Tuesday, May 26, 2020

Evening Note

You'll recall that a major headwind for equity markets over the past couple years has been the US/China trade dispute(s).

Morning Note

"This market makes no sense" is the present mantra among many macro analysts/investors/traders, and even among individual investors who've been around the block a time or two.

Sunday, May 24, 2020

Quotes of the Day

We've acknowledged herein of late the millennial-trader phenomenon that some believe helps explain the latest somewhat counter-intuitive rally in stocks off of the March lows. I've noted that it reminds me a bit of the dotcom craze of the late-'90s.

Saturday, May 23, 2020

Quotes of the Day

I sympathize with RealVision CEO/Macro Strategist Raoul Pal's comments yesterday:

Macro Update

Once again I can keep the macro update relatively light on narrative and heavy on charts.

Friday, May 22, 2020

Morning Note

The world of asset prices is mostly making sense this morning.

Asian equities, Hong Kong big time, got hammered overnight. Re: Hong Kong; China is abandoning all pretense by introducing legislation that would do a real number on HK's autonomy -- right, frankly, in the US's face.

Thursday, May 21, 2020

Quote of the Day!!!

Man! Hedgeye's Keith McCullough and I are on the same page these days!
"Super short-term performance anxiety. That's what a lot of people have right now, super short-term, that's a problem. It's embedded in all of our behavioral and biological issues. But these problems, if you go back and study this point in time; the spring of 2008, the spring of 2000, people* that had those and acted on those lost their fund, lost their job. You know, this is a big time, a big time for us, and if it wasn't a big problem for some, if you didn't have this almost existential FOMO**, then it wouldn't be happening. Something to think about at VIX*** 30." 
*Portfolio managers.
**Fear Of Missing Out
***S&P 500 Volatility Index