making sense of the narrative
July 8, 2021
The fundamentals remain intact; the Covid-Policy Induced Economic shutdown is clearly behind us, with Asia (ex Hong Kong) and the US leading the return to normality while Europe and the UK still lag. Temporary demand supply/imbalances are spiking commodity prices Read more…
June 10, 2021
While there was an initial attempt at Sell in May and Go Away, as far as equities were concerned the selling by leveraged retail traders was largely countered by buying on the dips for quality stocks from longer term investors. Read more…
May 3, 2021
A Pause that Refreshes… Market movements in April might best be described as an apparent ‘reversal of the reversal’ as many of the winners of the inflation/reflation trade that began in October appeared to sell off while the ‘losers’ rallied. Read more…
April 6, 2021
As March ended and closed out the first quarter, it also marked the anniversary of the equity and Credit market lows triggered by the Great Covid Panic of 2020. Intervention by the Fed to prevent market dislocation and an unprecedented Read more…
March 5, 2021
Rotating out of long Duration Assets March is a key month for most asset allocators, as the options expiry on the third Friday of the month is one of the first major opportunities to ‘reposition’ portfolios by putting on new Read more…
February 2, 2021
Following the powerful bounce from the March 2020 lows and the strength of the Santa Claus rallies at the end of the year, it was perhaps not too surprising to see some backing-off from the major equity indices towards the Read more…
December 13, 2020
As usual, markets are now largely flat going into year end and the investor time horizon is starting to stretch out a little as we consider the prospects for 2021. By all accounts, the government restrictions, particularly in the west Read more…
November 9, 2020
The US Election looks to have gone to Biden, even though it also looks like it is going to the courts. In some ways, what is more important is that the failure of the widely predicted ‘Blue Wave’ to appear Read more…
October 2, 2020
Markets dropped back during the course of the month as liquidity moved to the sidelines ahead of the US Presidential Elections, which are now entering their final stage. The potential risk from the mid month options expiry in the basket Read more…