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’Teun’s tightening tactics
Teun Draaisma’s latest is a veritable treatise of tightening threats.
In it, Morgan Stanley’s chief European strategist warns of the impending switch from stimulus-overload to stimulus-withdrawal — something he’s mentioned before but,
[The Lehman Anniversary] Day of the dead – It lives!
OTC Pink-Sheet trading in Lehman Brothers stock continues apace, with the opportunistic and insane swapping of over 68m shares on Monday in preparation for Tuesday’s one year anniversary of the bank’s collapse.
Fabulous Footsie back through 5000
Now just 1,930 points off an all time high
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Much has been made about turn in the inventory cycle. Companies in industries as diverse as mobile phones, steel and consumer goods have recently been telling investors that the worst of the de-stocking is over and sales should start improving in the second half of the year.
Is the dash for trash over?
One could certainly be forgiven for thinking so, given Wednesday’s price action and comments from leading strategists. Both Credit Suisse and UBS have been advising clients to be more “defensive”, while Goldman Sachs reckons the short squeeze is over.
Victims of the dash for trash
Quant funds, of course, who have been buried during the recent bear market rally according to Bloomberg.
Companies with the most debt and lowest returns on assets are turning the biggest six-week rally in stocks since 1938 into a bloodbath for last year’s best-performing trading strategy. Investors in so-called “quantitative momentum”