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Michael Ashton

Michael Ashton

E-PIPHANY

Contributor since: 26 Feb 2010

  • Reprieve...'Til Dawn

    Published 03 August 2011 | viewed 0 times

    The Bank of England meets tomorrow morning, with rates already sitting at 0.50%. The ECB also meets, with the policy rate at 1.50%. Today, the…

  • A Slightly Longer Fuse

    Published 02 August 2011 | viewed 0 times

    I think it was Billy Joel who said something like "you can't trade trashy until you spend a lot of money." Today, the Congress finished…

  • No Engine Left

    Published 01 August 2011 | viewed 0 times

    The overnight equity-market rally lasted a full three minutes into the trading day before investors began the sell-the-news trade following the generally-expected pop on news…

  • Deal, Or No Deal?

    Published 31 July 2011 | viewed 0 times

    Investors on Friday felt a bit betrayed, while the man on the street said "See? I told you so!" as the Bureau of Economic Analysis…

  • Of Haircuts and Helicopters

    Published 28 July 2011 | viewed 0 times

    Bonds shrugged off somewhat-upbeat economic news and stocks managed to fade late in the day. As bullishly as the equity market was behaving two weeks…

  • Now That's European Unity For You

    Published 27 July 2011 | viewed 0 times

    It seemingly dawned on investors today that something smells bad and it isn't clear whether it is something that is already in the trash (say,…

  • Rating For Godot

    Published 26 July 2011 | viewed 0 times

    I have said several times that I expect the debt ceiling debate, as heated as it has become, will be resolved "just in time" and…

  • A Billion Screaming Benjamins

    Published 25 July 2011 | viewed 0 times

    Can one billion Benjamins be wrong? Actually, it's more like 1.57 billion hundred-dollar-bills (aka "Benjamins") that the EU and private bondholders are committing to the…

  • 160 Billion Euro Later, Not Much Closer To Resolution

    Published 21 July 2011 | viewed 0 times

    If €160 billion could somehow be an unimportant amount, today it was. But before we get to the latest discouraging result from the EU, let's…

  • Readying the Next Bumper Crop of Money

    Published 20 July 2011 | viewed 0 times

    It has now happened twice in the last few weeks that equities have blasted off, seemingly on nothing or next-to-nothing, before trading sideways for a…

  • If The Change In Our Pockets Isn't Enough

    Published 18 July 2011 | viewed 0 times

    I begin to wonder how much more 'flight to quality premium' there can be in U.S. Treasury bonds. Today Greek 10-year yields rose 59bps to…

  • Page Ten News

    Published 17 July 2011 | viewed 0 times

    On Friday the BLS released the monthly CPI figures, and there was again a little gasp when an 0.3% on Core inflation graced the tape.…

  • Deflation Fears Are A Distant Memory

    Published 14 July 2011 | viewed 0 times

    A whirlwind of data this morning left the market undisturbed. Retail Sales and PPI came in as-expected; Initial Claims was stronger-than-expected by 10k, but last…

  • Donuts To Dollars

    Published 13 July 2011 | viewed 0 times

    As expected, the news event du jour was Chairman Bernanke's semiannual Monetary Policy Report to the Congress (neé Humphrey-Hawkins). Before we get into the market's…

  • (More) Silence Would Be Golden

    Published 12 July 2011 | viewed 0 times

    Most of the New York trading day on Tuesday was sedate, if you could overlook the fact that equity futures had a 25-point range overnight.…

  • Warning: Flabbergasting Area

    Published 11 July 2011 | viewed 0 times

    These days I find myself alternately flabbergasted and outraged, with very little else. And sometimes, I am both. Exhibit "A' is the bill that my…

  • No, Mister Bond, I Expect You to Die!

    Published 10 July 2011 | viewed 0 times

    Warning: excessively long post. And I apologize about the many different fonts on the various charts! That was not the Payrolls number I was expecting,…

  • Wounded Worrier

    Published 07 July 2011 | viewed 0 times

    The stock market continues to power ahead, with the S&P up another 1.1% today and about 7% over the last 8 trading sessions. For those…

  • Go Long Egg Cups

    Published 05 July 2011 | viewed 0 times

    Now that Greece has avoided the immediate default by promising whatever was necessary to get the latest tranche of aid, the real game has begun…

  • Goodbye QE2, We Hardly Liked Ye

    Published 01 July 2011 | viewed 0 times

    QE2 is now over. Long live QE2! The following table illustrates the effect of the second bout of quantitative easing from start to finish. I've…