At the moment, the markets are up 1.7% while the VIX is only down 4%, this suggests to us that there will be more selling to come, usually with such […]

Disappointing selloff after better than expected Chinese export data. Not so hard to see what’s coming next.. Source: January 2016

Bit of a bounce in the market, but for how long. What to look out for? Soft data out of China Declining onshore yuan fix Increasing spread between onshore and […]

Markets have rejoiced too soon, due to old reflexes where bad news is supposed to be good news. Rallying strongly on the inevitability of more stimulus from China. But closer […]

Many people with a financial background rant at the Fed, assigning it near mythical powers and even getting angry at the Fed. We keep being bemused by this as, in […]

Looking around in the world economy, there is trouble. The eurocrisis is far from solved, China is decelerating sharply and many emerging markets are in, or approaching crisis. The US […]

Stocks have had a fantastic run, but valuations are stretched. The bull run has been fueled by a number of forces, but on closer inspection, most of these are struggling. […]

When asset bubbles emerge, many point to central banks as the culprit. Today, people point to the shale credit as a bubble, “caused” by the Fed. While interest rates are […]

Markets have shrugged off the October fall and exploded higher to set new records daily. But equity valuations are stretched providing the dry timber that only needs igniting. Sparks could […]