Lee AdlerIn last week’s report, we noted that “One of the key measures of animal spirits versus liquidity has reached an historic level of insanity that…
A potentially historic week is on tap. One of the key measures of animal spirits versus liquidity has reached an historic level of insanity that…
Withholding taxes rebounded in January, but they were still negative year to year in inflation adjusted terms, and barely positive in nominal terms. Non-subscribers, click…
Despite the fact that the Fed is no longer the only driver of the markets in one direction, it still plays a role indirectly. So…
The dealers have gone to an extreme of leverage against their bond positions for the second time since last July. Back then, the extreme lasted…
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Yesterday I posted a report on the plunge in the withholding data. Non-subscribers, click here for access. Subscribers, click here to download the report. That…
NOTE! This report has been updated here with important previously overlooked information. Withholding taxes plunged in December. They are by far the largest component of…
The market has reached maximum extension versus the Composite Liquidity Indicator. The indicator remains flat despite surging bank deposits. Investors and dealers appear to be…
I wish you and yours the happiest of holidays, a Merry Christmas, and Happy New Year! And a special thanks to you, Liquidity Traders! While…
Tracking total Primary Dealer financing, as reported weekly by the New York Fed, shows us the approximate level of risk inherent in dealer positions. This…
What the market doesn’t know, will hurt it. The US economy slowed radically in November. It may have even contracted. We don’t need jobs data…
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