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Tuesday, May 18, 2021

FOMC Preview: The Fed Must Find Ways To “Out Dove” Market Expectations

While nobody expects any fireworks from the Fed tomorrow or any major market-moving announcement, the FOMC meeting will likely involve a debate over the toolkit with a discussion of how to pivot from "stabilization" to "accommodation" policies according to BofA strategists, who notes that while there likely is an agreement that the next steps should…

22 Market Observations From Goldman’s Head Of Hedge Fund Sales

By Tony Pasquariello, global head of HF Sales at Goldman For the financial markets, the period since late February has been a watershed - a genuinely epic sequence of action and reaction. In tactical terms, there’s no shortage of stories to recount.  there was the day when S&P closed down ... 12% (and, thereafter, the…

Housing Market Outside New York City Booms As City Dwellers Flee 

While observing national housing trends, we have recently found wealthy Americans and anyone else who has the economic mobility are selling real estate in big cities and have fled to rural communities amid fresh concerns of the second coronavirus wave and ongoing social unrest.  We've documented this phenomenon, in several pieces, is happening across several major metropolitan areas: Wealthy…

Companies Call The Market Top With Most Stock Sales In Eight Years

If one asks companies why the market, by which we of course mean just the top 5 tech names that now comprise "the market"... ... has soared 30% in the past two months, the most likely response is a blank stare: after all nearly 30% of companies have pulled guidance as nobody has any idea…

HSBC Lost $200 Million In One Day When The Gold Market Broke

Last week, we discovered precisely which bank got hammered by the violent divergence between the spot and future price of gold. As we reported, "HSBC had 15 "back-testing exceptions" in January and March, when the firm was caught out by moves in the prices of precious metals. Europe’s biggest bank said ... problems were caused…

Is This A Bear Market Rally Or A New Bull? BofA Has The Answer…...

With the S&P trading nearly 800 points - or a whopping 30% - above its March 23 lows, the divergence in opinions whether this is a new bull market or merely a massive - and the fastest ever - bear market rally ever, propped up by trillions in central bank liquidity and fiscal stimulus, has…

BMO: The Market Ponders If This Is “The Spanish Flu” Or “The Great Depression”

For the past week, it's been virtually non-stop: one central bank after another has fired a bazooka, rushing to frontrun its peers in hopes of big impact, only to find no response from the market, forcing it to fire another, even bigger bazooka. Consider that just over the past 24 hours we have gotten the…

Market Bottom Indicators #2 – Financials To Utilities Ratio

Submitted by Peter Garnry, head of equity strategy at Saxo Bank Summary: The current financials to utilities ratio has actually bounced off recent lows but given the recent volatility and bad liquidity in US Treasuries investors should be careful drawing conclusions just yet that the equity market has bottomed. This is our second turning point…

Nomura: “The Market Has Only Just Begun Staring Into The Abyss”

While many post-mortems will be written on what, despite Friday's torrid 9% rebound, has been a historic, unforgettable week which saw the US stock market plunge the most since the worst days of the global financial crisis, one of the more detailed and impactful was that of Nomura's quant Masanari Takada who put the week's…

“The Market Is Broken” – Why Nobody Is Trading Any More

On the first day of this week, which would soon mutate into the worst week for capital markets since the 2008 financial crisis, we warned that markets are about to go full tilt for the simple reason that "there is no liquidity", something we first highlighted at the start of the month when we pointed…
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