DIVORCED FROM REALITY: PRICE & FUNDAMENTALS SOURCE: 03-07-18 John Coumarianos via RealInvestmentAdvice.com, There are many ways of assessing the value of the stock market. The Shiller PE (price relative to the past decade’s worth of real, average earnings) and Tobin’s Q (the value of companies’ outstanding stock and debt relative to their replacement cost) are likely the […]
TRIGGER$ March 2018
TD AMERITRADE: SMALL INVESTORS “RAN FOR COVER” AT THE FASTEST PACE SINCE 2010
TD AMERITRADE: SMALL INVESTORS “RAN FOR COVER” AT THE FASTEST PACE SINCE 2010 JPM wrote “the potential withdrawal of retail investors as the marginal buyer of equities could create clear downside risk for equity markets for the near term – especially after buying an unprecedented $100bn of equity ETFs in only one month during January.” Incidentally, […]
JP MORGAN WARNS THAT THE RETAIL BID APPEARS TO BE DISAPPEARING
JP MORGAN WARNS THAT THE RETAIL BID APPEARS TO BE DISAPPEARING EXTRACTED FROM: 03-05-18 JP Morgan via ZH In a report by JPM’s Nik Panigirtzoglou, the strategist cautions that the “erratic behavior of retail investors this past week and the spreading of equity ETF outflows out to non-US equities” has jeopardized the idea that […]
SENTIMENT SIGNAL FLASHING FOR FIRST TIME IN 40 YEARS
SENTIMENT SIGNAL FLASHING FOR FIRST TIME IN 40 YEARS The recent stock sell-off spooked II bulls in a big way SOURCE: 02-08-18 Schaeffer Financial Last week, we remarked on a bullish extreme in the weekly Investors Intelligence (II) sentiment survey, in which the “bulls minus bears” line jumped to the 99th percentile of its annual range. However, […]
SENTIMENT: CLEAR HEAD & SHOULDER ALIGNS WITH FALLING GDP
SENTIMENT: CLEAR HEAD & SHOULDER ALIGNS WITH FALLING GDP
IN DEPTH: TRANSCRIPTION – GLOBAL LIQUIDITY, CREDIT & FLOWS
IN DEPTH: TRANSCRIPTION – GLOBAL LIQUIDITY, CREDIT & FLOWS COVER AGENDA SLIDE 5 Let’s start by making sure we understand the terminology we will be using in our discussion today. Too many times I hear people use these terms in the wrong and often confusing context. LIQUIDITY: is about AVAILABILITY of Money & Credit. […]
UNDERSTANDING THE NEW $2 TRILLION ASSET CLASS CALLED “vol” (VOLATILITY)
UNDERSTANDING THE NEW $2 TRILLION ASSET CLASS CALLED “vol” (VOLATILITY) MONETARY MALPRACTICE I put this schematic together not long after the 2008 Financial Crisis as we were witnessing the emerging approach the Federal Reserve was taking to its resolution. The last update of the diagram was in 2012 (note the 2012 copyright at the bottom) […]
GLOBAL CREDIT: WORLD CREDIT DEFAULT SWAPS
GLOBAL CREDIT: WORLD CREDIT DEFAULT SWAPS