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February 4, 2008
Steeper Yield Curve’s Industry Group Effect On U.S. Equities The net effect of a steeper yield curve on U.S. equities is strongly positive, with the greatest benefits in the consumer sectors.
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January 25, 2008
Commitments of Traders Update/Analysis Statistics cover the CoT report for January 22, 2008. Further charts and comments include: Eurodollar Futures: Hedgers Massively Short Swiss Franc Futures: The Franc Carry Trade Unwinds Crude Oil Futures: Crude...
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December 26, 2007
Tanker Tariffs To Pressure U.S. Crude Oil In Short-Term Rising crude oil tanker tariffs presage an inventory build in the first quarter of 2008.
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December 21, 2007
What Is The Real Cause Of The Credit Crisis? The credit crisis is the result of a nationwide decline in home prices. This, not the price of CDOs and other derivative securities, is what needs to end for the current crisis to end.
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December 21, 2007
Commitments of Traders Update/Analysis Statistics cover the CoT report for December 18, 2007. Further charts and comments include: Eurodollar Futures: Revenge Of The TED? British Pound Futures: Large Speculators Sell Aggressively S&P 500 Futures:...
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December 19, 2007
Charts of the Week Topics Covered This Week Include: 3-Month GBP & US LIBOR Rates The Federal Reserve Takes A Stand Relative Stock-Bond Valuation Update On Commercial Paper Credit Spread Update Update On The ABX Indices Update On The CMBX Indices Current Account Deficit Chinese Stock Market What Is the Real Cause Of The Credit… Continue reading Untitled
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December 18, 2007
Hedge Funds are not the Enemy The Fed is well-aware that a high concentration of capital available to hedge funds is in the hands of a small group of prime brokers, most of whom have their own products or proprietary trading desks competing directly...
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December 17, 2007
U.S. Treasury’s International Capital Statistics Update Tables and comments detailing foreign investment through October 31, 2007 with data released on December 17, 2007. This month, we updated our look at foreign purchases of U.S. assets in...
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November 27, 2007
Crude Oil’s Forward Curve, Inventories & Price A year-over-year comparison of crude oil’s forward curve indicates inventory accumulation has been replaced by final demand.
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November 9, 2007
ABX For Dummies The ABX indices are among the most-watched and most misunderstood markets today. What follows is “A Dummies’ Guide to the ABX Indices,” intended for non-ABX users. Some concepts have been simplified for the sake of...
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November 7, 2007
October Total Return Review: Sharpe Ratios Suggest Too Much Risk for the Reward The attached tables and comments update the total returns through October. This month, we also take a look at the risk-adjusted returns of various fixed income and equity...
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November 2, 2007
An Update On The Credit Crisis: Is The Fed “Pushing On A String?” Over the past few months we have compiled a rather extensive list of charts which we believe to be good measures of stress in the credit markets. Because we are regularly...