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… [...]

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,… [...]

Dow Closes Above 16,000 For First Time (Retirement On)

Supported by economic weakness overnight in Asia and a weak Philly Fed print (bad news is good news) along with hope from more QE out of the BoJ, JPY weakness floated all boats today as homebuilders and financials surged lifting stocks tick for tick wi… [...]

Philly Fed Tumbles, Number Of Employees, Employee Workweek Both Plunge; Stocks Surge

With the market not sure what bad news would send it soaring higher today, here comes the Philly Fed to save the day by tumbling from October’s 19.8 to a paltry 6.5, slamming through expectations of 15.0 – the biggest miss since February – and assuring… [...]

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… [...]

Macro Musings

The investment climate is characterized by the continued accommodative monetary stance by the three key central banks, the Federal Reserve, the European Central Bank and the Bank of Japan. Although there is a slew of economic data that will be released… [...]

It’s Always Funny In Philadephia: Philly Fed Optimism Soars To Second Highest Ever

It is oddly appropriate for the BS New Normal, in which as the DOL showed earlier virtually every data point is made up, that moments after the Bloomberg Consumer Confidence Index showed a plunge in consumer expectations to the lowest leve in two years… [...]

Buy The Tragicomedy, Sell The Soap Opera Season Finale

If there is anything the market has shown in the past 16 days of government shutdown, which is set to reopen this morning in grandiose fashion following last night’s 10 pm’th hour vote in the House, is that it no longer needs Washington not only to fun… [...]

Key Events And Issues In The Coming Week

The ongoing government shutdown will continue to affect the quality and/or the release schedule of official macro data. In the meantime, survey data is probably the best set of indicators to follow. The Empire (NY) and Philly Fed surveys are likely the… [...]

Double Whammy Of Debt Talk Breakdown And Chinese Economic Crunch Means Buying Euphoria Halted

In a world devoid for the past two weeks and certainly for foreseeable future of most US economic data (this week we get no CPI, Industrial Production and New Home Sales among others), markets are now reliant on China for an indication of how the econo… [...]