A Crack In The Fragility
April 26, 2023 Good morning, For equities, yesterday’s pop in volatility, a euphemism for sell-off, was perhaps overdue. We’ve been talking about the almost eerie calm in equities for weeks, given that risks of a recession appear to abound. Stocks fell sharply yesterday; the major indexes had their worst day in at least a month […]
Contradictions All Around
April 24, 2023 Good morning, Well, Friday’s option expiration turned out to be a fantastic smoke screen, had no effect on low volatility, and was basically a wrong call – sorry about that. As if for good measure, Futures are off a whopping 10 basis points this morning (-0.1%) to start another week. It’s quiet […]
Macro Normally Wins
April 21, 2023 Good morning, An almost eerily calm spell in the equities market may be coming to an end today. Traders have been watching the stock market hug the unchanged line each day this week amid a slew of disappointing economic data. It has kept investors in suspense on whether bad news from corporate earnings […]
Head Scratcher
April 19, 2023 Good morning, Equity markets have been quiet so far this week. Futures are off -.60% in pre-market trading and this morning sit unchanged from Friday’s close. In the bond market, yields have crept up over the past few days and now sit at the highest level since the SVB crisis (4.26% […]