Withholding tax collections grew strongly in September. They weren’t alone. Other taxes also showed very strong growth. There’s no evidence of economic slowing. Every real…
Market rallies have been well supported by adequate, self generated liquidity. But that’s about to change in October, particularly late October. Non-subscribers, click here for…
Not much has changed in liquidity measures since last week’s breakout to new highs. Most indicators have paused. But the market rallies remain well supported…
Measures of banking system and non bank liquidity have broken out to new highs. The market rallies remain well supported by adequate liquidity. There are…
Primary Dealers remain modestly net xxxx the bond market, including both their securities portfolios and futures hedges. That’s a problem, considering not only what’s going…
Recently, the narrative used to explain or excuse the recent performance of US stocks and bonds is that the US economy is slowing. The crystal…
Withholding tax collections grew enough in August to support existing market trends. Non-subscribers, click here for the rest of the story. Subscribers, click here to download…
There were no significant changes in the data this week. In looking at the big picture, I saw nothing that would materially change my analysis…
DVP (Delivery versus payment) Repo, which is the bulk of the repo market, made a new high last week, supporting a bullish trend in stocks.…
Whereas, in the course of human events… Non-subscribers, click here for access. Subscribers, click here to download the report. Wait! Who starts a report with “Whereas!”…
