Whatever is driving equities higher is still very much in play, despite what looks like yellow flags from fixed income, FX, and the commodity complex. (CHIS for bloomberg people does not speak highly about China growth). If WTI spreads go negative (!) that seems to be saying more about intl demand than domestic supply.
HY has broken above the July highs. I don't know how much more USD can rally without having some impact on earnings for big US companies. AAPL does 70% of their sales outside of the US, but amazingly the 4 week change in estimates for dec qtr is almost 400mil higher. I predict lots of 'ex-fx' numbers and estimates.
Well if he's smart he'll insist on cash only as new money into his Janus fund, rather than taking on existing custodial portfolios. That way he leaves the liquidation of redemptions and the performance loss due to liquidity nightmares to PIMCO and he can leave a VERY lazy bid in the market for them to run into to give himself a head start on performance on the new fund.
Le Roi est mort, vive le Roi!
ReplyDeletehyenas fight for the lion leftovers.
remind me of Bud Spencer and Terence Hill' movies.
ciao f
Knock knock.
ReplyDeleteWho's there?
Hugh.
Hugh who?
Hugh Janus and Bill Gross.
The trade of the day was to buy PIMCO CEFs at the open, when they briefly traded 10-15% below NAV.
@ Leftback
ReplyDeleteThere is only one Pimco CEF that is at a -10% discount and that one isn't down much. The Pimco CEFs that are down -10% are at huge premiums to NAV
Whatever is driving equities higher is still very much in play, despite what looks like yellow flags from fixed income, FX, and the commodity complex. (CHIS for bloomberg people does not speak highly about China growth). If WTI spreads go negative (!) that seems to be saying more about intl demand than domestic supply.
ReplyDeleteHY has broken above the July highs. I don't know how much more USD can rally without having some impact on earnings for big US companies. AAPL does 70% of their sales outside of the US, but amazingly the 4 week change in estimates for dec qtr is almost 400mil higher. I predict lots of 'ex-fx' numbers and estimates.
Anon, thanks, sorry, victim of bad data and over-extrapolation there. It was a good trade, if you exited today. JNS puts, anyone?
ReplyDeleteDear Mr Gross
ReplyDeleteNo longer the boss
Do I give a toss
No. Your Loss.
Ha ha ... Bow, at the waist, MM, LB and the rest
ReplyDeleteWhat was it you said MM, sometimes the jokes (and poems) just write themselves!
What will the next week bring I wonder?
Claus
Hey Bill, I bags driving the golf cart.
ReplyDeleteHey Bill, I bags driving the golf cart.
ReplyDeleteHey Bill, I bags driving the golf cart.
ReplyDeleteWhat did he do exactly?
ReplyDeleteBill Gross was gross
ReplyDeletenow everybody sell their treasuries before Pimco has to liquidate some
Well if he's smart he'll insist on cash only as new money into his Janus fund, rather than taking on existing custodial portfolios. That way he leaves the liquidation of redemptions and the performance loss due to liquidity nightmares to PIMCO and he can leave a VERY lazy bid in the market for them to run into to give himself a head start on performance on the new fund.
ReplyDeletesunday vanilla analysis on US stocks
ReplyDeletehttp://www.businessinsider.com/stock-crash-9-2014
australian banks, ouch!
ReplyDeleteI hate to be a yield hog but I know someone will be looking at them for just that.