2020

Setup We are set for yet another down day in equity markets, with S&P and Nasdaq futures showing 3% losses as I write this. The real moves are in the bond market though because we've seen 20 basis point moves at the long-end of the…

I am growing a bit weary of all of the doom and gloom associated with the coronavirus outbreak. And I bet many of you are as well. Unfortunately, it is what is dominating both headlines and people's minds because it activates deep-seated…

With regard to coronavirus, I am still very much focused on the economic fallout. But I do want to circle back around to the themes that inspired my post on market structure vulnerabilities amidst a coronavirus pandemic. What’s inspired me…

*I started this post about 8:30 EST. So, hindsight tells me the part on market tone is on the money, as the market is selling off a bit. Market tone So, I was right yesterday morning about the potential for a relief rally. It was a pretty…

A relief rally is probably the best we can hope for at this juncture. Bond yields are still plummeting, showing both risk-off sentiment and an expectation that monetary easing is coming For example, the market is now pricing in with near…

Markets in the US are poised for another day of heavy selling as the weekend approaches. And the worry has to be about having open positions over the weekend when any bad news would cause heavy selling pressure at market open on Monday. So,…

I am doing a interview piece for Real Vision today, in which I will ask a number of veteran market players what they're seeing as the coronavirus scare takes full form. So, in preparation for that, I am writing this piece, because I think…

I have been studying up on what epidemiologists are saying about the coronavirus. And, right now, there seem to be two divergent outcomes for how the Covid-19 outbreak develops. And there also seem to be two potential approaches to dealing…

This post is going to be about the tightening of financial conditions as evidenced by a rush to safe haven assets and bond market spread-widening. But I want to start with how I am thinking about the economic impact of the Covid-19 virus…

Markets are diving across the globe today, with fears of the negative impact of the coronavirus making most headlines. I made my view on this clear on Friday. The coronavirus is a potent threat to the global economy, and could even force…