Facebook: The Aftermath

Today should be very interesting.  Will investors focus more on Facebook’s faceplant……or the nominal progress on trade issues?  How about the disappointing Durable Orders?  And, what about the ECB’s obfuscation?  Could be some interesting cross-currents — made even more interesting by the fact that ES/SPX reached our upside target yesterday. continued for members… … continue reading →

Facebook’s Faceplant

$20 billion here, $20 billion there.  Pretty soon you’re talking real money. Maybe Zuck should have accelerated his sales a bit more. Facebook’s disastrous conference call and outlook has seen the stock plummet 25% from its earlier highs.Note that this brings FB back below: (1) the trend line which has buoyed it since April 4; … continue reading →

JGBs Gone Wild

Lots of excitement in the currency markets this morning — particularly the yen.  The USDJPY plunged rather decisively to our nearest downside target… …after stories appeared in the financial press that the BoJ was embarking on a buying spree, offering to buy “an unlimited amount of bonds.”  Why would they do such a thing?  Yields … continue reading →