Top 10 Macro/Financial Charts of the Week – w36
— Investing.com (@Investingcom) September 4, 2020
Global stocks lost $1.6tn mkt cap in tech rout this week against backdrop of surprisingly firm macro data. Sell-off was as much of rotation from leaders to laggards as it was broad Risk-Off event, complete w/shift out of Tech into more pro-cyclical vaccine beneficiaries, GS says. pic.twitter.com/VYZAJdfMsh
— Holger Zschaepitz (@Schuldensuehner) September 6, 2020
Vol Up Spot Up! Some thoughts…
large call buying in $NDX single names is driving index vols higher with spot as dealers are short gamma/vega in these names. Over the last 3 days the $VXN is up 6pts on a 2% rally in the NDX.
(red dot in the chart is today) pic.twitter.com/vewcIeyy30
— Pat Hennessy, CMT (@pat_hennessy) August 28, 2020
‘What just happened?’ ask bruised #tech investors – FT
*Link: https://t.co/aIwev7Yc8A pic.twitter.com/SlxdwAz9PP— Christophe Barraud (@C_Barraud) September 5, 2020
Maybe some downside volatility would discourage options traders. 'Twas not to be.
Last week, the smallest of traders *increased* their bets on stocks.
In a month they have gambled nearly $40 billion on stocks. That's a notional value of ~$500 billion.
It's not just Softbank. pic.twitter.com/BEViDztHDR
— SentimenTrader (@sentimentrader) September 5, 2020
#BOC #BOE #BOJ #ECB #FED | Latest data confirmed #G7 CBs combined balance sheet (BS) kept climbing in August (but at a slower pace than in July).
*#G7 CBs combined BS has grown by more than $7T since February. pic.twitter.com/TxEwR6slgK— Christophe Barraud (@C_Barraud) September 5, 2020
Cycle low in US permanent job losers vs. US equities (S&P 500). pic.twitter.com/KFx1pkYDgL
— Julien Bittel, CFA (@BittelJulien) September 4, 2020
The tightening in lending standards for C&I loans is now implying US charge-off rates for C&I loans will approach 2.5% by Q3 ‘21 for the 100 largest banks. Recessions normally conclude after this projected rise has completed, not when the move is just getting started. #Recession pic.twitter.com/FqnT7PFuaP
— Julien Bittel, CFA (@BittelJulien) September 1, 2020
As toppy as it gets.
Financial conditions are flashing warning signal for stocks.
Lowest level since the peak of the tech bubble.
Prior lows also preceded or coincided with key market tops.
Tech bust, GFC, EM crash and Volmageddon. pic.twitter.com/JHuY8Sb5Cd
— Otavio (Tavi) Costa (@TaviCosta) September 3, 2020
Corporate #zombies: Anatomy and life cycle – BIS
*HT @tracyalloway
*Link: https://t.co/YqzrDMGVpk pic.twitter.com/dBHCAREDvf— Christophe Barraud (@C_Barraud) September 3, 2020