TFMkts: If You Manage Leveraged Loans, CLO’s, or Middle Market Loans, You...
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View ArticleTFMkts Weekly Fixed Income: Ignoring is Bliss
Ignoring Is Bliss The S&P 500 finally broke through the 2007 highs. The Dow had achieved that a few weeks ago, and Nasdaq only has 55% more to go to reach it’s 2000 highs. I won’t spend much time...
View ArticleFutures and The Next Evolution of Credit Trading
Credit Trading is changing with futures and electronic trading on the verge of becoming an important new factor in the credit markets. Over the years we have seen many new products change the landscape...
View ArticleThe T-Report: Gold, ETF Flows, Death Spirals, and Fixed Income
A “Reversal” Sort of Morning So far everything that went down is up and everything that went up is down. Not surprising given the magnitude of some of the moves and how unexpected they were. Was...
View ArticleThe T-Report: A Stock Pickers Market & Check is in the Mail
It Is a Stock Picker’s Market and Other Lies Recently I am hearing more about how this is a stock picker’s market. How finally people are getting paid more for name specific risk than asset class risk....
View ArticleThe T-Report: Yields, Spreads, Correlation and ETF Spiral Risks
Credit Spreads and Bond Yields Another horrible session in Tokyo originally dragged down global stock markets, but we have seen a bounce, for now. What is more curious, and possibly more dangerous, is...
View ArticleTFMkts Fixed Income Update: HY ETFs at a Discount
Higher Bond Yields Should be a Concern Equity markets continue to want to believe in the “great rotation” whenever they can. Japanese, German, and American bond yields pushed higher as stocks surged...
View ArticleTFMkts: ETF Spirals Explained
What Do We Mean By “Spiral” Risk For the past few days, this “spiral” risk that we have mentioned Monday’s “Yields, Spreads, Correlation and ETF Spiral Risks” as well as Tuesday’s “Japan, Rising...
View ArticleThe T-Report: Ben Has Your Back
Hilsenrath Agrees With TFMA Bonds are having a decent week. They started the week very poorly with the 10 year treasury hitting a high yield of 2.29% on Tuesday. The 10 year then bounced back but kept...
View ArticleFOMC Instant Reaction
We will have to digest their projections (which I’m not sure have been any better than average). IMPORTANT DISCLOSURES This writing discusses general market activity, industry or sector trends or other...
View ArticleThe T-Report: Bear Flatteners, Carry Trade, and ETF Spirals™ Run Amok
Closer to the End than the Beginning Before we even start with the three topics de jour we want to point out that we are closer to the beginning than the end of this move, particularly for assets that...
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The T-Report: Clear Sailing?
Are We Out of the Storm? On Monday we wrote that we were closer to the end than the beginning of this sell-off. We have been surprised just how well the markets have responded, with “hedge” products...
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TF Market Advisors Macro Monitor for June 30, 2013
Waiting for the Beat to Drop It feels like an immeasurable amount of news has hit the market since our last publication a week ago. Some of the news flow should be considered material to thematic...
View ArticleThe T-Report: Are ETFs as Evil as CDS?
That Was A Trick Question Credit Default Swaps or CDS are not evil. Now I know that many of you will stop right there shaking your head in disgust at me for arguing that CDS are not evil per se, but...
View ArticleThe T-Report: Bernanke to the Rescue
Bernanke to the Rescue Not that the market was particularly weak or needed rescuing, but Bernanke went out of his way to help it anyways. He didn’t seem to say anything particularly new, other than...
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TF Market Advisors Macro Monitor for July 14, 2013
Fairer Value It is a very counterintuitive thought, but for a moment in time, higher rates may be the best thing for US credit markets as bonds are more fairly priced in what we consider to remain a...
View ArticleFixed Income Overview Update
To Continue Reading Please Sign In IMPORTANT DISCLOSURES This writing discusses general market activity, industry or sector trends or other broad-based economic, market or political conditions and is...
View ArticleThe T-Report: Some Excitement Would Be Nice
Asia Provides Some Excitement The Nikkei is down 7.5% since last Tuesday with most of that move coming in the last two sessions. We have become good at ignoring Japanese stock volatility. The Shanghai...
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TFMkts Fixed Income ETF Overview & Outlook: The Post NFP and a Look At High...
Treasuries Post FOMC and NFP The treasury market has been choppy since the FOMC came out. It sold off leading into the announcement. Bounced after the announcement. Sold off yesterday on the back of...
View ArticleThe T-Report: Where Did All the Volume Go?
It is SLOW! Yesterday seemed deadly quiet, and it was. HYG and JNK both traded about ½ their normal volume. According to TRACE, both high yield and investment grade had very low volumes. Not as...
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