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 …
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After yesterday’s global rally, the second day of October has brought out the sellers. Asian markets almost all opened green, but SPX futures started moving lower shortly after midnight EDT, and were hit particularly hard …
Continue readingThe midnight deadline arrived, and the government shut down is officially underway. But the reaction by global asset markets was sanguine, after 2 days of declines. As I discussed in yesterday’s Macro Wrap, some market …
Continue readingRisk-off is in full swing overnight after the Congressional impasse deepened over the weekend, and the Italian parliament also was at risk of dissolving, leading to new elections and a potential hung parliament scenario. SPX …
Continue readingAsian Stocks Mostly Lower, Led by China – The Shanghai Composite closed down 2% after a steady drip lower from open to close. Chinese Foreign Direct Investment was only up 0.6% year over year (vs. …
Continue readingLarry Summers withdrew his name from the Federal Reserve Chairman pool on Sunday afternoon New York time. Classic risk-on price action has ensued in the overnight session. Larry Summers Won’t be Fed Chairman. After months …
Continue readingThis morning’s big news is that the Syrians have accepted the Russian offer, and are willing to hand over their chemical weapons if it halts any further U.S. aggression. Oil prices have dropped sharply on …
Continue readingAfter my macro wrap this morning, I figured I’d stay on the topic of oil as it hovers near multi-year highs. The most interesting aspect of the rally in WTI (West Texas Intermediate, the U.S. …
Continue readingUSO is up almost 2% today, as commodities outperform while stocks underperform, a clear positioning unwind to start the month of June. I wrote about my thoughts on USO in Friday’s Name That Trade post …
Continue readingI mentioned the developing wedge in both the SPX and crude oil in this morning’s macro wrap. Crude oil is especially interesting because the WTI contract has developed a long-term wedge, but the European Brent …
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