Archive for November, 2014
Tuesday, November 18th, 2014
All Clients Long Neutral Short
Nov 17 20 56 24
Nov 10 15 61 24
Nov 3 15 61 24
Active Clients
Nov 17 25 50 25
Nov 10 25 58 17
Nov 3 17 58 25
In the all clients survey, the percent of longs increased by 5 and the percent of neutrals decreased by 5, ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, November 18th, 2014
Via Marc Chandler at Brown Brothers Harriman:
Dollar Broadly Mixed as Corrective Forces Try to Take Hold
- The overall theme today appears to be one of consolidation, but major currencies are trading inside yesterday’s ranges
- UK today reported slight higher than expected consumer prices
- The better than expected German ZEW survey ...
Posted in Uncategorized | Comments Off on FX
Tuesday, November 18th, 2014
The NYTimes Dealbook has a long article on the return of the mega deal as exemplified by the drug company merger and the oil service company mergers yesterday.
Via the NYTimes Dealbook:
Stocks are surging, corporate executives are ambitious and debt is cheap. The result is one of the biggest booms ever ...
Posted in Uncategorized | Comments Off on Deal Time
Tuesday, November 18th, 2014
Via the good folks at Bloomberg:
IG CREDIT: Highest Volume Monday of Year; Spreads at New Wides
2014-11-18 11:11:18.397 GMT
By Robert Elson
Nov. 18 (Bloomberg) -- The final Trace count for secondary
trading was $15.7b, the highest volume Monday of 2014, vs $14.5b
Friday and $10.4b the previous Monday. 10-DMA at $14.5b; 10-DMA
of only Monday ...
Posted in Uncategorized | Comments Off on Highest Volume Monday of the Year
Tuesday, November 18th, 2014
Prices of Treasury coupon securities have meandered about in a very narrow range in overnight trading and yields have registered very small declines. The yield on the benchmark 5 year note slipped to 1.617 from 1.627 (at the NY close yesterday). The yield on the 7 year note edged lower ...
Posted in Uncategorized | Comments Off on November 18 2014 Opening
Tuesday, November 18th, 2014
Earlier in the evening I posted an article from Bloomberg which discussed the disruptive events of October 15 when the 10 year Treasury traded down to 1.85 percent. There must be some journalistic competition because the FT also is running a comprehensive examination of that day's trading and the causes ...
Posted in Uncategorized | Comments Off on Dissecting the October 15 Treasury Flash Crash
Monday, November 17th, 2014
This Bloomberg (long) story reflects on the events of that day and discusses the changes which will make trading more volatile in the future.
Via Bloomberg:
Flash Boys Raising Volatility in Wild New Treasury Market
By Susanne Walker and Lisa Abramowicz Nov 17, 2014 7:45 PM ET
In a flash, the bond market went ...
Posted in Uncategorized | Comments Off on Reflections on the October 15 2014 Short Squeeze
Monday, November 17th, 2014
Via the FT:
Economy Bleak house prices China October edition
House prices in China are falling, and at a faster rate than before.
China's property prices index for October showed that new home prices fell month to month in 69 of 70 cities and the average was down 2.6 per cent from a ...
Posted in Uncategorized | Comments Off on Falling Home Prices in China
Monday, November 17th, 2014
This post is courtesy of my good friend and former colleague Steve Liddy. As I have mentioned previously Steve is seeking gainful employment. He is an avid and enthusiastic student of the market and has worked at various primary dealers in both the sales function and in trading.
Via Steve Liddy:
It's ...
Posted in Uncategorized | Comments Off on Guest Post
Monday, November 17th, 2014
The Pension Benefit Guarantee Corporation is a government entity which insures private pensions. The entity has a $62 billion dollar problem in the form of a long term deficit of that amount. According to a WSJ story the PBGC is likely to go bankrupt in the next few years without ...
Posted in Uncategorized | Comments Off on Pension Problem Persists