Macro Considerations

The macro picture remains largely unchanged. Janet Yellen is expected to lead the Federal Reserve into a new phase by beginning to taper its long-term asset purchases early next year. The ECB is expect to move in the other direction, leaning against th… [...]

Visualizing Abenomics – Japan’s Dangerous Experiment

The early effects of the reform program have triggered a surge in the Japanese stock market, accelerated by the anticipation of growth revival. So far, so good for the markets and traders. But how will Abenomics accommodate public debt of over 200% GDP… [...]

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… [...]

Thanksgiving Frontrunning And Market Summary

European shares remain higher though are off intraday highs. Italian, Spanish markets are the biggest gainers among larger bourses, Swiss the worst. Euro is stronger against the dollar. Commodities decline, with soybeans, zinc underperforming and wheat… [...]

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… [...]

Goldman Reveals Its First Two “Top Trades” Of 2014: Says To Buy S&P With 2250 Target, Short AUD

The only thing that prevents us from going all in short the S&P following the revelation that Goldman’s first revealed top trade of 2014 is to go long the S&P Dec 2014 futures with a target of 2250 and a close below 1855, is that the reco is no… [...]

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… [...]

Diverging Dollar Performance Set to Continue

The market seemed to get confused last week between the noise and the signal and this confusion gave the dollar a bit of a reprieve.  However, by the end of the week, the market seemed to be back on message.     Specifically, market sent… [...]

Diverging Dollar Performance Set to Continue

The market seemed to get confused last week between the noise and the signal and this confusion gave the dollar a bit of a reprieve.  However, by the end of the week, the market seemed to be back on message.     Specifically, market sent… [...]

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,… [...]