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Notes From Underground: Looking for Headwinds In All the Wrong Places
It’s tough to enjoy the final days of summer when the FED can’t just relax their wind pipes. The continued contradictions emanating from those who sit in the same meetings is jeopardizing the Fed’s...
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Notes From Underground: Global Politics Will Keep Volatility Elevated
Increased volatility is not debatable. It will be the outcome of the uneasiness of global politics. It seems that the present state of affairs reflects the vast chasm between those who have benefited...
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Notes From Underground: Together Again
Back from the spiritual cleanse and I chatted with Mr. Santelli today about volatility as the prairie fires of global politics causes great angst and HEADWINDS for markets. There was nothing new for...
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Notes From Underground: Old Friends
Time it was and what a time it was, it was a time of innocence a time of confidences long ago it must be i have a photograph preserve your memories they’re all that’s left you [Simon & Garfunkel]...
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Notes From Underground: How Many Syllables, Mario?
In the 1969 cult classic Putney Swope written by Robert Downey, Sr., the film opens with the death at the board room table of the firm’s chairman, Mario. Not realizing he has had a heart attack the...
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Notes From Underground: The Rallying Cry Remains, “Pepper Spray Davos”
We at Notes From Underground have published more than 1,000 posts during the last seven years. I have voiced my displeasure about the annual gathering in Davos for the past five years (last year’s...
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Notes From Underground: FOMC Decision Day Is Upon Us
Janet Yellen and the FED take center stage tomorrow and the consensus is for NO CHANGE. The market believes the FED will be on hold until March. BUT I OFFER THIS: If I was the FED chair I WOULD RAISE...
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Notes From Underground: What Was Learned From Draghi and Yellen
In reviewing the March 9 ECB and March 15 FOMC meetings, the press conferences emceed by President Mario Draghi and Chair Yellen revealed little but raised questions about serious issues confronting...
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Notes From Underground: Brexit, Two Years Is A Long Time
The biggest news in a very slow week of news is the beginning of the Brexit plan as Prime Minister May sent a six-page memo to Brussels as Article 50 begins and the two-year time period allotted for...
View ArticleNotes From Underground: Is Macron a Moron?
On September 7, I had the pleasure of chatting with Richard Bonugli of the Financial Repression Authority, covering topics previously discussed on Notes From Underground. The podcast allows for a much...
View ArticleNotes From Underground: The Same Old Song, With a different Beat (Since 2017...
After a sharp selloff late on December 29 the market has regained its mojo and rallied 2%. While the first two days of trading for the European markets were not confirming the S&P rally, the DAX...
View ArticleNotes From Underground: The Week That Was …?
What a week last week turned out to be (and that was if you just followed the headlines). Tariffs are taxing the global financial markets as they try to guesstimate the economic impact from the effect...
View ArticleNotes From Underground: What Hath ALGOS Wrought?
The speed at which markets react to political and economic headlines in an ALGO-driven world can create volatility that preys upon key levels. Today was a classic example as the long revered 200-day...
View ArticleNotes From Underground: The 10-Year Finally Hits 3% and It is Meaningless
The concentration of the media on round numbers is going to drive me to drink that bottle of Pappy Van Winkle. In true philosophical inquiry, round numbers never fit in the square pegs of the...
View ArticleNotes From Underground: The Mother of All Debt Crises
Everything in global financial crisis emanates from too much debt being unable to be serviced. The current situation in Argentina is that the state and private sector borrowers won’t be able to pay the...
View ArticleNotes From Underground: The Magician of Frankfurt Will Be Called to Answer
We’ve been discussing the problems in the Italian debt market at NOTES FROM UNDERGROUND for many years but with the Five Star/Lega coalition coming into government many of the issues that were once...
View ArticleNotes From Underground: Powell Confirms It Ain’t Rocket Science
Over the last nine years, a major theme from the wit and wisdom of Notes From Underground has been that FED policy is not rocket science, the premise being that no matter how much math is applied the...
View ArticleNotes From Underground: A Fresh Glance at Markets
Exactly two weeks ago we at Notes From Underground published, “Powell Seeks To Reestablish The Authority of Markets…Maybe?” While I was off enjoying my daughter’s wedding, the December S&P futures...
View ArticleNotes From Underground: Rome Is Alive With the Sound of Music
There was singing in Rome when Angela Merkel announced that she is stepping down as the leader of the Christian Democratic Union. The two most recent German regional elections has solidified the...
View ArticleNotes From Underground: Angie, Where Will It Lead Us From Here?
Germany chose a new CDU party leader to replace Angela Merkel. Membership chose Merkel’s hand-picked choice Annegret Kramp-Karrenbauer, also known as AKK. This is a very poor choice as it reflects a...
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