Signs of a Top

The primary drivers of asset prices are the economy and corporate earnings. With that in mind, consider that both are rolling over today.   Indeed, when we take the big picture, we find that corporate profits, as a percentage of GDP are also at al… [...]

Frontrunning: November 20

JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield (BBG) J.P. Morgan Is Haunted by a 2006 Decision on Mortgages (WSJ) World powers, Iran in new attempt to reach nuclear deal (Reuters) Keystone Foes Seek to Thwart Oil Sands Exports by Rail (BBG)… [...]

The Internet Is Now Weaponized, And You Are The Target

By now, thanks to Edward Snowden, it is common knowledge and not just conspiracy theory, that every bit of information sent out into the wired or wireless ether is scanned, probed, intercepted and ultimately recorded by the NSA and subsequently all suc… [...]

Frontrunning: November 15

China to Ease One-Child Policy (WSJ), China announces major economic and social reforms (Reuters) Consumers line up for launch of PlayStation 4 (USAToday) Trust frays between Obama, Democrats (Politico) Yellen Stands by Fed Strategy  (Hilsenrath)… [...]

Futures Unable To Ramp Higher Despite Cornucopia Of Disappointing Macro News

In addition to the bevy of ugly European unemployment and inflation news just reported, the overnight session had a dollop of more ugly macro data for the algos to kneejerkingly react to and ramp stocks to fresh time highs on. First it was China, where… [...]

October FOMC Week Starts With Traditional Overnight Meltup

Just as it is easy being a weatherman in San Diego (“the weather will be… nice. Back to you”), so the same inductive analysis can be applied to another week of stocks in Bernanke’s centrally planned market: “stocks will be… up.” Sure enough, as we … [...]

Frontrunning: September 30

Government Heads Toward Shutdown (WSJ), First U.S. Shutdown in 17 Years at Midnight Seen Probable (BBG), Congress in game of chicken (RTRS) Italian Premier Pursues Last-Ditch Rescue of Government (WSJ) Election risk rattles Italian government bonds (R… [...]

Volumeless Drift Lower Continues For Fourth Day

Early weakness in Asia driven by US-follow thru selling and ongoing concerns about the us fiscal showdowns as well as the debt ceiling, if not by actual news, resulted in a red close in both the Nikkei and SHCOMP, as well as other regional indices such… [...]

Guest Post: Is The US Going To War With Syria Over A Natural Gas Pipeline?

As we asked (rhetorically, of course) and answered over 3 months ago, why has the little nation of Qatar spent 3 billion dollars to support the rebels in Syria? The answer revolves, as usually is the case in the Middle East, around a pipeline. Here are… [...]

Volumeless ‘Dead-Cat-Bounce’ In Stocks Fades Into Close On "I Believe" Day

With crude prices at multi-year highs and India promising to save its oil companies it is perhaps not entirely surprising that all the attention in this opposite world pushed the Energy sector (most notably the biggest names) to lead the market higher … [...]