TFMkts Fixed Income Overview and Allocation Strategies

Posted by on Nov 4, 2012 in The T-Report | No Comments

Pop and then Gravity The week started positively. In spite of fears related to hurricane Sandy, risk assets started the week on a positive note. Wednesday, when U.S. markets finally opened, the rally was a bit tentative, but then it gained strength on Thursday. We had remained positive that morning on risk, in a large […]

The T Report: “We finally really did it” Planet of the Apes Style

Posted by on Nov 2, 2012 in The T-Report | No Comments

You Maniacs! You blew it up! Oh, damn you! With part of NYC under water this week, I can’t shake the image of the Statue of Liberty from the end of the Planet of the Apes. In that case, the devastation was something mankind had done to itself. In many ways, it is hard to […]

The T Report: The Visible Hand

Posted by on Nov 1, 2012 in The T-Report | No Comments

Adam Smith’s “invisible hand” is meant to represent some form of self-regulating energy in free markets. Some invisible force that lets free markets react to conditions to produce optimal outcomes. We don’t have invisible hands. We have Ben’s hand poised over the print button. Mario’s hand ready to pick up the phone and scream buy buy buy to his […]

The T Report: 1,000 Acts of Kindness

Posted by on Oct 31, 2012 in The T-Report | No Comments

I have grown addicted to. Twitter. I find it a useful source of information – I’m not supposed to say rumors, but those too. Having said that, if all I knew about the hurricane came from twitter I’d be curled up in my basement in a ball sobbing and lamenting the collapse of civilization. In CT, we got […]

TFMkts Fixed Income Overview

Posted by on Oct 29, 2012 in The T-Report | No Comments

From Risk Off to Risk Neutral Until Friday of last week, we had been in a risk off stance. We had believed that the market was too optimistic about what immediate impact QE would have and that too many had over-estimated how eager Europe was to proceed with new and bigger bailouts. Those all helped […]

Weekly T Report: OMT – From OMG to MIA & Why It Drives Risk

Posted by on Oct 27, 2012 in The T-Report | No Comments

Even A Risk on/Risk Off World Isn’t This Simple, Or Is it? This is the S&P 500 since July. We’ve had earnings, elections, open ended QE, attacks on embassies, doubts about the viability of social media as a business, weak economic data out of China, bouts of strength with U.S. economic data, budgets, and stress […]

The T Report: Stirred Not Shaken

Posted by on Oct 26, 2012 in The T-Report | No Comments

I Am Confused No, I’m not confused that the correct phrase is Shaken, Not Stirred, I’m confused by what to do with the market here. My two big targets have been hit with 1,400 on the S&P 500 now reality and IG19 is extremely close to 100. Spanish 5 year bond yields are above where […]

The T Report: The 6th Time is a Charm for Stock Futures?

Posted by on Oct 25, 2012 in The T-Report | No Comments

Yeah, Futures are up, going to be a great day! For some reason people seem even more excited that futures are up this morning than they have the past 6 mornings. Yes, I took positions off as we approached overall target levels (1,400 on S&P and 100 on IG19) but can now reload what got […]

The T Report: Kim Kardashian and the Fed

Posted by on Oct 24, 2012 in The T-Report | No Comments

Once you have bared it all, repeatedly, there is little novelty or excitement left. After last month’s FOMC decision when the Fed went all in, this meeting has low expectations for the market. Here is what to look for, and how I think markets will react. No Change in Size of QE The $85 billion […]

The T Report: Canaries Banned from Coalmines (Elephants Allowed)

Posted by on Oct 23, 2012 in The T-Report | No Comments

Fresh Lows Overnight we are hitting new lows with S&P futures touching 1414, a level not seen since early September and pre OMT and QEX. Nasdaq 100 futures are even worse, hitting levels last seen in early August, right after the “whatever it takes” speech finally got some traction. Credit indices have been wider than […]