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Michael Ashton

Michael Ashton


Contributor since: 26 Feb 2010

  • 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…