Lee AdlerThis was inadvertently posted a moment ago with the wrong headline and post link. Sorry for the error! Macro Liquidity continues to bulge. The stock…
Both bonds and stocks have weakened over the past 2 weeks. It’s a sign that the Fed isn’t supplying enough QE. We’ve known for a…
We have a little tightness in the market at the end of every month. That’s because the Treasury issues a big wad of TP and…
Back in September I wrote to you about why I was giving up on the banking system indicators. I’ve reposted that rant in an addendum…
The Fed continues to fund roughly 85% of new Treasury issuance. It affirmed at last week’s FOMC meeting that it won’t cut QE for the…
The Fed’s policy remains stable at about $170 billion per month in QE, give or take a few billion depending on the level of MBS…
Here’s the problem. When rates are falling, there are more sales, and especially more refi. So the prepayments go up, and the Fed sees a…
Yesterday 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…
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…
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 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…