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Markets
Bob Janjuah: "the Fed goes… QE… If bond markets do revolt… we will then very…
The following is a letter to clients from RBS’ Chief Market Strategist Bob Janjuah that is making the rounds (hat tip Scott). Dear All I am deeply troubled by the world and markets. THIS IS AN UBER BEAR EARLY WARNING ALERT:...I know its…
Andy Xie: Our Market Is A Poor Man’s Casino
A bartender at my neighborhood pub recently asked me how the Shanghai stock market was performing. I said it was at about 2,600 points. He jumped and said, “No! The Communist Party wouldn’t let that happen.” He spent the next 10…
Expecting A Range Bound Market For 2010 Unless We Double Dip
I have posted the chart below from Chart of the Day before. The previous time I pointed out that there are three super cycles in the chart and the current super cycle is much different from the two previous ones if March 9, 2009 was the…
Rosenberg: Markets oversold; correction taken froth out of market
David Rosenberg has a piece out that is relatively upbeat given the carnage in stock markets yesterday and his well-known bearish views. He notes the positive to the recent market declines; they have taken the froth out of a few…
Euro Consolidates Close to $1.25, but Downside Risk Remains
Highlights The euro was confined within a $1.25-$1.26 range in the euro session, with intervention talk and hope (in vain) for new measure at today’s EU Fin ministers meeting leaving a slightly more bid sentiment in place. This is all…
ECB Intervention Unlikely
The euro has rallied about 1% and has spurred talk of ECB intervention. We are skeptical. There seems to be little reason to expect the ECB to intervene outside of its time zone in a unilateral fashion. Convention, we…
Europe Still in Denial
As noted in the daily, Eurogroup head and Lux Prime Minister Jean-Claude Juncker has played down need to intervene in the foreign exchange market, saying there was no need to defend the euro. Yet in the same interview, he claimed that…
Short Euro Liquidation
Because of short covering, we may eventually see a much larger reversal in the Euro than we have seen to date. And although I recently noted that the Euro was still overvalued on a purchasing power parity basis, nothing goes down in a…
Bridgewater Associates’ Ray Dalio on Gold, Bonds, and Money Printing
Below is an excerpt of a Barron's interview with Bridgewater Associates' Ray Dalio which I first highlighted in February 2009 in A conversation with Bridgewater Associates’ Ray Dalio. Back then I highlighted the first part which…
A Sea Of Red
If an ECB in QE mode, €60 billion in cash, €440 billion from a pooled EMU effort and €220 billion from the IMF only lasts a week, then I'd humbly submit that we have a problem.