Lee AdlerYesterday we looked at the overview of the CLI and the issue of new and secondary stock offerings. The CLI is still bullish. And the…
Are You Kidding Me? Can this be right? Did the stock market become oversold in mid October versus Composite Liquidity. This chart said that it…
In the second month of each calendar quarter the US Treasury gets together with a shadowy group called the TBAC, which stands for Treasury Borrowing…
Tax collections improved in October, but are still well below pre-pandemic levels. The US may look like it’s recovering, but it’s still in the hole…
We’ve had two working theses over the past few months. One is that the Fed is no longer pumping enough cash into dealer accounts to…
Last week I was surprised when the US Government’s retail sales data hit a new high. No way, I said. Well, Way! Yes, some retailers…
The market has the benefit of $115 billion in Fed mid-month QE MBS purchase settlements this week. That would normally be very bullish. It’s notable…
The Fed’s balance sheet has now grown by over $2.8 trillion since March. That’s when the pandemic panic was at its extreme and the Fed…
Tax collections have leveled off at a negative year to year rate. The Fed has gone to Congress begging for fiscal support for the US…
Primary dealers have maintained huge and heavily leveraged long bond positions. They are only lightly hedged. Just today, the bond market is threatening to reverse…
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more. Subscribers, click here to download…
We have known for a couple of months that there would be a mountain of Treasury supply hitting the market at the end of September.…
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