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…
Trump’s 25% auto tariff slammed into markets just as the AI rally hit a wall of resistance. Liquidity remains fragile, Treasury auctions are under strain, and investor complacency could prove costly.
The S&P 500 is attempting a rebound, but institutional investors remain cautious. Liquidity trends suggest this isn’t the time to chase the rally. Here’s what’s really happening beneath the surface.
Between March 18 and 27, Treasury will have injected $145 billion into dealer, MMF, and investor accounts. Pure market fuel. This rally wasn’t about real buying—it was about who got caught offside. Dealers came in record short and got steamrolled. Lee Adler explains why the trap is about to snap shut.
Markets are misreading Treasury’s current cash flows as bullish. But this surge is just a redistribution ahead of a major issuance shock.
Long Short Manager? Get a one-time complimentary copy of the full Liquidity Trader report: Treasury’s Liquidity Trap: Rebuild Now, Shock Later.