<Click on chart for larger image> Zero Hedge – What Has Generated Alpha This Year? It only makes sense in this “good news is bad news” market that the best outperformance this year has been achieved by being ultimately contrarian and fading the crowd. As BofAML warns, 2015 is another year of position-driven alpha as… Continue reading Generating Alpha
Bloomberg.com – World’s Biggest Leveraged ETF Halts Orders on Liquidity Concern The world’s largest leveraged exchange-traded fund is getting too big for the market it was designed to track. Nomura Asset Management Co. will halt subscription orders for its Next Funds Nikkei 225 Leveraged Index ETF and two other funds from Friday, it said in… Continue reading More ETF Liquidity Problems
The Wall Street Journal – Treasury to Deplete Cash Balance in Early November Unless Debt Limit Is Raised, Budget Office Says The U.S. Treasury will run out of cash in the first half of November if the federal borrowing limit isn’t raised, the Congressional Budget Office said Wednesday in an updated estimate. The nonpartisan budget… Continue reading The Debt Limit
Bloomberg.com – Illinois Will Delay Pension Payment Because of Cash Shortage Illinois will delay payments to its pension fund as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said. The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of… Continue reading Pension Problems Mount In Illinois
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Conference Call Presentation/Charts of the Week Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/101515.mp3|titles=Conference Call ] Topics Covered This Week Include: Mutiny At The Fed? Tweeting About Governor Talk A Divided Fed? Probability Of A Hike This Year All Measures Say The Same Thing What Economists Think Does This Matter Now? Market Not Pricing In A Hike The Fed’s Real Reaction… Continue reading Conference Call Presentation/Charts of the Week
Comment On October 15, 2015 at 9 AM CT (10:00 AM ET, 7:00 AM PT, and 15:00 BST), Bianco Research, in conjunction with Arbor Research & Trading, will be hosting a webcast/teleconference moderated by Jim Bianco. Join us Thursday (tomorrow) as we discuss: * The Fed (we see no hike for several months, if at… Continue reading The Fed, Earnings, The Economy and Commodities Over The Next Several Months
<Click on chart for larger image> The Wall Street Journal – Atop Fed, Doubt on Rate Timing Arises Daniel Tarullo becomes second central-bank governor to challenge Janet Yellen’s vision on when to raise interest rates New doubts about the outlook for interest rates are emerging within senior ranks of the Federal Reserve. Fed governor Daniel… Continue reading Mutiny At The Fed?
<Click on chart for larger image> The Financial Times – Oil market glut will persist through 2016, says IEA Higher oil output from Opec and a slowdown in world economic growth means the crude oil glut will persist through next year, the world’s leading energy forecaster said on Tuesday. The International Energy Agency said it… Continue reading We Still Produce Too Much Oil
<Click on chart for larger image> The Wall Street Journal – Bank Earnings Should Let Wall Street Down Easy Third-quarter bank earnings aren’t expected to be great. That may be the best thing about them. It was a summer of discontent for big banks. After some signs of renewed strength earlier in the year, capital-markets… Continue reading Q3 Bank Earnings Expectations
Bloomberg Business – Here’s Why the Fed Needs to Go Slow on Interest-Rate Increases U.S. monetary conditions are still tight, even as the Federal Reserve holds interest rates near zero, according to new research from the central bank that challenges the assertion of Fed officials including Chair Janet Yellen that policy is highly accommodative. San… Continue reading Why The Fed Must Raise Rates Gradually
<Click on graphic for larger image> Bloomberg Business – Fortress, Bain Lead Hedge Funds Liquidating in Market Volatility Hedge funds with more than $16 billion have announced shutdowns so far in 2015, according to data compiled by Bloomberg. Fortress said Tuesday it’s closing its $2.3 billion macro business run by Michael Novogratz after posting losses… Continue reading More On Hedge Fund Liquidation