SOX getting soggy

Published: Fri 05 March 2021
Updated: Tue 22 November 2022
By steve

In Markets.

Crumbs

  • the market is starting to move to a bear market mentality, in SPX, NDX, SOX (semiconductors), FAANG etc. We can’t know the future, but we can have a gut feel about it, and the consensus seems to be that rates are going higher, and with them DX, which is bad news for stocks, especially ‘high duration’ ones,
  • 408ef6c2a411b6c50377f341fb86a7ea.png
  • When a currency goes ‘no ask’. (‘No bid’ is usually used to describe a market for securities where no market maker will buy the securities you want to sell. Obviously, in BTC, there are no market makers: all participants are equivalent. Increasingly, in ‘real’ securities markets the distinction is breaking down.)
  • Swiss cows are fabulous. You can read more about it here. Increasingly, it would seem that Bing is acting as a ‘white label’ search engine provider. I have a sneaky feeling that Google’s dominance of the market is not as unshakable as Sundar Pichai thinks.
  • Biden, in spite of controlling both US houses of parliament, failed to get the national minimum wage bill through. There is no hope now of more radical measures such as forgiving student debt. The $1,400 “survival” cheques will not be signed off either. No wonder RobinHood is trying to complete its IPO in a hurry,
  • It was revealed that the UK spent £37 bln on a Track and Trace system that simply doesn’t work. But at least the whole thing was run by a chum of David Cameron, so it’s not too bad.
  • Greensill, founded by Lex Greensill, another chum of David Cameron, is in administration. David Cameron (again) was heavily involved in setting it up and handing it government contracts. Sadly, his share options will now expire worthless.
  • Chamath is revealed to have sold a large part of his ex-SPAC $SPCE,
  • Tesla announces it’s starting its own social media platform,

Wrap

Inflationary & risk-on day:

  • 10Y yield up to 1.55%,
  • virtually all equity markets globally up, NDX with a massive
  • crude pushing towards $70,
  • all commodities up except quasi-money,

Late rally triggered by good jobs report: +379,000, but unemployment still at 6.2%.

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