Posting will be sporadic for the rest of the week as Macro Man (well, more Mrs. Macro if he's honest) is hosting a family reunion and the first guests have arrived. In the meantime, he can just sneak under the wire (NY time) to offer happy 10th birthday wishes to the last Fed tightening cycle.
On an exclusive basis, he can offer readers a photo of the party held at the Eccles building, attended by the last three Fed chairmen:
(L-R Janet Yellen, Alan Greenspan, Ben Bernanke.)
Bonne chance.
On an exclusive basis, he can offer readers a photo of the party held at the Eccles building, attended by the last three Fed chairmen:
Bonne chance.
12 comments
Click here for comments280 words. Those were the days.
Replydonald duck=greenspan surely?
ReplyI originally had it that way, but then figured that the Fed first became a Mickey Mouse institution under AG, so......
ReplyYes, it has been distinctly Goofy this year. Behold a new high as the Q3 fund flows trickleth into equities..... enjoy the match later, MM. Assuming Mrs Macro lets you watch, of course....
Replynew highs Nasdaq and Russell 2000. I was cautious of them getting there, but like underwrites of GoPro said
Replywhen the ducks are quacking, feed 'em!
btw, said new IPO now has a bigger market cap that Nikon ;-)
NDX trailing 12 month buy 'n hold at a 3.45 sharpe on 33% returns per bloomberg BTST. Why am I messing around with all this other crap? Yellen, Bernanke, you win.
ReplyFinancial markets are the easiest game in town. I notice today that NDX made in excess of a 3 sigma move to the upside. Clearly the only sensible thing is to keep buying, even if I have to sell my children into slavery to obtain more margin. What could possibly go wrong? If in the 0.0001% chance US equities fall, I will simply scream for a tax-payer funded bailout. What could possibly go wrong?
ReplyNdx has a sharpe of over 3. Wow!
ReplyI remember corporate credit getting massive allocations in 2007 because nothing could beat that Sharpe at the time.
What is the Sharpe on top calling?
Blowout ADP number and Dow nudging 17,000, markets peak on good news, remember.
ReplyMight be dumpster diving week in fixed income and REITs, keeping an eye open here.
USDJPY hasn't really joined the orgy, still skulking around at its 200dma.
Hey MM,
ReplyI'm wondering what you think about Argentina.
1 - 0 to Argentina
ReplyLeftback - don't be silly, this market won't crash. The Fed will print another $29bn this month alone and give it to primary dealers to buy stocks. I expect the Dow to reach 20,000 by year end, then plateau before moving up to 23-24,000 in 2015. Folks, this bull market has only just started. People just can't understand or accept the new normal...
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