Trader’s Narrative

There is a massive sea change afoot for one of the most important stock market participants. While the footprints left by the US retail investor are easy to decipher, their rationale is a bit murkier to ascertain. For a while now, I’ve been pointing out the equity exodus by average Joe and Jane. But retail […]

We have a rare Michael Belkin sighting! You’re forgiven if you have no idea who that is. Belkin is an independent market analyst and the author of his eponymous weekly report targeted to institutional investors (or anyone with a large enough portfolio). He used to work at Salomon Bros. before hanging his shingle in Bainbridge […]

Last year US investors funneled their cash to bond funds at such a rate that managers of these funds have not been able to put the new pile of assets to actual use. This has lead to the liquidity ratios at bond funds to reach historic levels not seen in 5 years:

The charts are courtesy […]

Rising interest rates are bad for the stock market and since we are now at rock bottom, rates can only go up and take the equity market down with it. This well known shibboleth is put to rest in this short video:

The presentation is persuasive and if you’ve been reading this blog for a while, […]

Here is the recent missive from Sprott Asset Management (written by Eric Sprott & David Franklin). It is a tad long but well worth the read. It basically explains plainly what is going on behind the Fed’s curtains to fund the massive US deficit. At first it seems that the common US household is stepping […]