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It's Thanksgiving today, which means heavily impaired liquidity and, thus far, large price swings. Before Macro Man starts to "cook" Thanksgiving dinner (i.e., put the turkey on the barbecue to roast while Mrs. Macro does everything else), he has time to once again count his blessings after what ...
Other
It feels like an either/or kind of market doesn't it? With a number of key asset prices (SPX, EUR/USD) approaching their extremes of the year in liquidity-impaired holiday markets, it feels like we're either on the edge of a breakout/melt-up or witnessing perhaps the last chance to sell vol at ...
Currencies
Euro
US $
It's tempting to get sucked into writing about today's sharp decline in the Shanghai Composite (pictured below) and what it might mean for developed markets. The problem is that at this juncture, Macro Man isn't sure that it means much at all. In both 2008 and 2009, the r^2 between the 'Comp ...
Stocks
As we embark upon Thanksgiving week, thus ushering in the low-liquidity holiday silly-season, you can almost hear Slade (or is that Quiet Riot ?) in your ear as you watch the screens. If you're a noise trader, there are rich pickings to be had; if you're a signal trader, thre's not much you can ...
Commodities
Macro Man is back in the saddle, or at least his office chair, this morning after his first decent night's sleep in what seems like forever. It's expiry day today in equity land, and indices are producing the seemingly-obligatory squeeze up, despite the rather poor performance of other measures ...
Currencies
Macro Man's feeling a bit under the weather this morning, so today's post will be mercifully short. What do these four countries have in common: Brazil, Indonesia, South Korea, Taiwan a) They all have trade surpluses, according to the last monthly data b) They all saw the value of their FX ...
Government
Korea
On the same day that Ben Bernanke made his speech mentioning the dollar, his intellectual blood-brother Don Kohn made one that touched heavily on the issue of asset bubbles. At the risk of over-simplifying the speech, Kohn essentially said that monetary policy is an inappropriate tool for ...
Government
Federal Reserve
macro-man.blogspot.com - 9 days ago
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macro-man.blogspot.com —
Following on from yesterday's post, Macro Man received
confirmation this morning that Britain is, in fact, going...
to the dogs. He rolled up to the station this morning to find that his usual 6.33 service has been cancelled until further notice because ...
(more)
Bernanke And The Buck
Comments
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naked capitalism
found this 9 days agofound this
It's been raining cats and dogs for most of the last week (though sadly not during this turgid displa y, which might have excused the unappetizing fare on offer), so Macro Man has domestic pets on the mind. After a brief respite last week, it feels like every man, woman, cat and and dog in the ...
Other
Sometimes, you just need to step off the desk and get away for a bit to clear your head. For Macro Man, this is one of those times. He runs a book that can, at times, be quite sensitive to changes in the correlation and/or volatility structure across different assets. When it works (which, knock ...
Other
Macro Man is back on the desk this morning, safely re-attired in standard-issue hedge fund costume: sport coat, jeans, and collared shirt. He's never been a fan of wearing a suit and tie, but in the current populist backlash against bankers and hedge funds the idea of slipping a knotted length ...
Other
Macro Man is out marketing this morning in that delightful process known as the investor round table. As such, today's entry is limited to....err...the above sentence. Feel free to discuss potential new highs in the SPX, EUR/USD, gold, or anything else in the comments section. Normal service ...
Currencies
Euro
US $
"I'm so tired, I haven't slept a wink. I'm so tired, my mind is on the blink. I wonder should I get up and fix myself a drink." I'm So Tired, The Beatles Macro Man can sympathize with John Lennon's 1968 lament. Not only is he weary of these treacherous markets in the ...
Stocks
On your marks...get set....go! Markets are off to the races so far this morning, as all manner of risky assets on Macro Man's screens have roared higher. It almost feels as if markets, having successfully survived the murderer's row of event risks last week, exhaled over the weekend and decided ...
Government
You've heard of The Longest Yard . You've heard of The Longest Day . Well, this has been the longest week, given the barrage of significant releases, announcements, et al. We conclude today with US non-farm payrolls, after which Macro Man plans to relax over the weekend. Anyhow, he doesn't have ...
Currencies
Dear Fed, Macro Man speaks to a lot of well-informed, knowledgable punters. Many of you (collectively on the FOMC) know some of these very people. They are smart, and they spend a lot of time analyzing you and trying to understand your way of thinking. And last night, after you changed this: ...
Government
It's been a shambolic start to what should ultimately prove to be a pretty important day. Macro Man normally catches a 6.33 am train from his local station into London Bridge; imagine his horror, therefore, when he opened his eyes this morning to discover the numbers "6:27" on his clock face. ...
Stocks
Yesterday was instructive, n'est-ce pas? The ISM was substantially stronger than exepected (OK, new orders dipped slightly, but employment rose sharply to exceed 50), equities popped sharply higher.....and then spent most the rest of the session melting away. Sometimes it's possible to ...
Currencies
It's a big, big, big week. Starting off with today's ISM (well, technically, starting off with yesterday's China PMI), we've got the Fed on Wednesday (the end of the extended period?), the BOE (more QE?) and ECB on Thursday, and of course payrolls on Friday. Throw in the odd corporate ...
Stocks
VIX
This equity price action is becoming almost Biblical: "and on the fifth day, the market rose again...." Macro Man was somewhat bemused by the enthusiastic reception to yesterday's GDP number, by the economics profession at least as much as the marketplace. After a four-day slide, that an ...
