Oilfield Services Attractive on Numerous Relative Fronts

Oilfield Services Attractive on Numerous Relative Fronts

One could spend a few hours cycling through charts of various US equity industries, both on an absolute and relative basis vs. the SPX, and find very little to get excited about. They simply all look the same – nearly…...

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See What Sticks

See What Sticks

I’m going to throw a lot of charts at this post and let’s see if we can find out what seems most likely to stick thematically, if anything at all, when we’re done. How about EM to start.  When discussed…...

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Immortan Joe Activates U.S. Cyber War Rig, Moving America Beyond Just Financial Warfare with Russia

Immortan Joe Activates U.S. Cyber War Rig, Moving America Beyond Just Financial Warfare with Russia

Just the other day the deep state trotted out Immortan Joe Biden in an interview with Chuck Todd to let the world know it was planning a “covert” cyber attack on Russia and Putin for their alleged involvement in holding…

Energy Commodities: The Juice Is Likely Worth the Squeeze

Energy Commodities: The Juice Is Likely Worth the Squeeze

Per some emails at the end of Sep that highlighted the increased potential for such a move, crude has decisively broken above multi-year resistance recently.  If you believe the WH/Fed/Russia feed-back loop theory – as I do – it’s not…...

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Crude Should Begin to Stabilize

Crude Should Begin to Stabilize

Below I plot the ratio of the Nikkei vs. crude in the top pane and crude alone in the bottom pane. Over the past ~30 years the ratio b/t the Nikkei and crude has traveled in a downward sloping channel…

Cross-Asset Macro Relationships Signal Crude Bottom

Cross-Asset Macro Relationships Signal Crude Bottom

In the chart below I plot the ratio of the Nikkei vs. crude. This ratio has traded in a downward sloping channel b/t lines (1) and (2) since the 80s. The ratio hit channel resistance line (1) in Jan-16 for…...

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How the Fed Abdicated its Independence to White House Geopolitical Strategy on Russia For Nearly Two Years

How the Fed Abdicated its Independence to White House Geopolitical Strategy on Russia For Nearly Two Years

In the chart below I plot crude, the Russian Ruble (RUB) and OPEC production. From 2012 through mid-2014 all three print sideways. However, to the day beginning on 7/29/14, crude and RUB begin to collapse while OPEC production soars. Why such…...

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Multi-Decade Break-outs in Gold vs. Various Industrial Commodities Signals Major Monetary System Change Afoot

Multi-Decade Break-outs in Gold vs. Various Industrial Commodities Signals Major Monetary System Change Afoot

Proportional end demand by the industrial sector is exceedingly larger for crude (all), copper (all) and silver (~50%) vs. gold (~10%-15%). Keep the above in mind when looking at the three charts below which plot ratios of gold vs. all three aforementioned…...

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USDRUB Breaks out of 18 Year Channel to the Upside (The Loss of Fed Independence)

USDRUB Breaks out of 18 Year Channel to the Upside (The Loss of Fed Independence)

In the chart below at (A) USDRUB has broken out of a ~18-year channel b/t lines (1) resistance and (2) support to the upside.  Every major swing high and low for the pair has come on these respective channel lines over…...

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TED Spreads Lead & The Real Driver Behind The Fed's Decision to Hike Rates

TED Spreads Lead & The Real Driver Behind The Fed’s Decision to Hike Rates

I’ve written a good deal this week about TED spreads blowing out significantly recently. Today I wanted to look at snapshots of the last few times TED spreads have blown out like they are now to see how the equity…...

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