Overnight price action in SPX futures similar to the last few days. After no progress was made on the government shutdown after talks between the President and Congressional leaders, futures leaked lower, though off their …
Continue readingJapan
With the S&P 500 index perched right at 1700, how do other global equity indices look? Before we get to the details, here are my rankings based purely on the charts: Europe U.S. Japan Hang …
Continue readingIs it a sign of strength or complacency that global markets have shrugged off the 4% overnight move lower in Japan? The second largest stock market in the world had its worst day in 2 …
Continue readingA favorite recent saying among traders is, “The U.S. is the best of a bad bunch.” The U.S. outperformance in 2013 vs. other global equity markets has been exceptional. So exceptional in fact that of …
Continue readingSince “There Is No Alternative” has become such a mainstream phrase in the investing community, I wanted to look this morning at the relationship between the 10 year swap rate and the S&P 500 Dividend …
Continue readingMorningWord 6/28/13: If the market makes it out of today in one piece, then it’s safe to say that the first half of 2013 was a profitable period for those who were just long and …
Continue readingClearly, all markets are more volatile than they have been for at least 18 months. Not much to add, just wanted to add the table showing that all implied volatilities are now above their 52 …
Continue readingEven though the SPX is actually 10 handles higher week-over-week, implied volatility has held up better than would be expected across global equity markets. Vol for the major equity indices are right around their 52 …
Continue readingThe pullback in equities in the U.S. has been quite orderly, in contrast to the volatility in some of the other asset classes, most notably emerging markets and Japan. But the high yield credit sector, …
Continue readingVolatility markets in every asset class except bonds are in almost the exact same spot they were a week ago, as markets have been jittery, but largely unchanged over the past week. The volatility in …
Continue reading