Lee AdlerNormalization is dead. And that, ladies and gentlemen, is all she wrote. A little bit of Fed POMO won’t be enough to save the bond…
In July we saw that the market was at a record overbought extreme versus liquidity. I warned then that the bullishness we saw earlier this summer would be short lived. The market has corrected a bit. Now what?
The uptrend is particularly hot in loans to non bank financial institutions. That is composed largely of margin and repo loans. It’s clear that this borrowing has been a prime driver of the rallies in stocks and bonds. Live by leverage, die by leverage.
The data shows that the end is nigh.
The Fed has ended its balance sheet bloodletting. QT is kaput. No more “normalization.” Now abnormal is the norm. But while the Fed will no…
Yesterday, I posted this report with the intro from the June report. This version corrects that error. I apologize for the confusion! Click here to…
Loan growth is red hot. And it’s all based on speculation. But lenders act as if there’s no risk in all these new loans. Here’s…
The joke is on Wall Street, investors, and yes, the Fed itself. But you will be prepared to take advantage because you read this report.…
The Composite Liquidity Indicator remains near a record extreme, and that’s scary. Here’s what you need to know. Click here to download the report (Subscribers…
The Fed’s balance sheet shrank sharply over the past 4 weeks. So it’s no surprise that the stock market rally sputtered. But what’s going on…
The Composite Liquidity Indicator is back to where it was last February and September. Does it mean the same thing now? Click here to download…
Bank lending slowed in April, but it remains a dangerously hot bubble. Click here to download the report (Subscribers Only) One Month Free Trial and…
Despite the noise about the Fed possibly cutting interest rates this week, the reality of the market says otherwise. If the Fed does cut, it…