Whatever You Do, Don’t Short Stocks On These Three Days In December

Regular readers know that at the end of every month we look at the next month’s POMO schedule, and urgently advise against shorting stocks on POMO days. That in the New Normal POMO days are pretty much every single day, may have something to do with wh… [...]

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… [...]

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… [...]

Hugh Hendry Capitulates: "Can’t Look At Himself In The Mirror" As He Throws In The Towel, Turns Bullish

“I cannot look at myself in the mirror; everything I have believed in I have had to reject. This environment only makes sense through the prism of trends.”       – Hugh Hendry First David Rosenberg, then Jeremy Grantham,… [...]

How Manny Pacquiao Became The Philippino POMO

Many have wondered why one of the greatest boxers of our generation, Philippines’ Manny Pacquiao, has not retired gracefully into hero-dom following his loss to Marquez late last year. For a fighter – it could be pride, ego, or, sadly, lack of funds. I… [...]

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… [...]

DJIA 16000, S&P 1800 Looking Increasingly More Distant

After the DJIA and S&P briefly crossed the key resistance levels of 16000 and 1800, the upper bound on the markets has been looking increasingly more distant and this morning’s lack of an overnight ramp only makes it more so. Perhaps the biggest co… [...]

Stocks Slump (Again) As FX Carry Disconnects

Despite Yellen, Bullard, and Evans on the tape, markets limped lower on the day. Of course, we had the standard POMO-based ramp but once again credit markets and VIX indicated more than a few were seeking protection rather than loading the boat at thes… [...]

Step Aside Carl Icahn, It’s Time For Larry Fink’s Dose Of Cold Water

Yesterday it was Carl Icahn explaining some uncomfortable truths to the mainstream media (who rapidly turned their cognitively dissonant backs on his status quo defying statements). Today, it is uber-bull Larry Fink’s turn to unleash truth-hell… *FI… [...]