Monthly Archives: April 2011

Quote of the Day: Europe in the True Finn Soup

Something new is going to happen and that’s very good because these bail-outs clearly have not been working. – Timo Soini, leader of the True Finns

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Week in Review: Is This Time Different?

Not much to say tonight and will point you to a great chart sent to us by our friend Jim Miller.   Is it really different this time or are we at the height of a commodity bubble which is about … Continue reading

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Urban Mining Gone Wild

The increase in theft of catalytic converters is really starting to make headlines across the country.  Toyota SUVs and trucks appear to be the prime targets as their catalytic converters contain more of the three precious and rare earth metals … Continue reading

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The Weekend Read

IT LOOKS like a planetary tattoo designed to be seen from space, a vast set of concentric circles inscribed in the skin of southern California’s desert. Ground was broken on the Ivanpah power plant, which is to be one of … Continue reading

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Euro Fracture: Foreign Bank Exposure to GIPs

Great chart from the Economist of foreign bank exposure to Greece, Ireland, and Portugal (GIP) and explains why “restructuring” is so taboo with European policymakers. The Greek sovereign credit curve is inverted with the 2-year now yielding around 18 percent … Continue reading

Posted in Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , | 1 Comment

Euro Fracture: Greek Restructuring? – German FinMin

German Finance Minister Wolfgang Schaeuble raised the specter of a Greece restructuring in an interview with German newspaper Die Welt.   Yields on Greek 10-year bonds jumped to 13.26 percent and the two-year note yield surged 103 basis points to 17.96 … Continue reading

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Apple’s Bullish Hammer?

First a disclaimer.  You know our confirmation bias on Apple. We think it is the best company in the world, the Five Star General of this bull market, and the leader in the new wireless/app driven global economy.  We recognize … Continue reading

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Components of the 10-Year Treasury Yield

An interesting chart from the IMF showing the components of the 10-year Treasury yield.   Note how oxymoronic credit risk (in pink)  crept into the “risk-free” 10-year rate starting around the collapse of Bear Sterns.   The IMF opines on what has … Continue reading

Posted in Bonds, Budget Deficit, Fiscal Policy, Sovereign Debt, Sovereign Risk | Tagged , , , | 10 Comments

Macro Notes from the Alcoa Conference Call

Here is our takeaway from the Alcoa conference call.  We build our macro view on micro foundations.   Alcoa’s stock is down 7 percent since announcing earnings on Monday evening.  The following are excerpts from the conference call taken directly from … Continue reading

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Apple Holds Key Support at $330

You should know by now that we believe Apple is the Five Star General of this bull market and have watching the poor action after the stock made a closing high of $360 on March 4th.   It held key … Continue reading

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