Tag Archive
C.M.O. 8.6.2009
Credit Market Overview
August 6, 2009
Bull markets, they say, climb a wall of worry. Bear market rallies . . . I don’t know what they say about them, but if this is the former there most certainly seems as if there is enough to worry about and if it is the latter, my vote would be… »
C.M.O. 7.15.2009
Credit Market Overview
July 15, 2009
Meredith Whitney’s appearance on CNBC recently has done much for those that have hoped, since the bubble first burst, that all of the problems would simply go away. Issuing the first “buy” rating her eponymously named advisory group has issued since its inception (albeit a short time ago).
The herd has taken… »
C.M.O. 7.13.2009
Credit Market Overview
July 13, 2009
The Massive Ordnance Air Blast bomb known technically as GBU-43/B and affectionately as the Mother Of All Bombs is a 30 foot, 22,600lb honey that actually explodes about 3 feet above the ground and clears a 900 foot circle around wherever it strikes.
Since it first blasted on to the scene in… »
C.M.O. 7.10.2009
Credit Market Overview
July 10, 2009
On March 9th of this year investment grade spreads on the CDX index peaked at 262bs and the high yield index peaked at 1925bps. The S&P had its lowest close on this very same day at 676.53.
For all intents and purposes that still holds as the closest thing we know as… »
C.M.O. 7.9.2009
Credit Market Overview
July 9, 2009
They say it’s not what you have but how you use it.
Alcoa (AA) has the aluminum, and reported 2Q09 results last night and Boeing (BA) uses aluminum to make planes and they’ve been plagued by a litany of problems in trying to get their new Dreamliner off the ground, literally, so… »
C.M.O. 7.8.2009
Credit Market Overview
July 8, 2009
A list of the ironies that have associated economic events for the last two years and the market place’s reaction to them could fill an encyclopedia no less this humble page. Not the least of which is that after the 10th wettest June since records began being kept in 1872 the… »
C.M.O. 7.7.2009
Credit Market Overview
July 7, 2009
Humpty Dumpty, which we all now know as an egg, was a poem originally written as a riddle 1810 for which “an egg” was the answer. Egg shells crack when you drop them from a wall or even a few inches and the size of the mess is fully dependent on… »
C.M.O. 7.6.2009
Credit Market Overview
July 6, 2009
Since August of 2007, when BNP Paribas froze withdrawals in three investment funds because of losses on CDO’s constructed with subprime mortgages and the world realized that if an institution with no clear link to U.S. housing could be thusly affected, than the everyone was pretty much fair game, there has… »
C.M.O. 7.2.2009
Credit Market Overview
July 2, 2009
It took me a while to figure out why the market did not react negatively to the additional 79,000 job cuts the ADP Employment Change report revealed yesterday, missing the forecast by a full 20% and then it struck me; with one of the largest redistribution of wealth programs in progress,… »
C.M.O. 7.1.2009
Credit Market Overview
July 1, 2009
If sixty is the new forty and as the hedge funds were saying last year, flat is the new up, then watching the market yesterday can only lead one to believe that breaking windows is the new window dressing. If PM’s want to own the hottest stocks when the market is… »
