it, here's a snapshot of the most recent Federal Reserve board meeting:
The procession of news through the week – namely that chronicling the aftermath of the targeted drone strike and killing of Iranian General Qasem Soleimani – advanced with an agreeable flow.
Friday. End of the first full week of 2020. What have you missed so far if you are only going back to on Monday?
Stocks fell on Friday, reversing from all-time highs, as investors digested weaker-than-expected jobs data to end a volatile week full of geopolitical concerns.
Recently an annual ritual took place. Wall Street analysts setting year end price targets for the S&P 500 for the new year.
Two weeks ago, when looking back at 2019, Morgan Stanley concluded that the observed market action was indicative of one of the most bizarre years ever, because while the S&P ended up returning a whopping 29% in 2019, just shy of 2013's 29.3% and the