Morning call

Well, it’s a new day, a new quarter and a new half year. Fairly incredibly, the SPX had the best quarter performance since 1998. Well, we know what happened in 2000. Asian equities up, European ones down. Odd, given that the police in Hong Kong are arresting …

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Trader Vic

I finally listened to the rest of the Trader Vic interview (see my weekend post). He is really very interesting. He talked about how interest on excess reserves suppresses inflation. (Actually, Warren Mosler sort of reveals this when he talks about his chat with the official from the …

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ETF Buying

The Fed is doing it, but not in huge size. Various issuers are being identified on Twitter etc. as though their appearance on the list would be a buy signal. Similarly, a list of the ETFs, headed by $LQD, as you’d probably expect.

China

Things look a …

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Bubblicious

When the stock and bond market crash comes, and the politicians say “nobody could have seen this coming”, at least Lance Roberts and Jeremy Grantham will be able to say “we did!” And, actually, they are not the only ones.

Frauds

A few chickens are coming home to roost …

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It’s too hot

I’m lethargic. My office is at 29C and humid. The markets are lethargic. At some point new homes in the UK will be fitted with A/C. Liquidity is terrible, even for $ES_F, the SP 500 mini future, which should be the most liquid equity …

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Stuff

Kuppy argues that you can make money by watching stocks enter and leave the Russell 2000.

Kuppy is good on how Robin Hood is messing with markets. Only US markets so far but …

To counter the “stocks only go up” narrative, in fact they have gone nowhere in a …

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Stuff

Wirecard reverberations.

Apple going fully ARM-based and fabricating its own chips, dumping Intel. My feelings are that it sees PCs as a segment it wants to get out of, so if the switch doesn’t work, it doesn’t really matter because the segment makes a very minor …

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QE

Plot Thickens on End of QE & Start of Shedding Assets. Wolf has written that the Fed is looking to unload all the bonds off its balance sheet before rates start to go up. This seems rational, for a Fed that wants to avoid taking a huge loss on its …

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QE

Plot Thickens on End of QE & Start of Shedding Assets. Wolf has written that the Fed is looking to unload all the bonds off its balance sheet before rates start to go up. This seems rational, for a Fed that wants to avoid taking a huge loss on its …

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Index P/E ratios are not all they seem

This article points out that forty odd percent of the Russell 2000 makes losses. This is only going to increase. This other article by Miles Johnson explains that the calculation of the P/E for the index is very flawed. The …

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