Archive for September, 2009

Credit Market Overview
September 30, 2009
The G-20 in Pittsburg ended with everyone getting a homework assignment.  Uncle Sam is supposed to stop his profligate spending, get his fiscal house in order and act like a nation whose currency is used as a medium of exchange around the world.  Europe, read Germany, is supposed to work do… »

Credit Market Overview
September 29, 2009
To the extent that every year is characterized by “the trade”; that investment which returned the most with seemingly little risk had you only had today’s newspaper on January 1st, so far in 2009 it would have to be corporate debt.
The CDX Investment Grade index started the year at 198bps rose… »

Credit Market Overview
September 28, 2009
The age old adage, “Don’t fight the Fed” appeared to be another casualty of the almost two plus year turmoil in the markets last week as the statement made by B.B. & Co.: “Economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period”,… »

Credit Market Overview
September 25, 2009
In the whirlwind of contradictions that has characterized almost the entire rally off of the March 9th lows I found it consistent that the sell off from the intra-day high of 1080.15 on the SPX was sparked by news of continued liquidity in the markets with the Fed’s announcement that it… »

Credit Market Overview
September 24, 2009
The Ho’s (Don’t worry I’m not trying to take over where Eminem left off.), headed by 87-year old patriarch Stanley, are the reason there is gambling in Macau as much as Bugsy Moran is the reason we have Las Vegas, or Lost Wages as those of you who have been there… »

Credit Market Overview
September 23, 2009
We all know, from reading that annoying little pseudo-educational, half disclaimer like phrase in any article that even mentions fixed income securities that the price of a bond and its yield are inversely related.  Hence as yields have moved lower over the past year prices across the full spectrum of the… »

Credit Market Overview
September 22, 2009
Given that as of July 2,535 Boeing and Airbus aircraft or 14.2% of the world’s fleet were in storage one might conclude that this is not the best time to be in the airline business.  But as with so many of the things we have witnessed during the unfolding of the… »

Credit Market Overview
September 21, 2009
By August 31st 93% of the stocks in the S&P 500 were above their 50DMA.  Two weeks ago the number of new highs vs. new lows on the NYSE was 343/4 a ratio I thought was in the outer reaches of the tail of that distribution until I saw this past… »

Credit Market Overview
September 18, 200
As the G-20 looms ever nearer the sword rattling, chest pumping and feather fluffing is building towards the crescendo that inevitably leads to smiles and hand shakes hugs and kisses (both cheeks of course) that will be captured by thousands of impromptu photo-ops during the course of the gathering.
The U.S. and… »

Credit Market Overview
September 17, 2009
A few observations to begin with today.  On the commute home yesterday I walked past a shop I walk past quite often but noticed, in the window, a small sign that read “Help Wanted”.  It was a simple little sign, 8 ½” x 11” piece of paper in landscape format printed… »