BUT, BUT, BUT...

The bears are having a tough morning. Many were convinced the Italian referendum would usher in the next great market crash. News that Renzi’s referendum failed to pass did cause some selling, but it lasted all of a few hours....

THE THREE NEW 'FOR SURE' TRADES

Over the past couple of weeks three new “for sure” investment themes have emerged. Stocks will rise, bonds will go down, and the US dollar will continue its ascent. Although you should never say never, it will be difficult for...

LIGHTING THE FIRE THAT COULD NEVER BE LIT

I thought the bond market would bounce yesterday. Sentiment was terrible, the month end rebalancing effect meant pension funds and other multi-asset managers would be bidding for fixed income, and the bond market was deeply oversold. Conditions seemed perfect for...

SOME SHORT TERM BUMPS

This morning the bond carnage/stock melt up continues in earnest. Although I try to focus on longer term themes, I can’t help but comment on the potential for a short term reversal of this trend. It is month end, and...

SHIT NO ONE TRADES

I trade much like I play guitar and fornicate - all over the place, with not much technique but great enthusiasm. I just love to trade. If it moves, I want to trade it. Sometimes this love of trading gets...