July 27 (Bloomberg) — The highest inflation-adjusted yields in 15 years are helping provide the Treasury with record demand at auctions as the U.S. prepares to sell $115 billion of notes this week. Treasuries are the...
Read MoreThe markets remain rather firmly split between the momentum-following trend runners who view the bullish action in financial asset prices as a sign that real economic activity will accelerate into 2010 and the old-style...
Read MoreWe are going to attempt to deal with a rather complicated relationship based on the divergence between two cyclical markets back in 2002. Our view is that this may be relevant to the markets later this year and our conviction is...
Read MoreWe start off today with a chart comparison between the sum of the U.S. 30-year T-Bond futures and U.S. Dollar Index (DXY) futures and the sum of copper futures (in cents) and crude oil futures (in dollars multiplied by three...
Read MoreWe are pulling forward a chart comparison that we showed in the back pages of yesterday’s issue to give it one last thrashing before setting it aside. The chart at top right compares the U.S. 30-year T-Bond futures with an...
Read MoreWe start things off this week with a comparison between the S&P 500 Index (SPX) and Hong Kong’s Hang Seng Index. The simple point is that the trends are virtually identical. We grant that the Hang Seng has certainly...
Read MoreWe are going to return today to a chart-based argument that showed on a number of occasions a few months back. It served as one of the building blocks for the thesis that we have held for much of the year.The thesis, by the way,...
Read MoreOur theme through this week has revolved around the bond market. We have mentioned that we can make reasonable arguments for rising bond prices as well as falling bond prices so our intention was to focus today on relationships...
Read MoreAs mentioned over the past two days one of the challenges that we face in the current markets situation is trying to discern whether ‘China growth’ is strong enough to offset ‘U.S. malaise’. In other...
Read MoreIn yesterday’s issue we commented that the trend for bond prices and yields remains something of a mystery. We can make a reasonable case for falling yields based on the output gap and an equally reasonable case for rising...
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