Market structure is an important driver of the price action. We all agree that excess liquidity is an important item but we need to understand better its impacts. I deeply believe that we are in a derivative bubble where cash price action has mainly become a derivative of the...
Making America Great Again the Trump's way is not a risk free political game. When Trump announced he was running for president, I said that he would win. Somehow, he is the icon of a renewed breed of politicians who have understood how to capitalize on the failures of the...
U.S. corporate profits offer an interesting twist for observers. The first chart shows the GAAP earnings per shares of the S&P 500 index. The second, the ratio of after taxes corporate profits to GDP. Massive shares buybacks programs, low interest rates, financial leverage and tax rate cuts have provided wonderful...
