It appears today's weakness in stocks (most notably high-beta momo) and bonds (HY credit weakness) was triggered by two "ma"s - grandma Yellen and grand-poohbah BABA's Ma. Hawkish FOMC concerns took the shine off HY credit (and stocks) but Treasury bonds rallied modestly (5Y -3bps, 10Y -2bps). However, high-beta momo stocks dragged Nasdaq and Russell lower as 'smart money' proclaimed this was making room for the Alibaba IPO (which raises the question - if there is so much pent-up demand money on the sidelines just dying to be lost in the stock market, then why were so many high-beta, high-growth, momo names being sold today, theoretically in order to make room for the BABA IPO?) The USDollar ended marginally higher (GBP weakness, EUR strength) but most commodities gained on the day (Copper down on China) with WTI back to $93. Stocks did have a mini-melt-up on absolutely no news whatsoever into the last hour but gave most back. The Russell 2000 is -0.5% in 2014.
Simple review of technical condition of the capital markets. Light on polemical zeal, and heavy on technical analysis.
Quick update, and outline of reasons to suspect anxiety over Scottish independence has peaked.
The euro has fallen an unprecedented eight weeks in a row. The dollar set new five year highs against the yen before the weekend. Here is an overview of the near-term technical outlook.
Overview of the ECB meeting and likely outcomes. More robust analysis than ideological fervor.
Eating out for the weekend brings home the idea that food and restaurant costs are only going up on the whole...
Gold Bears Have Wind at their Backs as Technicals likely to fail to downside over Near-Term.
A dispassionate discussion of the technical condition of the dollar.
CME halted trading on its electronic platform and said it was due to "planned software reconfigurations." CME, which owns the Chicago Board of Trade, New York Mercantile Exchange and other markets, made the reconfigurations over the weekend as part of ongoing upgrades to technology, a spokeswoman said in a statement. Market participants were left scratching their heads as to why the "planned software reconfigurations" did not take place prior to the commencement of trading.
Overview of the technical outlook for the major currencies, bonds, Treasuries, stocks, CRB and oil.
Overview of the technical conditions of the major markets.
Overview of the price action in various currencies, S&P 500, Treasuries and the CRB Index
Outlook of the foreign exchange market in the week ahead, with some observations about equities and bonds.
Notice the “icicles” dripping all over the place? They occur at different times of the day. What are they? Each one is a brief but dramatic price drop.
A look at the price action in the major currencies, US Treasuries and the S&P 500.