Here’s the thing: Goldman wanted to drive home the “Goldilocks” narrative one more time before Christmas. As a reminder, “Goldilocks” is the foundation upon which Wall Street’s constructive 2018 outlooks are built. There are only a few ways you can justify being constructive on anything in an environment where stocks, bonds, and credit are all…
Speculators have remained overwhelmingly bullish on the Australian dollar (FXA) for almost two years. Last week, they made a quick switch to net bearish positioning. Net contracts went from 40,720 net long to 12,660 net short. Open interest fell from 157,029 to 105,270, so it appears that bullish speculators made a hasty retreat rather than…
It is a well-established fact that the widely-diversified transportation sector including airline companies, railroads, truckers, shippers to name a few, has struggled for the better part of 2017. Sector participants have been plagued by a number of headwinds like disruptions from back-to-back hurricanes, the devastating earthquake in Mexico, declining automotive volumes, issues related to customer…
Yesterday’s triple-legged panic-selling across the crypto-space, which saw Bitcoin and Ethereum down 30 and 40% respectively at their worst ended around 10 am ET and while the mainstream media was happy to declare (once again) the death of Bitcoin et al., the entire crypto world has soared since – almost erasing the entire day’s losses. Across the board,…
Look, I’ve got some bad news for you about Bitcoin: if history is any guide, what you saw on Friday morning (when everyone’s favorite “currency” that isn’t actually a currency in any sense of that word crashed below $11,000) is nothing compared to what’s coming. Here’s a chart that shows you the history of Bitcoin crashes:…
With the market now back to overbought conditions, it is now or never for the traditional “Santa Rally” between Christmas and New Year’s Day. If we go back to 1990, the month of December has had average returns of 2.02% with positive returns 81% of the time. Over the past 100 years, those numbers…
The energy sector has been attracting a lot of investor attention lately. Oil prices have been relatively stable lately, owing to the recent supply cut extension by OPEC. What Lies Ahead for Crude? OPEC recently extended its production cut till late 2018, in order to drive crude prices. Moreover, talks of OPEC working on an…
The Euro is running out of reasons to rise, inflation might push the BoE to hike which can boost the British Pound, and a supply glut might send crude oil lower. What else in 2018? Short: EUR vs. USD, GBP – The Euro is Running Out of Reasons to Rise By Ilya Spivak, Senior Strategist The Euro enjoyed an undeniably…
Nanjing Legend Biotech received a $350 million upfront payment from Janssen Biotech, which will form a global partnership with Legend for its highly effective CAR-T candidate (see story). In June, Legend, which was not previously well known, surprised the annual ASCO meeting with stunningly positive results from an early trial of the CAR-T molecule in patients…
