The Weather
This time last year the weather was an excuse for every piece of economic data that missed. I haven’t heard it mentioned this year, except in respect to hurting natural gas prices. Auto sales were great in January, but did the weather help? Seasonal adjustments are always tricky this time of year but with extreme […]
Deja View
It seems like last Friday we were waiting for details of the latest Greek plan – PSI and Troika. We are still waiting. Details are starting to come out. We should know what the bonds investors are expected to exchange into will look like. The ECB sounds like it may use the interest they have […]
No Shoes, No Shirt, And I Still Get Service
In the case of LMFAO I get it, they’re sexy and they know it, but what about Greece? Why is Greece still getting service? Is it like the homeless person who wanders into the nice restaurant and the owner of the establishment offers some coffee and desert to go, in the hopes that he will […]
(BFW) Final Greek Debt Deal Hours Away, DJ Says
Yeehaw! It will be interesting to see the terms, how much Greece will save on interest vs current debt and how much on principal and the timing of the principal. What will be most interesting is to see how many bonds have pre-agreed to this. An announcement that 200 billion of bonds have agreed would […]
Is Volatility Quietly Coming Back?
VIX continues to remain low, but intraday (or intranight) volatility appears to be making a comeback. That is volatility in the true sense of moves up and down (I’m not sure when volatility came to mean “stocks went down”). Chinese PMI is supposedly one of the reasons that futures are up, yet, that seems to […]
Daily Credit ETF and Index Summary (12.01.31)
In the meantime the beat goes on in ETF land. HY ETF’s are on target to have received $4 billion by the end of this week. The premium is actually reasonable given the strength in the underlying market, but I remain dubious that there is much upside left in the portfolio as too many of […]
European Risk Assets Had A Great Month
The DAX is up close to 10% YTD, other markets haven’t done quite as well, but I’m looking for some profit taking into the close, especially with no actual progress made, and the hopes and dreams linked to LTRO getting ahead of themselves. I think that could well lead to some afternoon weakness here as […]
(WSW) WSJ [Reg]: Missing Funds at MF Global May Have ‘Vaporized’
This is the most ridiculous thing I’ve ever heard – VAPORIZED???? There are no buy and sell tickets? No wire transfers? How long did it take to come up with the term “vaporized”? Why not just say they were swinging for the fences trying to make enough money to stay alive another day that they […]
The Market Says CYA LTRO To Yesterday’s Negativity
The market is back to being excited and bullish. Yesterday’s announcement out of Europe was underwhelming, but no one cares as a Greek PSI announcement is expected any moment. It will be interesting to finally find out how many bonds sign on at the time of the agreement and who the potential holdouts are. More […]
ESM, EFSF, Or EB, Will Any Of It Work?
It appears that the market is cheering the move that the ESM will be implemented sooner than originally expected. That would be good if the ESM was materially different than the EFSF or if it was being done for some reason other than that the EFSF has been a total failure. Imagine the applause when […]