Lee AdlerIn Part 1 of this report, I covered dealer positions, financing, and hedging. Dealers have mitigated a significant amount of risk by selling paper to…
For several months, I’ve been positing the idea that when the Treasury gets its cash level down to the legally required limit, the stock and…
Stock prices are currently right in the middle of the channel surrounding the liquidity line in the Compositite Liquidity Chart (viewable in subscriber version). By…
The balance between QE and Treasury supply will remain bullish through through xxxx (subscribers only). This should provide a boost for stocks. It should keep…
Every time there’s a critical problem in the banking system due to banker malfeasance, the Fed steps in to paper it over and reward the…
The balance between QE and Treasury supply has gotten even more bullish and will remain so until xxxx (subscribers only). This should provide a boost…
The Treasury Borrowing Advisory Committee (TBAC) is a gang of Primary Dealers and other big investment firms that tells the US Treasury once each quarter…
The markets are awash in cash. It shows up on the Fed’s balance sheet. It shows up in the Treasury account, and in Primary Dealer…
The balance between QE and Treasury supply remains bullish. This should provide an underpinning preventing the stock market selloff from going too far. At the…
Primary Dealer data is always among the most important types of data for us. I look at it in as many ways as possible with…
We have finally seen the effects of the bond market crisis in dealer inventories, and it isn’t pretty. Dealer inventories have plunged by $166.6 billion…
We have a darn good idea of when the US Government will run out of money. We know when it will start slamming the market with even more supply. Huge supply. Record supply. The biggest baddest, most persistent tsunami of supply in history.
It will wipe out everything in its path. There will be no escape.