Smart Analysis with Greg McKenna – September 16 2019

Key Takeaway That the rout in bond markets over the past week or so hasn't really disrupted the more positive tone in stocks and other risk markets is remarkable on some levels but also an example that we likely saw a period of peak pessimimism and the associated FOMO in bond markets as traders and investors scrambled for yield before it disappeared. But the…

Read More

Smart Analysis with Greg McKenna – September 9 2019

Key Takeaway The better tone in markets was again a reaction to positive noises about trade. This time it was the Chinese who sought to clearly impact sentiment by announcing the next round of trade talks had indeed been scheduled. That along with the market believing British PM Johnson's political reversals meant the chances of no deal Brexit had been reduced, together with a…

Read More

Smart Analysis with Greg McKenna – September 2 2019

Key Takeaway It's kind of weird the markets reaction to the trade war. The correlations across markets tell you folks are worried right now. But, the selling and panic on real events such as increased US tariffs and Chinese retaliation seems to wash away with soothing words from either Trump or the Chinese side whispering sweet nothings into the stock markets ear. All the…

Read More

Smart Analysis with Greg McKenna – August 26 2019

Key Takeaway Where are markets going to open Monday now that both CHina and the US have up the ante on the trade escalation which President Trump reingnited a couple of weeks back. Sure the S&P dipped 2.5% Friday, but it could have been, may be, a lot worse if the recent low of 2822 gives way on the physical. That's a high probability…

Read More

Smart Analysis with Greg McKenna – August 19 2019

Key Takeaway What a few week's we've had in markets. Italian 10 year bonds in the mid 1.30% region, German 10's below -0.7%, US 10's all the way down at 1.5% and US 30 year bonds making fresh record lows below 2%. We've had stocks collapsing then recovering when it looked liked they were on the precipice of capitulation as President Trump seemed to…

Read More