Crumbs

• Investment grade debt ($LQD) suffering outflows. (Daily Shot),
• every major currency has appreciated against the dollar this year. Since the nadir of Covid, the AUD has done best: a proxy for CNH, no doubt. Worst has been JPY. The NOK, SEK, NZD, MXP SKW and SAR have done pretty …

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Flakey stocks

$SNOW, Snowflake, is looking shakey after a meteoric IPO. $FDX has had a terrific run, but looks over extended too. $SPCE took a dive, like its faulty rocket test the other day. My guess is that it has further to go.

Nordea Nuggets

There are some great ideas …

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Convexity Maven’s Picks

Harvey Bassman’s picks are available for all. What I like about Harvey is that he sends out an email when he has something to say, unlike some folk who feel that they have to say something every day even when nothing has changed and they …

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So, sell everything … ?

Maybe go long TRY, WTI, Corn, Soy, INR, ZAR, Energy HY, SPX Healthcare, Taiwan or Japan?

Short the rest of the SPX?

… Risky!

Market Thoughts

Apart from the slightly jokey comments above, I think it might be worth looking at $T (AT&T) and some of the …

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I’m not sure who this lady is, but her rules are in line with other similar lists. I got this list from this post which is part of the Tischendorf Letter. Again, this is a recipe for momentum trading, as illustrated by rule 26. I think that this approach …

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Tyler Bollhorn’s rules. He runs www.stockscores.com. Lifted from Tishendorf again.

These have a lot of overlap with Gartman’s. The one that is a bit different, is number 26: that the pressure to mean-revert grows as a price moves further from its trend price.

1. Buying a weak …

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This was copied from The Tischendorf Letter website. The rules were compiled by Dennis Gartman, but as the generously admits, he didn’t come up with them. My take is that these rules are mainly useful to understand what other traders will be doing, and given that markets spend most …

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Most hated, vs most loved sectors

This tweet makes the case that the outperformance of tech (represented by $XLK) against (conventional) energy (represented by $XLE) has gone too far. It’s hard to time this sort of reversal, but it is hard to see this going on for much longer …

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Morning report

Stocks are down, yields are down, the curve is flattening. Brexit is claimed to be the reason, but I have no reason to believe it. Usually, a treasury secretary or a central banker is wheeled out at this point to promise more fiscal or monetary stimulus. I have …

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Wrap

Fairly risk neutral today. AirBnB IPO’d with a pop of 100%. The bubble stocks are bubbling. Yield curves are bending down, slightly. Currencies have no clear direction. The yen was up, the euro down. The ECB is continuing QE, but the market had already discounted the move. Boris …

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