Treasury auction demand looks strong — but it’s an illusion. Primary Dealers are faking demand at an unprecedented scale, hiding a collapse in real investment appetite. This Special Report by Lee Adler shows exactly how deep the rot runs.
Yogi Berra famously said, “You can observe a lot by watching.” I’ve been watching markets since the late 1960s. As a young trader in the…
The bear market is here. Structural support has broken across all major indexes. Lee Adler’s Cycle Wave model confirms full-cycle alignment to the downside. The April 6 Technical Trader report lays out the timing, structure, and exposure strategy for c…
This isn’t a recap. The breakdown is still unfolding—and everything I’ve done this year has pointed to it. The March 31 Technical Trader laid out…
Wall Street tracked sentiment and flows. Liquidity Trader tracked the dealers—those who make the market. And the cracks are visible.
Primary Dealer leverage has broken above 120% of Treasury and MBS holdings. Dealers are long, underhedged, and overe…
Trump’s Liberation Day tariffs mark more than a policy shift—they redefine how capital interprets risk. The Norrholm panel explores what happens when markets stop pricing efficiency and start pricing intention. Tariffs are no longer tools—they’re frameworks. This isn’t just a trade realignment. It’s the emergence of a new allocative order.
March swing trades still closed with a +6% average gain, but last week’s failure triggered a full reset. Two new shorts survived the screen. This…
The tape tried to break — and failed. After a 125-point collapse at the open, the S&P 500 reversed sharply and never looked back. No…
The trend is still your friend—provided you don’t fight the tape. This is not another messy rotation or headline-driven chop. The market has confirmed a…
Is AI at a dead end? I saw an article on Live Science a few hours ago that suggested that it is. “In a new…