Frontrunning: November 29

So much for the euphoria: Stores open early on Thanksgiving but shoppers in no rush (Reuters) Get to work Mr. Chairwoman: Do-Nothing Congress Dithers on Budget as Deadline Nears (BBG) FX to Libor Probes Leave U.K. Traders Looking for Lawyers (BBG) Pro… [...]

No Red Futures On Black Friday

A hungover America slowly wakes up from a day of society-mandated consumption and purchasing excess to engage in even more Fed-mandated excess in the equity markets. The only difference is that while the “90%” was engaged in the former and depleting th… [...]

Yen Carry Lifts Risk Around The Globe In Quiet Overnight Trade

In a carry-trade driven world in which news and fundamentals no longer matter, the only relevant “variable” is whether the JPY is down (check) and the EUR is up (check) which always results in green equities around the globe and green futures in the US… [...]

How To Trade Everything This Week In One Chart

While US Thanksgiving week tends to thin out trade, there are some takeaways based on historical seasonal trends. Most are aware of the positive bias for US stocks, but as the following chart from Barclays shows there are notable biases in USDJPY, Cana… [...]

Futures Go Nowhere In Quiet Overnight Session

In fitting with the pre-holiday theme, and the moribund liquidity theme of the past few months and years, there was little of note in the overnight session with few event catalysts to guide futures beside the topping out EURJPY. Chinese stocks closed a… [...]

How Gold Price Is Manipulated During The "London Fix"

There was a time when the merest mention of gold manipulation in “reputable” media was enough to have one branded a perpetual conspiracy theorist with a tinfoil farm out back. That was roughly coincident with a time when Libor, FX, mortgage, and bond m… [...]

Stock Futures Rise To New Record Highs On Carry-Currency Driven Ramp

Another day, another carry currency-driven futures melt-up to daily record highs (the all important EURJPY soared overnight on the return of the now standard overnight Japanese jawboning of the JPY which sent the EURJPY just shy of a new 4 year high of… [...]

Frontrunning: November 22

Wonder why: JPMorgan plans to keep pay roughly flat from last year (Reuters) – maybe this: Charles Schwab Warns “We Are In A Manipulated Market” Democrats overturn filibuster rule, increasing Obama‚Äôs power (FT) Day JFK Died We Traded Through Tears a… [...]

Overnight Carry Continues To Push Risk To New Highs

There were two events of note in the overnight session: first was the return of the Japanese jawboning, because now that the Nikkei has upward momentum – nearly hitting 15600 in early trading only to close unchanged – and the Yen has downward momentum,… [...]

Just The Right Amount Of Bad Overnight News Offsets Latest Taper Tantrum

Following yesterday’s latest Taper Tantrum, it was critical to get a smattering of bad global overnight news to provide the ammunition for the algos that not all in the world is fine and the easy monetary policy will continue indefinitely pushing stock… [...]