Silver as an investment

Category Archives: Wall of Worry

Even Schwab Is Warning Retail Clients Of “Danger Signs Rising”

You know it's bad when even the traditional 'pumpers' are getting anxious. While obviously counched in its own "well maybe that's not totally terrible" spin, reading the following from Charles Schwab suggests Liz Ann Sonders, Brad Sorensen, and Jeffrey Kleintop were all struggling to defend any bullish position and perhaps more desperate to CYA in […]

Weekend Reading: Markets May Be Getting Expensive

Authored by Lance Roberts via Real Investment Advice, Let me suggest a warning. Two week’s ago, I discussed the failure of Congress to get the Affordable Care Act (ACA) repealed, much less replaced. The problem, of course, is the failure to repeal the ACA leaves in question the ability to pass other agenda based items such […]

Credit Suisse “Climbs The Wall Of Worry”, Raises S&P Target To 2,500 From 2,350

Following bearish reports from Goldman (which tactically downgraded stocks to Neutral for the next three months just hours before the Fed rate hike), RBC and JPM’s head quant Marko Kolanovic over the past week, overnight Credit Suisse decided to take the other side of the trade and hiked its year end forecasts for the S&P500, […]

From Icarus To Humpty Dumpty – The Art & Science Of Spending Other People’s Money

Via MN Gordon of, “We have assembled a best-in-class team of policy advisors to drive President Trump’s bold plan for job creation and economic growth.” Gary Cohn, Chief Economic Advisor to President Trump Promises of Slop The art and science of spending other people’s money is not an occupation suited to just anyone.  Rather, […]

“What If Market Consensus Is Wrong” – A Hedge Fund Ponders The Alternative

A week ago we posed a simple qustion:”is the market wrong” in bidding up risk assets in a time of rapidly tightening financial conditions. With the S&P likely set to rise above 2,200 today, a new all time high, the market at least for now, remains “right.” However, more doubt has emerged. In a note […]

Norway’s Largest Bank Is Going Long VIX For The First Time: “We See Much More That Can Drag The Market Down”

Add one more brick to the “wall of worry.” Days after reporting that the Norwegian government, pressured by the low oil price while forced to cover government expenses, has withdrawn money from the local sovereign wealth fund, the world’s largest, only for the first time in history (an amount that in H2 would be equivalent […]

“The Most Difficult, Treacherous Year” – What The Market Wall Of Worry Looked Like In 2016

As we reported yesterday, after the worst start in years, average HF performance finally turned positive for 2016 in July, however it continues to underperform the market by a substantial margin. Systematic Macro/CTA funds led HF strategies in 1H16 with gains of about 5%, while Quant Equity, Discretionary Macro, Equity L/S, and Multi-Strat were all […]

Something’s Gotta Give: From TTID To TINA To TNSTH

Submitted by Lance Roberts via, Yesterday, media headlines rang out: “The Markets Just Did Something It Hasn’t Done Since 1999.” It’s pretty amazing when you think about it for a moment. All three indices hit simultaneous new highs at a time when earnings, profitability, and economic data are deteriorating. While much of the media […]

VIX And Junk Bond Spreads Are Out Of Whack

Submitted by Eric Bush via Gavekal Capital blog, The relationship between the VIX and the spread between high yield bonds over 10-year treasuries is highly correlated (87% over the past 15 years). This, of course, makes intuitive sense. The VIX tends to spike when confidence in stocks or the economy is shaky. Which is also […]

Weekend Reading: Central Banks Save The World

Submitted by Lance Roebrts via, You have to admit it is really quite amazing. Two weeks ago, Central Bankers and leading politicians were exclaiming that if Britain left the E.U. it would be a catastrophic economic event on the magnitude of a “Lehman” moment. However, despite all of the “hand-wringing,” if you had been […]