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Monthly Archives: August 2013
S&P 500 trading days: portrait of a farce
This chart captures yesterday’s price moves in the S&P 500 leading up to the Fed minutes at 2pm and thereafter.Note the low volume ramp and the high volume dump swings as algos jump to “trade the news”. No doubt some … Continue reading
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QE has prompted a massive misallocation of capital
Over the past 3 years, we have warned about mean reversion risk due to extreme over-valuations built into resource, mining and materials companies. After 50-70% declines, price risk is now lower in those sectors. But it remains dangerously high in … Continue reading
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Dimon under siege
$9 billion in one’s legal defense budget can buy a lot of impunity from the usual consequences of criminal behavior. Legal woes continue to rise for JP Morgan Chase and its CEO Jamie Dimon including allegations of energy manipulation and … Continue reading
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