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Dow 13,000 achieved. Mission accomplished!  That purely psychological and meaningless level will be paraded across CNBC and similar channels as a sign that all is well. A whopping 98 net issues advanced today though in celebration of that “milestone.” Sarcasm aside (that was sarcasm by the way)...

On a day that the EUR was up over 60 bp (.60%) you would expect equity to rally. But conventional logic does not always imply. That’s why studying obscure currency pairs like the EUR/AUD the “risk off” currency up 100 bp and the AUD/USD the “risk on” currency down 22 bp will better explain...

Good Morning.  So apparently a Greek deal has been reached for 130 billion euro. Honestly this is the type of report that is quite frankly going to be denied by the time I write this post. There are a number of open items apparently in the deal including the biggest. There is no PSI (private sector...

Good Morning. Based on movement in the currencies and futures as of writing this post Thursday could be an interesting day. Apparently the downgrades by Moody’s is having more of an affect this time around. Implications for the two big European insurers Generali and Allianz include increased colla...

I’m going to “hijack” the Market Recap today and talk about a trade strategy that I think many will enjoy to learn about. First a few notables on today’s market. With 30 minutes to go the markets put in quite the reversal off the lows and “stick saved” what could have been a very nasty c...

Today’s close was another example of a confused equity market. A market were various securities do their own thing. The last 15 minutes of the session ES (SPX futures) caught a bid and came off their lows while the EMD (mid cap futures) and TF (small cap futures) moved lower. In fact both EMD and ...

I have a lot of charts for you today so will keep the preamble to a minimum here. The market is displaying a lot of mixed signals right now. Certainly dips are being bought and the appearance of strength and resilience is there. At the same time some warning signs are once again appearing and signal...

Some odd price action in equity, currency and credit markets today which further supports the theory discussed earlier that we are witnessing a deleveraging process (Deleveraging Process). That theory is pure speculation but considering the events in Europe and the increased probability of a Greek ...

I could really just keep changing the date and using the same Market Recap lately because the message has not changed. Credit VS Equity. One thing you’ll find here is consistency. May not like what I always write but I won’t waiver from what I see. Equity is trying desperately to breakout here. ...

Today’s Market Recap is more about credit because I believe that is where things are heating up. That is where capital is flowing to as equity still looks tired and in a slightly unorganized state. The headlines may say equity sold off at the open because of a Chicago PMI and Consumer Sentiment mi...

Even though the Dow was down a whopping 6 points today and the equity market showed a lot of resilience rebounding off session lows there is more to the story. Biggest news today is that of US Treasuries which continue breaking out to all time highs across the entire yield curve. Additionally the en...

Today was another battle in the war between US Treasuries (UST) and equity. Both continue to try and breakout and move higher, something that is simply not sustainable. Let me rephrase that it is sustainable to an extent. That was the case over the past five months. After a breakout to all time hig...