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Notes From Underground: Pushing On A String “Yields” a YO-YO Market
The great economist and bon vivant, Joseph Schumpeter, described the failure of low interest rates to stimulate the animal spirits of businessmen as “PUSHING ON A STRING.” In paraphrasing this concept,...
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Notes From Underground: Awaiting the FOMC
The media has made the idea of a TWIST by the FED a sure thing. Okay, can’t argue with consensus, but of course that is why this blog exists: To question the thought process of the purveyors of...
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Notes From Underground: Slovakia … Never Has Something So Insignificant...
The media was all aflutter with the vote in the Slovakian Parliament on the issue of the July 21 changes to enhancing the increased funding for the EFSF. This vote was meaningless for Europe and the...
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Notes From Underground: FOMC Minutes (Upon Further Review)
Tonight will be all quick hitters as the big news is sparse, to say the least. The Fed released the minutes of the September FOMC meeting. Besides discussing the idea of QE3, the most interesting read...
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Notes From Underground: A Market Pregnant With Fear Suffers A Contraction...
The global markets are on tenterhooks waiting for the European leaders to come to some definitive plan of action to secure the European banking sector and provide relief to the problem of sovereign...
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Notes From Underground: Is This a One-Act Play or Will There Be More Theatrics?
Today was the day the world’s major central banks decided to “shock” the markets and provide a coordinated intervention to help ease the pressure in the Global bank lending markets. LED BY THE U.S....
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Notes From Underground: GOLD … All the appearances of a tired BULL?
Yes, the FED released its FOMC statement today and there were no changes to the FED’S POLICY NOW AND FOR THE EXTENDED PERIOD INTO 2014. So here was nothing to upset the markets and as I read the...
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Notes From Underground: We’re Back
Click on image to watch me talk about the markets pre-FOMC.
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Notes From Underground: Policy Should Set Stock Prices. Imagine That
The ideas CNBC is spreading about the FISCAL CLIFF is just absurd. The addiction to higher stock prices has meant that a failure to get the equity market to rally due to falling off the “CLIFF”...
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Notes From Underground: Pay No Attention … To the Stock Market Behind the...
There are ideas permeating the financial media that need to be challenged. There is a continuing idea that the present value of the U.S. stock market is stretched based on historical valuations. I will...
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Notes From Underground: Kuroda Sings Karaoke …“We Didn’t Start The Fire”
Yes, the U.S. and Canadian unemployment data were well below market expectations. Nonfarm payrolls in the U.S. were half of the consensus number and under the 110,000 NFP that we wanted to see so as to...
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Notes From Underground: Measuring Your Greed Factor (CNBC’s Santelli Exchange)
Click on the image to watch Rick and I discuss the mispricing of risk assets.
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Notes From Underground: On Yellen’s Testimony
First, as I have been critical of Chair Yellen’s communication efforts prior to this weeks Congressional testimony, I will give the Chairwoman an A+ for her effort this week. She was very forthcoming...
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Notes From Underground: If Gross, Gundlach and Even Buffet Are Correct, Then...
The last seven weeks has brought out the bond bears in the forms of Bill Gross, Jeff Gundlach and also well-known stock picker and financial wizard, Warren Buffett. While Gundlach and Gross were very...
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Notes From Underground: Looking Back on the European Dystopia
Six months ago the world woke up to learn that the Syriza Party had been elected in Greece. It was a dream for some and a nightmare for the European ruling elite. Yes, there is a ruling elite that is...
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Notes From Underground: Santelli Exchange — Debt & Global Bond Markets
Click on the image to watch me and Rick discuss why governments and central banks shouldn’t be paying attention to equity markets (in addition to Greece and China)
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Notes From Underground: A Quick Note to End the Week
The global markets were anxious by the action of the 200-day moving averages and their reference points to the global equity markets. As of writing, the DAX, SPOOS and CAC have joined the others that...
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Notes From Underground: Things To Do Before Thursday’s FOMC Decision
As we head into decision day on U.S. interest rates it is important to note that all the major equity indices remain under their 200-day moving averages, despite recent rallies amid short covering (and...
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Notes From Underground: Weak Unemployment Report Creates A Cacophony of...
Before we review Friday’s action, I would like to present a quote from Tolstoy sent from a long-time reader and is representative of the 2+2=5 basis of Notes From Underground. While I have respect for...
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Notes From Underground: The Fed Will Raise Rates at the October Meeting (Wait...
This afternoon, San Francisco Fed President John Williams delivered a speech that I believe signals a rate rise at the October meeting. It seems that the chorus of criticism from all corners of the...
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