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Some believe the “illusion” of liquidity could be shattered in the intermediate future as more on Wall Street are adopting the view that technology based trading will be the bane of the markets, a view that I have expressed many times. Bloomberg writes “algorithmic trading strategies...

Earnings season commences Friday. Depending upon the source, first quarter profits are expected to decline anywhere between 4.8% and 9%. JP Morgan writes the majority of the declines will be focused in the ...

Yesterday I referenced an UBS report about the lack of liquidity in the bond market under the guise of “it is not what you say but rather why you say it” specifically stating the lack of liquidity is perhaps impacting overall profitability. On Wednesday, UBS announced...

A Chicago programmer is going to trial over software he developed that prosecutors say had only one purpose: to manipulate market with bogus orders. Most market manipulation cases are against people who buy and sell securities. This is the first case brought...

We are we going? Three months ago the global consensus view was growth. Three months later, the inverse. According to Bloomberg, since November the global universe of negative yielding debt has surged by 75% to approximately $10 trillion. The apex was ...

Equity markets were mixed following a report that a meeting between China and the US to end the trade war is now likely to happen in April at the earliest. Many, including me, believe a trade deal is fully priced into...

In my view there is a distinct relationship between passive investing and politics. It was reported yesterday that BlackRock and Vanguard—the dominant purveyors of passive investing--captured 57% of net global equity inflows in 2018. Inflows however dropped 70% from 2017. Passive investing...

Many times I have opined about the complete breakdown of risk parity and cross correlated models, a strategy that has surged in popularity over the last 10 years, a strategy that many including the regulatory entities believed limited risks.  Yesterday Stanford Bernstein stated this breakdown...

The G-20 meeting is over. I believe the two greatest issues facing the markets for the intermediate future is monetary policy and the normalization of the Fed’s balance sheet.  Both...