Lee AdlerDespite 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…
Back in the good old days of QE, liquidity analysis was straightforward. The Fed pumped money into the markets via the conduit of Primary Dealer…
If liquidity can’t explain a rally, it can’t sustain the rally. Non-subscribers, click here for access. Subscribers, click here to download the report. Banking indicators…
Despite what the pundits tell you, and despite the massive rally in the Treasury market over the past few days, the problem of Treasury supply…
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