Archive for February 2021

Rolling Bubbles

As we outlined early this year, market players were intent on pushing the “Buildup to Normal” story in the new year. I have to admit that I totally misread how much of a pile on we would see. First we…Continue Reading →

Mania Unwound

Today we are seeing the first indication that the total funding of the economy which has been massively built around leverage, is coming unwound. See the chart below that we have shown many times. It is the total of all…Continue Reading →

What Now ?

I would expect that the last wave of this reflation hope scenario, ie, higher interest rates, have probably gone up about as much as can be expected without confirmation that economic activity has improved. With that said, the interest rate…Continue Reading →

Winding up on Hope

To me it would appear that Hope has approached a peak level, and now reality will start to become a bigger input into the equation. Stocks and commodities are culminating the move that started last August, a move based on…Continue Reading →