A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Monthly Archives: August 2007
Economic & Credit Rout is in Full Swing
The rout in the financial and real estate related job arena is on. Stories are making the rounds that Pig Men of various stripes will move after Labor Day to slash head counts significantly. This follows on the heals of the collapse of a number of mortgage outfits in August. Housing finance support companies...
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Dull But Safe – WSE Pro
The market is in churn ‘em and burn ‘em mode, changing direction repeatedly from day to day and intraday. Such activity is not unusual in an intermediate bottom phase whether the overarching trend is bull or bear. The difference is in what happens as the cycle begins to emerge from its trough. In a...
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Fed Not Helping Much- WSE Pro
The Fed cut a net of $250 million from the liquidity pool on Thursday with a 6 day repo of $5 billion and a 14 day repo of $5 billion against $10.25 billion in expirations. That makes a 5 day net add of $6.25 billion. That’s still a long way from the $47 billion...
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Chorus Against the American Plague
US commentators, spin-meisters, politicians and corporatists are turning up the chorus calling for the tired old Keynesian formula of slashing interest rates to “cure” Ponzi unit problems. This is to be expected, and Wednesday’s trading showed unbridled, unquestioning belief in this wizardry. The problem is that instead of supporting Ponzi units, traders piled...
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Riding On A Shaky Coaster – WSE Pro
In a wild roller coaster of a ride, the market plunged on Tuesday, and then zoomed higher on Wednesday to recover most of the loss. The action is consistent with a thin, illiquid market where players on both the long and the short side are taking turns in forced liquidation mode. Click here to...
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Fed Reverses Course- WSE Pro
The Fed added a net of $3.25 billion to the market on Wednesday with an overnight repo of $5.25 billion against $2 billion in expirations. That makes a net add of $14.75 billion over the last three days and a $9.75 billion 5 day net add. Click here to download complete report in pdf...
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WSE Pro Dollar Index and Bond Yields Update – 8/29/07
Latest cycle conditions and projections for the US Dollar Index and 10 Year Treasury Yield. Click links to download report in pdf format. (WSE Pro subscribers only). Try the Professional Edition risk free for thirty days. If, within that time you don’t find the information useful, I will give you a full refund. It’s...
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Podcast
New one on one Lee Adler, Russ Winter podcast is available, centering around the current myth of central bank ease, and the stock market set up.
Additional data on the ECB is here. There was a big bulge in ECB assets the week of August 10th, but it is now largely gone.
July 27: 1,212,584
August 3:...
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What Good Would Rate Cuts Do?
Krammer is screaming for a rate cut. Bill Gross is screaming for a rate cut to save his wrong-way mortgage bets. Jim Sinclair is screaming for a rate cut so his beloved goldies will ramp to the moon. Pretty sickening display.
CNBC had a used car salesman on today who was screaming for a rate...
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The Trend Didn’t Bend – WSE Pro
Groaning under the weight of huge Treasury supply and continued liquidation pressure driven by the collapse of the Asset Backed Commercial Paper market, the stock market fell sharply on Tuesday. The drop came from the top of a well defined downtrend channel, suggesting that the downtrend that began in July is still very much...
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FCBs Back At The Table? – WSE Pro
The Fed added a net of only $2 billion to the market on Tuesday with an overnight repo of that amount against no expirations. That makes a net add of $11.5 billion over the last two days, but that’s a long way from the $47 billion in net new money for which the Treasury...
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Radio Free Wall Street Podcast 8/28/07
Lee Adler, Russ Winter, and Aaron Krowne talk about the implications of the Fed’s actions this week. Not a subscriber yet? Click here to listen to a free preview.
Subscribers only. Enter your login when prompted. Please wait for file to load. For faster startup we recommend the Firefox browser. To subscribe,...
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Brother Can You Spare a Dime?
It’s been awhile since I surveyed the housing market, but it seems apparent we are at an inflection point. And it’s not really about psychology either as there may still plenty of clueless Sheeple out there willing to buy. But can they: a large percentage of whatever buyers are left, can’t get a...
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Not The Pause That Refreshes – WSE Pro
The stock market stalled at a key resistance line on Monday and short term cyclicality is now entering a less favorable period. The Treasury unleashing a tidal wave of new paper sucking $47 billion in cash from the market this week certainly won’t help. Click here to download complete report in pdf format (Professional...
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Comes The Deluge- WSE Pro
The Treasury will be hitting the market for $47 billion in net new money this week. Unless the Fed steps up big, and FCBs return to heavy buying of Treasuries, this should pressure the market. Click here to download complete report in pdf format (Professional Edition Subscribers).Try the Professional Edition risk free for thirty...
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Elvis Sightings & Loose Lips Sinks Ships
Although the mainstream media and cognoscenti seem to be highly focused on the prospect for loose money bail outs of the financial system, the actual strategies being employed by the Wizards of Oz are all together different. The question of “loose money” was addressed by my colleague Lee Adler in this post. I will...
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Lucky CP Holders Buying Stocks? WSE Pro
If the asset backed commercial paper market ceases to function, what are those lucky CP holders who actually get their cash back at maturity going to do with it? We’ve already seen them pushing T-bill rates down sharply. But guess where else they’re going? Yep. The stock market. Stocks still appear to be readily...
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We Have Met the Enemy and He Is Us
In an earlier Radio Free Wall Street podcast (August 15 at 30:30 to 33:00) that a few of you may have listened to, I discussed the concept that Bears have also been over-trading this market, so much so that the prospect for a large short covering rally could be in the works at any...
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Media Gets It Wrong- The Fed is DRAINING! – WSE Pro
Contrary to what the financial infomercial media would have you believe, the Fed continues to steadily and consistently drain liquidity from the markets.
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More Stupid Dog Tricks From the Corporate Welfare-Nistas
Comments from Jean-Pierre Roth the head of Switzerland’s central bank echos the tin foil hat theme of Winter Watch. True in the Nth degree, but still kind of a funny thing to say for a central banker who has let carry traders and speculators have their way with the Swiss Franc.
Jean-Pierre Roth, president of...
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This Time Is Different
Here’s another great post that’s a must read from one of our good friends over at the Capitalstool.com Mark to Market forum. This is from Sudaca, who is a professional money manager in South America. He is, needless to say, an expert on emerging market equities, debt, and natural resources, and he is one...
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Wall Street Examiner Podcasts
August 23, 2007 – Lee Wheeler talks with Lee Adler about the problems in the credit markets, as well as key market levels and trading strategy. Click here to listen. Visit the NEW Radio Free Wall Street Other recent podcasts:
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New Podcast
Listen to a new podcast with Lee talking about key market levels and the liquidity issues that are impacting it.
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Rocket Fuel Runs Dry- WSE Pro
Thursday was the first day where the Fed actually appeared to be pushing money rates lower (See Fed Report), but the market was apparently out of rocket fuel and it stalled. There was more bad liquidity news after the close when the Fed revealed that foreign central banks were again sellers of Treasuries, dumping...
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