Silver as an investment

Category Archives: High Yield

Spectacular 7 Year Auction: Record Indirects, Soaring Bid To Cover

After a strong 2 Year on Tuesday, poor 5 Year on Wednesday we close the week with the Treasury’s sale of $28 billion in 7 Year paper in what can only be described as a spectacular auction. The high yield priced at 2.084%, stopping 2bps through the 2.104%, the biggest gap between the two going […]

Treasury Sells $34 Billion In 5Y Paper In Ugly, Tailing Auction At Lowest Yield Since November

After yesterday’s stellar 2Y auction, moments ago the Treasury sold $34 billion in 5 Year paper in what can only be described as a quite ugly auction. The high yield printed at 1.875%, which maybe because it was the lowest stop since November’s 1.76%, drew far less bidside interest than yesterday’s auction. It also tailed […]

Which Hedge Funds Are The Biggest Holders Of ETFs

The relentless growth of passive investing in general, and ETFs in particular, has been extensively discussed on the pages over the past few years, most recently overnight when we presented a note from Convergex which laid out some ideas how investors can profit from the unstoppable – for now – shift from active, and expensive, […]

Mediocre, Tailing 30Y Auction Concludes This Week’s Treasury Issuance

With the 30Y trading comfortably in repo today, with no tightness as indicated by the +0.7% repo rate, it seemed possible that the auction would join this week’s previous 2 auctions of 3 and 10 Year paper by printing with a modest tail. So when the Treasury announced results from today’s 29-Year 10-Month reopening, few […]

Brodsky: “A Socialized Market With Guaranteed Positive Returns For All Must Fail”

Submitted by Paul Brodsky via Macro-Allocation.com “Selfishness is a virtue.”        – Ayn Rand “Selfishness is profitable, but for institutionalized investors it takes courage to be selfish.”        – Paul Brodsky Self-Serve In Passive Aggressive, we made the case that ETFs can be useful vehicles for thoughtful active investors. A few people agreed with our […]

Banks, Bonds, & Bullion Bid As Healthcare Hope Trumps Terror Attack Turmoil

Gartman did it again – as we warned pre-open –   Which means one thing: both Goldman and Gartman are now short stocks, and expecting further selling – perhaps just the catalyst bulls were waiting for to step in and BTFD…        The machines were working over time to keep stocks up today […]

Will Yesterday’s Market Selloff Turn “Emotional”: Here Are The Key Indicators RBC Is Looking At

Yesterday’s sharp S&P selloff, the largest of 2017, and the first time the market dropped by more than 1% in 110 trading days, may be just the beginning: that is the troubling thesis presented by JPM’s quant Marko Kolanovic, who as we quoted yesterday, warned that “following Friday’s option expiry, the gamma imbalance shifted towards […]

Bank Stocks Stumble To 1-Month Lows As Yield Curve Slumps Post-Fed

Not sure why but this seemed appropriate after listening to the drivel from Washington (and Fed speakers) all day…   Bonds and Bullion the big winners post-Fed…   There were 3 notable legs lower in stocks today… The catalysts seemed to be 1335ET – *EVANS SEES MORE UPSIDE POSSIBILITY IN UNCERTAINTY FACING FED, THIS IS […]

Stocks Drop, Bonds Pop As Crude & Credit Crash Continues

Overheard in the Oval Office when Yellen unleashes her rate hike into dismal economic growth expectations tomorrow…   Since the last fed rate hike, bonds are lower, banks are best…   Trannies and Small Caps are in the red since the last Fed rate hike…   A down day for stocks…but the dip-buyers were active […]

Credit Crash Concerns Spark Biggest Investor Underweight Since 2008

Alarm bells are starting to ring across multiple asset classes as we approach The Fed's first double-rate-hike-in-3-months since 2006. The most concerning canary in the coalmine is US credit markets…   After a bigly run-up from the Feb 2016 lows – on the heels of unprecedented central bank cooperation – IG bonds began to break […]