Equities Archive


Who would have thought… Earnings Season Already Looks Like a Train Wreck By Jeff Cox June 24 (CNBC) — Companies haven’t even started posting second-quarter earnings results yet, but the early picture isn’t pretty. The pre-earnings season is often referred to by market insiders as the “confessional”—that time when Corporate America starts ...Read More

last update from Rome, home tomorrow

Markets remain in ‘QE off’ mode, with stocks down and longer term rates up. ‘QE on’ was a misguided speculative bubble in any case, as QE is, at best, a placebo, and in fact somewhat of a tax as it removes a bit of interest income. But obviously global markets view it ...Read More

Larry Fink talking position

Americans are not saving enough for retirement, which is a bigger issue than tax policy, Fink said. ...Read More

Taper worms at the wheel

The taper worms are still driving things this am. To the taper worms, tapering equals ‘bonds’ higher in yield and stocks lower in price. Fundamentally, however, the Fed only tapers if the economy is strong which is good for stocks. And no tapering means the economy is weak, which is fundamentally bad ...Read More

Thinking Caps On – Grab a Coffee – Sales/Trading Commentary

From: JJ LANDO At: May 14 2013 07:41:14 Consider the following thought experiment. These are the scenarios: A. The Treasury decides that it will fund itself 30% more in Overnight Bills and reduce issuance across the curve. B. The Fed announces it will increase QE by 30% (it will remit the net ...Read More

REINHART: Regarding Hilsenrath//+ Retail Sales

A number of people have inquired about this morning’s front page article in the WSJ by Jon Hilsenrath, “Fed Maps Exit from Stimulus.” This seems constructed by Jon in a way that is very much reminiscent of the three-day inflation scare and talk of early exit he created last year. Note four ...Read More

Wholesale sales

Though a bit old, this March release is yet another indicator that shows signs of rolling over. With the tax hikes and spending cuts, it’s up to private sector credit expansion to rise to the occasion. Should the lost income and lost jobs cause it instead to roll over, we’re looking at ...Read More

placebo’s doing their thing

As previously discussed, financial placebos like QE do cause market participants to alter behavior out of either a misunderstanding of the actual fundamentals, or in anticipation of reactions by others presumed to be misinformed. And while the effects of these activities get reversed, however sometimes the effects are more lasting. And there ...Read More

Norway oil fund makes big move from bonds to stocks

Seems like this ‘quasi’ govt type of thing is often later shown to be behind ‘difficult to explain’ ‘liquidity driven’ equity moves. Norway oil fund makes big move from bonds to stocks By Richard Milne in Oslo April 29 (FT) — Norway’s oil fund has reduced its bond holdings to their lowest ...Read More

Nikkei Nasdaq (10yr lag)

Full size image ...Read More