“Stability breeds instability”

posted in: Credit, Derivatives, Economy, Equities | 0

Short interest continues to inch up.  By June-end, Nasdaq’s went up 0.6 percent period-over-period to 8.9bn – highest since end-September 2008 – and NYSE’s edged up 0.7 percent p/p to 14.6bn.  What is going on in the Naz in particular … Continued

NYSE margin debt goes sideways in May; 2H Nasdaq ramifications

posted in: Economy, Equities, Technicals | 0

In many ways, this cycle has been like none other.  Equities continue to grind higher.  Multiples (valuation) continue to expand.  The Fed continues to provide support – both monetary and verbal.  Equity bulls continue to throw the caution flag out … Continued

XLY’s near-term direction probably down in midst of energy uncertainty

Crude oil is on the move.  Since early April to last week’s high, the Brent has gone up by over 11 percent.  The West Texas Intermediate found a trough much earlier – early this year – and until the high … Continued

NFIB respondents’ comp plans portend better days ahead, should we trust?

posted in: Economy | 0

One of the ways the current U.S. economic recovery has seriously diverged from past recoveries is the lack of solid progress on the wage front. In May, year-over-year percent change in average hourly earnings of private-sector employees (seasonally adjusted) came … Continued

ECB action suggests euro-area debt crisis not over yet

posted in: Credit, Currency, Economy | 0

The euro so far is trading exactly as expected.  ECB President Mario Draghi did not disappoint.  Yesterday, the refi rate (main lending rate) was cut to 0.15 percent from 0.25 percent and the deposit rate to negative 0.1 percent from … Continued

Dynamics behind plummeting U.S. home ownership and rental reliance

posted in: Credit, Economy | 0

Sales of new homes are struggling to maintain their earlier momentum.  The three-month moving average flat-lined for nearly a year before peaking at 448k (SAAR) in January this year.  Those for sale (supply) has been gradually inching up as well … Continued

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