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Michael Ashton

Michael Ashton

E-PIPHANY

Contributor since: 26 Feb 2010

  • The Market Grows Thinner; I Do Not

    Published 16 December 2010 | viewed 0 times

    As the year grows older, it gets more and more difficult to attribute market moves to particular motive forces. In thin conditions, a particularly motivated…

  • The Inflation Lows Are In

    Published 15 December 2010 | viewed 0 times

    Stocks didn't need this. Nominal bonds didn't need this. But TIPS apparently needed this! The CPI index today was fairly close to expectations, with two…

  • Bond Vigilantes Are Alive And Well

    Published 14 December 2010 | viewed 0 times

    The Federal Reserve, as was widely expected, announced nothing notable following its meeting today. I had thought there was a remote chance the Chairman would…

  • Inflation Targeting - Bronco Ben Rides Again?

    Published 13 December 2010 | viewed 0 times

    Stocks ended flat on the day, but bonds ended higher for a change. The catalyst, interestingly, was a court decision. Bonds had been lower overnight,…

  • Do Deficits Matter?

    Published 10 December 2010 | viewed 0 times

    According to Bloomberg, Treasuries on Friday fell and stocks rose "as U.S. Economic Data Top Forecasts." Stocks added 0.6%, while 10y note yields perked up…

  • Chart-A-Palooza! It's Z.1 Time!

    Published 09 December 2010 | viewed 0 times

    Initial Claims did not administer the coup de grace to the bond market. While TIPS continued to struggle, bonds were roughly unchanged on the day…

  • Panic, But Take Your Time

    Published 08 December 2010 | viewed 0 times

    Another day of selloff in the bond market, and I wonder how much fingernail-chewing is happening at the Fed? 10-year Treasury yields rose to 3.27%…

  • A Welcome Retreat, But Is It Enough?

    Published 07 December 2010 | viewed 0 times

    The highest 10-year yields since mid-June were the reward for the news that President Obama had executed a remarkable pirouette and agreed to extend the…

  • Oh, Ye Of Little Faith

    Published 06 December 2010 | viewed 0 times

    The December doldrums may have officially set in, with equity market volume today essentially matching the lowest readings of the year (with the singular exception…

  • If This Is Right, I Sure Don't Want To See Wrong

    Published 03 December 2010 | viewed 0 times

    Well, it isn't the first time but I was wrong. It turns out there was a big miss in the Employment report. Payrolls rose by…

  • Pending Home Sales Up; Pending Stock Sales Down

    Published 02 December 2010 | viewed 0 times

    The stock market continues to look like a one-decision investment, as investors piled in for a second day and drove prices still higher. The S&P…

  • Lots Of Options

    Published 01 December 2010 | viewed 0 times

    Oh, year-end illiquidity is lots of fun, isn't it? After yesterday's fairly high-volume selloff (the 1.5bln shares was the highest non-witching volume since July 1st),…

  • The Terminator Re-Forms

    Published 30 November 2010 | viewed 0 times

    Blam! Blam! The EU fires and the T-1000 Terminator is blown to bits. Or...is it? There was the ECB's liquidity provisions of 2009, but Greece…

  • Justifiably Concerned

    Published 30 November 2010 | viewed 0 times

    Back in July, when the EU bank stress test results were announced, I noted (in the commentary linked here) that the €3.5bln in capital the…

  • Making A Bad Policy Even Worse

    Published 23 November 2010 | viewed 0 times

    The markets continue to respond relatively calmly to the news floating about, almost all of which is bad. Although I have not written about it…

  • Inevitable But Still Alarming

    Published 22 November 2010 | viewed 0 times

    Well, just like that, Ireland's ruling coalition sinks beneath the waves. After having promised that the country had enough funds to make it through until…

  • Reading The T-Leaves

    Published 18 November 2010 | viewed 0 times

    Some bounce for the equity market is certainly understandable, from a psychological perspective. The market had rallied, basically uninterrupted, for two months and 18% or…

  • A Bridge To...Another Bridge

    Published 17 November 2010 | viewed 0 times

    One day on, one day off - the risk shuffle continues. Irish bonds rallied 17bps today, simply because the EU and the IMF have said…

  • Turbulent Flows

    Published 16 November 2010 | viewed 0 times

    With the holidays rapidly approaching, it seems the market is striving to get the volatility out of the way as soon as possible. Tuesday was…

  • The Bang Has Been Bucked!

    Published 15 November 2010 | viewed 0 times

    A real yield of 0.82% for ten years isn't exactly plush, but on the other hand it is nearly double the real yield that prevailed…