1. Day before Thanksgiving

    Published: Wed 25 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Wrap

    The US is barely at work today, with dealers thinking more about cooking and eating turkey than trading the currency of Turkey.

    Overall, market is risk neutral:

    • Bitcoin flat,
    • Most other currencies likewise,
    • SPX totally flat,
    • Energy down, but after a steep rally yesterday, other sectors flat, small upticks …
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  2. Investing under uncertainty

    Published: Mon 23 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Another day, another vaccine candidate

    Astra-Zeneca announced today that it too had a very effective vaccine against SARS-Cov2. Who knew that it’d be so easy? The market didn’t react much, and just ground higher. Maybe it would have been five percent lower if the announcement had not …

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  3. A most mysterious market

    Published: Sun 22 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Most mysterious market

    It seems that JPM is totally bullish on equities.

    We are certainly in a very strange world. A pandemic has trashed many visible parts of the economy: airlines, restaurants, hotels: i.e. mainly services. It has left most manufacturing, and large scale retailing (especially Amazon) not only …

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  4. Not Thanksgiving

    Published: Thu 19 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Great Reset

    Twitter is up in arms about a plan by the Illuminati Fed Cabal to reshape the world to give them more control. I’m not totally convinced, but this inclines me to the view. You can read the conspiracy theory here. I signed up to Bitchute to get …

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  5. A rare risk off day

    Published: Wed 18 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Wrap

    Finally, we had a risk off day.

    All US equities were down. Rotation into value reversed. Yield curves start to tilt down. Global treasury yields go down. European equities relatively strong.

    Monetary metals (i.e. Au, Ag, Cu) down. Energy up. Food up. No big changes.

    No big news …

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  6. Another day, another SARS-Cov2 vaccine!

    Eurodollar Futures

    Most futures contracts are liquid out for a couple of delivery dates, maybe four or five if you’re lucky. The exception is Eurodollar futures (nothing to do with the Euro currency: just dollar deposits held by institutions outside of the US). They are liquid out for years …

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  7. Wet Weekend Update

    Published: Sat 14 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    tags: journal

    Currencies

    I know I drone on about currencies all the time. I just can’t help it. Stock prices are measured in this unstable unit, the value of which is based on faith. It’s just that a lot of investors focus on (say) stock prices, P/E ratios, EV …

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  8. Friday the thirteenth is lucky for some

    Published: Fri 13 November 2020
    Updated: Tue 22 November 2022
    By steve

    In markets.

    Biden/Harris bullish for oil prices

    We know that the Democrats are furiously painting themselves green, to appeal to millennial voters. This sounds negative for oil demand: how will Exxon survive in a country where everyone is forced to buy a Tesla?

    But prices are determined by the cost, and …

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