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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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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Lyn Alden

Lyn’s Nov Newsletter is first class. It covers many topics from a technical discussion of the different measures of inflation to a political theory that comes pretty close to Marx’s ideas: Trends like this generally lead to rising populist politics on both the right and the …

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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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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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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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I’m not dead yet says SARS-Cov2

One hundred and forty four thousand infections were recorded in the US yesterday. Yes, that’s a lot. More than the 92 patients who caught Covid in the Pfizer trial. Maybe investors are starting to worry about what happens if the virus …

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It’s a holiday in the US

Some markets are closed. It’s best not to trade on such a day. The tone seems to be moderately risk-on, but we’ll have to wait until tomorrow for something definite. The only notable thing that’s come onto my radar is …

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News Review

Green Gilts

The Chancellor is talking about “green gilts.” Gilts sound as though they should be a gold standard. If a piece of gold goes green, it’s probably because it is alloyed with copper, and you’re seeing some copper carbonate formed. This makes “green gilts” sound …

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DotCom Crash Rerun?

As human we seek patterns in random data. The current market conditions are pretty odd: the prices for growth stocks are unstoppable, but value stocks left in the dust. All while we have near zero (or sometimes negative) interest rates. Not all of these conditions are the …

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