Monthly Archives: November 2010

Global Equity Markets Straddle Their 20-day Moving Averages

Posted on November 13, 2010 by macromon

The S&P500 bounced off 1195, its 20-day moving average on Friday to close at 1199.21, while the Shanghai composite, after rallying 23 percent since September 20, failed to hold its 20-day, closing down over 5 percent on the day. Given … Continue reading →

Posted in Equities | Tagged , | Leave a comment

California Creamin’ (the muni market)

Posted on November 13, 2010 by macromon

You think today was ugly in the equity market take a look at what is happening with, MUB,  the Municipal Bond EFT (see chart below).   The California Legislative Analyst’s Office released their state fiscal outlook on November 10th and projects … Continue reading →

Posted in Bonds, News, PIIGS | Tagged , , | 1 Comment

Merkel Blinks, Irish Bonds Rally

Posted on November 12, 2010 by macromon

The panic in the European periphery eased a but as Irish bonds rallied sharply after finance ministers issued a statement that current debt would not be included in burden sharing in the event of a sovereign restructuring.    The FT writes, … Continue reading →

Posted in Black Swan Watch, PIIGS, Sovereign Risk | Tagged , , , , , | Leave a comment

China, Commodities Slammed on Tightening Fears

Posted on November 12, 2010 by macromon

Bloomberg sums it best, The Shanghai Composite dropped 4.6 percent this week, halting a six-week rally, following government reports showing inflation is accelerating and that the government may further increase rates after boosting borrowing costs last month. Consumer prices jumped … Continue reading →

Posted in China, Commodities, Equities, Monetary Policy | Tagged , , , | Leave a comment

No Luck Be A Lady and The (Bad) Luck of the Irish

Posted on November 12, 2010 by macromon

The Irish are caught in the middle of panicky capital flows and the loose rhetoric of European leaders.   PM Brian Cowen tried to calm markets after comments from German Chancellor Angela Merkel suggested that not all national debt should be … Continue reading →

Posted in Black Swan Watch, News, PIIGS, Sovereign Risk | Tagged , , , | Leave a comment

The Historic 17%/50-day Rally. What’s Next for S&P500?

Posted on November 11, 2010 by macromon

Only twelve times in the past fifty years has the S&P500 experienced a 17 percent rally in just fifty trading days with the most recent peaking on November 5th.   This surprised us as it sure didn’t feel like we were … Continue reading →

Posted in Equities | Tagged , | Leave a comment

Jeremy Grantham CNBC Interview

Posted on November 11, 2010 by macromon

Run don’t walk to CNBC’s extended interview with Jeremy Grantham, chief investment strategist at Grantham Mayo Van Otterloo (GMO).  Click here for the interview. He begins commenting on the Fed’s attempt to stimulate growth through the  “wealth effect,” noting that … Continue reading →

Posted in BRICs, China, Commodities, Crude Oil, Currency, Equities, Gold, Monetary Policy, Policy, Whales | Tagged , , | 1 Comment

Chart of the Day: Crude Oil Production & Energy Demand

Posted on November 10, 2010 by macromon

This is a fairly informative graph from Gregor.us, which gives a fundamental sense of which way crude prices are heading in the next few years.   NORF!

Posted in Crude Oil | Tagged , | 4 Comments

Quote of the Day

Posted on November 10, 2010 by macromon

“Global imbalances lie at the heart of the current recession; failure to address them will abort recovery and lead to currency wars. Gold can play a minor part in the necessary rebalancing, as Mr Zoellick suggests – although history shows … Continue reading →

Posted in Bonds, China, Commodities, Fiscal Policy, Monetary Policy, Politics, Sovereign Risk | Tagged , , | Leave a comment

All Eyes on Portugal and U.S. Bond Auctions

Posted on November 9, 2010 by macromon

After a yield spike of 40 basis points since the launch of QE2 (see chart below), the U.S. is due to sell $16 BN in 30-year bonds tomorrow.  This is interesting in itself, but after a week of increased bond … Continue reading →

Posted in Black Swan Watch, Credit, PIIGS, Sovereign Risk | Leave a comment