While stock volatility remains at record zombified lows, few can keep their eyes off the unprecedented daily moves in the cryptocurrency space in general, and bitcoin in particular, where 30d realized volatility is in the mid-90%’s, implying a daily move of nearly 6%. In fact, as we showed last week, the only asset/commodity that is more…
Financial and political power are two sides of one coin. We all know the rich are getting richer, and the super-rich are getting super-richer. This reality is illustrated in the chart of income gains, the vast majority of which have flowed to the top .01%–not the top 1%, or the top .1% — to the very…
While the cap-weighted S&P 500 gained 19.42% on the year, the average stock in the index was up less than that at just over 18%. There were exactly 50 stocks in the S&P that gained more than 50% on the year, and there were only 3 that gained more than 100%. We were a bit…
Let me tell you something you should maybe watch for in 2018. You should maybe watch for days when everything falls apart simultaneously. That’s pretty intuitive right? When everything goes to hell in a handbasket – as opposed to just one or two things going to hell in a handbasket – well then you’ve got a…
An ugly end to the year but on the year, the dollar tanked (worst since 2003), stocks and bonds (the long-end) soared higher, commodities rebounded dramatically, cryptocurrencies exploded, and gold had its best year since 2010 as VIX saw its lowest average in history. And all that was driven by the biggest increase in central bank balance…
Wall Street had a ball in 2017 with a strong and steady run for most of the year. Several milestones were achieved by the benchmarks and investors luxuriated in the surge. In fact, the S&P 500 gained not only more than 20% but also saw its best year since 2013. The year also marked…
The USD/CHF pair sold off the past week leaving risk lower in the new week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. On the upside, resistance resides at the 0.9800 level where a…
