by Jacques Lemoisson | Jan 7, 2021
House of cards for some, the Lemming effect for your scribe. Fundamentally everybody we speak to remains a dollar bear. This trade has worked well ever since the Fed March panic and the long term logic remains intact. The DXY is basically trading at mid December...
by Jacques Lemoisson | Jan 7, 2021
As I pointed out in 2020, in my outlook and beginning of this month, we know what are these vaccines but politicians are not in hurry to try, and more importantly, neither the heath staffs around the globe… In the US, a survey released last month by the Kaiser...
by Jacques Lemoisson | Jan 7, 2021
Briefly, these two charts demonstrate the sensitivity of the FCF yield to any rate hike. In addition, the correlation between the NASDAQ and the US 10Y Treasury (inverted if you consider the yield) is highlighting the duration play. I am short US 10Y (target 1.25%)...
by Jacques Lemoisson | Jan 7, 2021
Trump will be accountable for this disorder and the people who died during this coup. Numerous Republican parliamentarians are distancing from Trump, even Mike Pence. The Republicans lost the Senate and now, the situation in Congress is tricky due to the thin majority...
by Jacques Lemoisson | Jan 6, 2021
Now, the steepening of the US curve is back to the Trump election day level. Just bear in mind that the S&P500 is up by 78.7% from this date… Good to know… A bear steepening could be devastating for asset allocations. If you add the acceleration of the...
by Jacques Lemoisson | Jan 6, 2021
I pointed out many times the danger around the gap of temporality between what the markets priced and the reality. It seems that the markets are thinking to be immune… All around the world, production and logistic issues are joining the mistrust regarding...
