Ok, so oil is in a bear market. Stop the presses. It’s funny because earlier this year we were marveling at the fact that if things kept going like they were going (i.e. if crude kept grinding inexorably lower), oil would be moving from bull market to bear market on a near daily basis. We’d
Well we woke up to red screens, or at least what counts for red screens in these manipulated markets. “Mixed” is the new “down.” This screengrab from CNBC.com pretty much says it all: While any Japan fatigue you’re feeling is understandable (we suppose there’s yet another way to use the term “Japani
On Tuesday we got two pieces of evidence to support the contention that the market has lost all faith in the ability of authorities to rescue the world from subpar growth and the kind of universal “Japanification” that threatens to drag the majority of the developed world into the deflationary doldr
As the Brexit drama unfolded we remarked that it would be difficult to come up with a topic that sounds more boring than “British politics.” That said, “Japanese fiscal stimulus” would be right up there on the “snoozers” list if you didn’t know the context. Of course if you do know the context, you
Two weeks ago, we issued a “Friday chart challenge” in which we showed you the following graphic: The point, of course, was to demonstrate that the market is pricing in less relative default risk for HY energy than at any other time since late 2014. That of course is absurd given the global deflatio
Ok, so let’s get to a couple of things you might have heard making the rounds on Monday. For one thing, Goldman said sell some stocks last night. The bank has “tactically” downgraded equities on a 3-month time horizon. We’d love to know what an “un”-tactical downgrade looks like. It’s the same old s
Over the weekend, we characterized markets as “despondent.” Some of that’s probably seasonal but you get the increasingly palpable sense that everyone is just waiting around on something to snap. We kind of bump along from data point to data point with nothing really making a dent in terms of risk a
Remember what we said two days ago about "expectations?" They can be dangerous things. Going into Friday's BoJ decision, expectations were in fact running so high it wasn't even clear what they were. ”If the BOJ doesn’t move this time, there’s a possibility that the yen will strengthen further," Hir
Ok, we’re just going to level with you here because there’s really no way to spin this: that was all kinds of silly. If someone showed you this chart… ...and then subsequently asked you whether you thought the Fed statement was dovish or hawkish what would you say? Well, you’d probably say “dovish,”
