Michael Ashton

E-PIPHANY

Contributor since: 26 Feb 2010

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• More Silliness

  Published 03 March 2011 | viewed 0 times

  Just when it seems that the market is getting ready for a return to rationality, unchecked optimism (or, more likely, fear of missing a Big…

• Rates are the Sight: Money is the Real Target

  Published 02 March 2011 | viewed 0 times

  A relatively quiet trading session for equities on Wednesday probably represents the reluctance to make big bets prior to Employment on Friday more than anything…

• The Market's Pot Odds

  Published 01 March 2011 | viewed 0 times

  Stocks got rocked (-1.6%) and bonds (after starting the day weak) ended with marginal gains. Why is that interesting? Well, after rallying for two days…

• Virtuous Cycle of Optimism

  Published 28 February 2011 | viewed 0 times

  One thing seems reasonably clear: in the absence of news, equity markets want to rally. Heading into Friday, stocks ripped higher, and then ended up…

• It Depends On What You Mean By 'Spare' Capacity

  Published 24 February 2011 | viewed 0 times

  Oil prices ramped up further this morning, and then plunged nearly $7 when Saudi Arabia was said to be "in talks" to boost oil output…

• It's Easy To Talk Tough On Inflation

  Published 24 February 2011 | viewed 0 times

  Two days does not a trend make, but then again all trends consist of at least two days. I am sure it has been pointed…

• Just Say No?

  Published 22 February 2011 | viewed 0 times

  Seriously, now it's Libya that is shuddering under the mass movement of the citizenry? A regime that survived the reprobation of the international community for…

• Disquiet

  Published 19 February 2011 | viewed 0 times

  Like all traders who have done it for long enough, I have several habits that I have developed over the years to cope with winning…

• What You See Isn't What You Get

  Published 17 February 2011 | viewed 0 times

  For a while now, stocks have been behaving nonsensically (okay, since growth has improved let's just say "quasi-sensically"), but bonds have been easy to understand.…

• Still Skeptical

  Published 16 February 2011 | viewed 0 times

  It was another low-volume day on the stock exchange, but at least there was some interesting news and some intriguing undercurrents. And, of course, CPI…

• Fumes

  Published 15 February 2011 | viewed 0 times

  In case you missed yesterday's comment (it came out quite late), a link is here. It was both lengthier and pithier than today's offering.  …

• Love Is In The Air

  Published 14 February 2011 | viewed 0 times

  Ah, there is nothing quite like the manufactured holiday of Valentine's Day. It is a time to reflect on the impact in our lives of…

• Overtaken By Events

  Published 13 February 2011 | viewed 0 times

  One day after Egyptian President Mubarak stated flatly that he would "die and be buried in Egypt," he evidently began to be concerned that his…

• Risky Assumptions and Assumption of Risk

  Published 10 February 2011 | viewed 0 times

  It is a valuable lesson, but no matter how often taught it seems never to be learnt. Assumptions are dangerous. Overconfidence is the most common,…

• Shooting The Messenger

  Published 09 February 2011 | viewed 0 times

  The news was a bit more varied and interesting on Wednesday; bonds were higher and stocks lower but it is hard to attribute that to…

• Setting Up For Disappointment

  Published 08 February 2011 | viewed 0 times

  Bonds were knocked lower again on Tuesday, with the 10-year yield reaching 3.72%. The 4.00% level is now clearly in range, and I expect rates…

• Where Have All The Workers Gone?

  Published 07 February 2011 | viewed 0 times

  Protests in Egypt have temporarily receded somewhat. This was inevitable when the President ignored the protestors' "Day of Departure," calling the protestors' bluff in a…

• No Disaster

  Published 04 February 2011 | viewed 0 times

  U.S. Treasuries sold off another 4-9bps on Friday, bringing the 10y yield up to a 9-month high of 3.64%. And remember, that's with the Fed…

• U.S. Wages and Egyptian President Employment

  Published 03 February 2011 | viewed 0 times

  First things first: you didn't miss yesterday's comment. I didn't write one. The ice/snow storm so impacted everything, from mass transit to market volumes and…

• PIIGS Is Not Pigs

  Published 01 February 2011 | viewed 0 times

  Illiquid conditions can also cause melt-ups. I didn't anticipate that would happen, because frankly the conditions for a melt-up in stocks are really not in…