The equity markets got bopped in the nose Thursday and were sent reeling.
Those blindly chasing the reflation trade tick for tick, better pay heed to physical market fundamentals.
This money spigot is very unlikely to be shut off any time soon.
I want you to think about how quickly the long end of the U.S. Treasury curve is moving.
With new liquidity about to pour in, it remains to be seen how will it affect equities, risk assets, and more importantly, money markets.
Plus, a hat tip to Nvidia and CEO Jensen Huang for the company's new cryptocurrency mining processors.
Small-caps have underperformed the last few days but that's to be expected after the run they've had.
Will the buying soon end for the Nikkei, where quant purchases are making reluctant buyers out of international equity investors?
The macro tailwind only works for the oil market until physical market dynamics take over. When they do, unwinds can be sharp and painful.
Plus, we wait with great interest to learn what Berkshire Hathaway's holdings were as of the end of 2020.