Asset Management & Market Research

Weekend reads & charts ....

We scour the best of publications that cover the markets & economy, the world of business & finance, asset & wealth management, monetary & fiscal policy, Europe & Asia, the news & politics, science & technology … and throw in a bit of arts & entertainment, just to keep it light. Here’s what we found particularly compelling in the last 24 hours:

Is Bernanke Pulling a Trichet? (Calculated Risk)

The Rise of the Fearmongers: Germany’s New Euroskeptic Elite (Spiegel)

Succinct Summation of Week’s Events (The Big Picture)

Why is the yuan so strong? (The Economist)

China’s Cash Crunch Through a Series of Charts (WSJ)

Doug Kass: Why I’m Net Short (CNBC)

Jim Grant On The Gold Selloff (Tim Iacono)

Twitter Said To Be Preparing Location-Based Ads For Clicks & Bricks (TechCrunch)

Did Skype (MSFT) Allow the NSA to Snoop Calls? (Insider Monkey)

With Addition of HBO Go & WatchESPN, Are We Closer to an Apple HDTV? (Minyanville)

Sprint May Be Off the Table, but Dish’s Deal Appetite May Remain (DealBook)

New in-flight rules gives Americans 100 million more hours with their gadgets (Quartz)

LeBron will never be an endorsement star like Jordan (CNNMoney)

Study: How Much You Exercise Matters More Than How Often (Atlantic)

The charts below are courtesy of Bespoke, Quartz and Barron’s.

Bespoke notes that financial headlines – in abundance – is like the Sports Illustrated curse. When the mainstream news touts the strength of the stock market, like USA Today did in May, watch out below. It can work in the opposite way, too. Just take a look at Bespoke Investment’s “Drudge Headline Indicator” from last year. “When financial stories dominate the front-page headlines on a regular basis, it’s probably getting close to an inflection point for the market, whether it’s a bottom or a top,” Bespoke explained. On Thursday, “Dow dives deep” was front and center on Drudge. A bottom? Something to watch …

Bank of America Merrill Lynch strategist Michael Hartnett characterized the bond market as “total capitulation.” He and his colleagues call it a “blood bath” in bonds, the likes of which has only been seen a few times since the numberkeepers have been in business. The chart below shows what  all bond-fund flows the last few weeks look like versus the last decade or so of history — the chart goes back to 2002. It was the largest three-week gush of bond-fund redemptions ever, according to Hartnett. The $2.6 billion that left emerging market bond funds is the second largest outflow ever. Mortgage-backed securities, municipal bonds and Treasury inflation-protected securities have each tipped into net redemptions for 2013. The surprise? High-yield bond funds haven’t suffered as rapid an exodus.

 

bespoke (MarketWatch) !!!!!!!!!!!!! June 21

 



SHIBOR QUARTZ JUNE 21BOND BLOOD BATH (2)



Author: Craig Dougherty

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