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Strong BS too expensive?

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Buyback warning

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VIX got seasonality

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King tech

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Perceived fear vs realized fear

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Remember seasonality?

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 S&P 500 debt maturity wall

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S&P500 borrow costs

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CTAs in Europe

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Reshuffling big books is very hard

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Office underperformance

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Credit's ides of March

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We remain in erratic territory

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Even tighter lending?

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The explosion in emergency borrowing

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What a difference a few weeks make

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Defaults

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Link Copied 5 hours ago at 13:40
The mighty US Consumer

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The cross

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Got yield?

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Got DB yield?

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Europe's tiny banking crisis

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Positioning extreme: Bonds

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Positioning extreme: mutual funds in mega-tech

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Positioning extreme: Crude

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Positioning extreme: HFs in equities

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Perceived fear vs realized fear

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Link Copied an hour ago at 17:00
We remain in erratic territory

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Link Copied 3 hours ago at 14:45
King tech

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Link Copied 8 hours ago at 10:00
Welcome back to the European banking crisis

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Link Copied 10 hours ago at 08:40
Eu(ro)phoria

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Link Copied 20 hours ago at 22:30
Fed BS freshly updated

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Link Copied Mar 23 2023 at 21:00
The world's most important (stock) golden cross

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Link Copied Mar 23 2023 at 15:30
NASDAQ - stuck, but...

...tech has had that "safe haven" bid lately. NASDAQ has traded inside the
13k/11k range since last May, with 12k being the "holy" average. Let's see how
this plays out from here, but trading ranges works best with a mean reversion
mind...until it stops working.

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Source: Refinitiv
Link Copied Mar 23 2023 at 10:40
All tech must squeeze

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Link Copied Mar 23 2023 at 10:00
GS on the Fed

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Link Copied Mar 23 2023 at 06:10
NASDAQ's upside stress, but...

NASDAQ futs tried the 13k, but looks to be fading as of writing. 13k is a huge
level, and tech has moved violently higher over the past weeks. Let's see if
this is the shooting star candle that could be signalling a short term
exhaustion move...

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Source: Refinitiv
Link Copied Mar 22 2023 at 19:14
Lowest level of all time

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Link Copied Mar 22 2023 at 16:00
Fund your tech puts via the rates vol panic

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Link Copied Mar 22 2023 at 10:40
Fat and flat is king

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Link Copied Mar 21 2023 at 20:20
The big vs small banks irony

TS Lombard's Perkins: "US regulators focused on making the big banks safer but
forgot that the smaller banks – which have been responsible for much of the
credit creation of the past decade – could pose systemic risks, at least in
aggregate." The investment bank argues this liquidity crisis risks becoming a
credit crisis and urges you to look at the commercial property sector closely.

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Source: TS Lombard
Link Copied Mar 21 2023 at 13:40
Oil - is this the reason to buy?

Oil tested huge levels recently. Momentum is poor, but these supports are big.
Fear in oil has shot up dramatically with the OVX making dramatic move higher,
but maybe the biggest reason to try some long oil is because the CTA crowd has
sold this space big time. The problem with CTAs lately is that they have tried
pushing momentum break outs in stuff that hasn't trended well. Is oil another
inverse CTA trade logic to consider?

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Source: RefinitivSource: RefinitivSource: GSView 2 more charts
Link Copied Mar 21 2023 at 13:00
King of stocks breaking up?

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Link Copied Mar 21 2023 at 12:20
Skew - paradigm shift

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Link Copied Mar 20 2023 at 20:00
This financials puke hurts

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Link Copied Mar 20 2023 at 16:20
Scared of selling your gold longs?

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Link Copied Mar 20 2023 at 12:00
Stress remains stressed

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Tech - the relatively stable one

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Link Copied Mar 19 2023 at 19:00
Time to be contrarian on the CTA flow?

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Link Copied Mar 18 2023 at 18:00
Everything gold surging

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Link Copied Mar 17 2023 at 19:30
Volmageddon "activity"

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GS: buy NKE calls

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Link Copied Mar 15 2023 at 20:30
Calls attractive

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Link Copied Mar 13 2023 at 19:10
You got 13 days

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Link Copied Mar 06 2023 at 07:00
Put hate is gone...and some put love is back

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Link Copied Feb 28 2023 at 14:59
and it's gone

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Link Copied Feb 28 2023 at 13:40
Monetization mania

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Link Copied Feb 28 2023 at 04:00
Rates matter

Jefferies writes: "...the relationship between S&P500 forward PE and US 10Y bond
yield has been tight knit since 2022, with an R squared of 53%." Don't forget to
look at bond volatility as well. Second chart shows SPX vs MOVE (inverted).

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Source: JefferiesSource: RefinitivView one more chart
Link Copied Feb 27 2023 at 13:45
MOVE moving everything

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Link Copied Feb 27 2023 at 12:20
US credit protection has risen as well

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Link Copied Feb 27 2023 at 11:00
Europe's equity vs credit gap

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Link Copied Feb 27 2023 at 10:00
That was quick - bonds edition

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Link Copied Feb 26 2023 at 21:00
0DTE puts are the new 0DTE calls

Scott Rubner writes: "Month to date, more daily puts were trading than calls."
Somebody needs to figure out how to hedge that downside when things get dynamic
to the downside...

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Source: GS
Link Copied Feb 24 2023 at 21:20
Monetizing hedges

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Link Copied Feb 24 2023 at 18:01
Down but with diminishing "panic"

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Link Copied Feb 24 2023 at 17:42
Not the normal VIX Friday

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Options color

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Credit protection - still resilient

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Link Copied Feb 24 2023 at 11:59
Muted European volatility - the cheap what if hedge?

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Link Copied Feb 24 2023 at 10:35
Watching the MOVE closely

VIX down from recent "panic" highs, but MOVE refuses giving back any of the
gains. Watch bond volatility closely here as it is a big part of the current
macro puzzle.

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Source: Refinitiv
Link Copied Feb 23 2023 at 21:22
0DTE - buy to sell

Great charts via BofA's great derivatives team showing how people start the day
with paying up for 0DTE options (lifting offers) only to sell these as the day
progresses, hitting bids. The trend can be seen in both calls and puts, with
puts being even more pronounced.

Zero sum game until something goes wrong...?

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Source: BofA
Link Copied Feb 23 2023 at 15:20
Very little "monetization"

We have covered the rise in SPX and the rise in SKEW extensively over past weeks
(here). When both rise you should watch closely as it shows the crowd is paying
up for downside protection (on a relative volatility basis)...because they need
it. This protection is usually monetized when markets move lower. This time we
have seen very little of that "monetization"...

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Source: Refinitiv
Link Copied Feb 23 2023 at 13:40
They don't come cheap

0DTE options trade with a huge volatility premium. BofA's chart showing the
volatility smile "with the call side trading at more elevated implied vols than
longer-dated tenors".

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Source: BofA
Link Copied Feb 22 2023 at 22:59
0DTE and Volmageddon 2.0?

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Link Copied Feb 22 2023 at 22:30
MOVE moving VIX

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Link Copied Feb 22 2023 at 19:20
Sell low, buy high agony is back

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Link Copied Feb 22 2023 at 16:45


Bitcoin - still waiting for the institutional bid

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Link Copied Mar 23 2023 at 12:15
Crypto - decoupling begins

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Link Copied Mar 22 2023 at 19:40
Bitcoin has been the leader

It led things on the way up. Does it lead to the downside? Short term 1 day 5
min chart showing BTC and SPX.

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Source: Refinitiv
Link Copied Mar 22 2023 at 19:30
Follow bitcoin

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Link Copied Mar 22 2023 at 15:20
Bitcoin - does anyone care?

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Link Copied Mar 16 2023 at 18:20
The winner continues winning

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Link Copied Mar 14 2023 at 13:00
Not everything is pricing fear

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Link Copied Mar 13 2023 at 14:12
Bitcoin discounting "happy days"

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Link Copied Mar 12 2023 at 19:04
Bitcoin - will we ever see the institutional bid?

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Link Copied Mar 02 2023 at 04:00
BTC tracking the 17/18 cycle

BTC price action generally tracks the 2017/18 cycle, but trading volumes are
low, and crypto company credit risks remain. Morgan Stanley's ETH PAVA
speculative indicator has reached an extreme high.

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Source: Morgan Stanley
Link Copied Jan 18 2023 at 19:20
Crypto - suddenly not so boring

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Link Copied Jan 15 2023 at 11:30
A crypto doughnut

Early in the month, and now we have a rally...but could crypto funding in the
month of January actually register a big fat zero? Like some (many) ECM
bonuses...

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Source: JPM
Link Copied Jan 13 2023 at 15:46
Bitcoin volatility

More of the spot up, vol up behavior for forgotten Bitcoin. Second chart shows
the 35 delta skew, also moving higher, as upside "chasing" makes a come back.

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Source: AmberdataSource: AmberdataView one more chart
Link Copied Jan 13 2023 at 15:30
Bitcoin bull

Bitcoin is extending the most recent surge. We stick with our upside call
spreads logic from Monday (here). Make sure to roll into higher strikes
dynamically in order to capture max optionality. Note the 200 day coming in
slightly higher. We have not traded above it since Jan 2022. 20k is the
"psychological" level to watch.

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Source: Refinitiv
Link Copied Jan 13 2023 at 15:20
Got crypto?

Long crypto is unique these days. That is part of the reason we continue to feel
comfortable with our latest squeeze BTC logic (here). Charts show JPM's position
proxy based on open interest in CME Bitcoin and Ethereum futures contracts.

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Source: JPMSource: JPMView one more chart
Link Copied Jan 12 2023 at 20:20
Bitcoin - will you ever attract interest?

Let's see if the latest mini move higher reignites some "institutional"
interest. One things is sure, the trend is not overly exciting...making the
squeeze even more exciting.

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Source: JPM
Link Copied Jan 12 2023 at 18:00
Bitcoin's comeback, but...

Bitcoin is trading above the 100 day moving average as of writing. We have not
seen that since the early November crash. On Monday we outlined our short term
BTC squeeze logic and we wrote: "One way to play a possible break out move in
BTC is via shorter dated call spreads." This has worked well, but don't forget
to roll into higher strikes in order to max out the "greeks". 18500 is a first
bigger resistance. Booking some profits and rolling into higher strikes is a
strategy we like. Note the 200 day still way higher and the negative trend
coming in slightly higher.

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Source: Refinitiv
Link Copied Jan 12 2023 at 14:30
You know things are squeezy when...

...even BTC is moving higher. BTC looks to be closing above the range highs.
Second chart shows the short term chart moving in tandem with NASDAQ.

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Source: RefinitivSource: RefinitivView one more chart
Link Copied Jan 09 2023 at 17:40
Bitcoin optionality

Bitcoin volatility has come down sharply. One way to play a possible break out
move in BTC is via shorter dated call spreads. Skew is not dirt cheap, but given
the implosion in vols, playing directional bets in BTC looks relatively
attractive.

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Source: AmberdataSource: AmberdataView one more chart
Link Copied Jan 09 2023 at 09:20
Bitcoin - is that a break out attempt?

BTC is currently pushing higher, trading at 17200 as of writing. BTC has been
stuck inside a massively boring range. A close here or higher and we could be
seeing some upside momentum kick in.

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Source: Refinitiv
Link Copied Jan 09 2023 at 09:10
Why to still believe in crypto

Bernstein highlights 5 arguments on why one still should believe in crypto
despite the current bear cycle and FTX-like catastrophes that have weighed on
investor confidence.

1. With maturing internet adoption, crypto still has decades of application-led
growth. Crypto only touches 5% of total internet users

2. Crypto's survival instinct is that every crypto winter (in 2014 and 2018
before) is as brutal, but the industry has always come back

3. Ethereum & its ecosystem represents this application-led growth. Gautam
believes that value within crypto will migrate from the speculative crypto
assets to more utility and application-driven ecosystems such as Ethereum and
its related Layer-2 platforms

4. FTX contagion effects are isolated to select players with FTX only 10% of the
global trading volumes, and have strengthened the blockchain financial economy

5. Regulation is coming but adds legitimacy to the space for institutions to
participate and will be a net positive in the long run in our view. 

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Source: Bernstein
Link Copied Jan 04 2023 at 07:00
Bitcoin - ending the year on a low note

Bitcoin transformed from the most exciting to the most boring asset. Many
shattered dreams and it is incredible to see it become this boring. Second chart
shows Bitcoin's volatility implosion, ending the year at lows. Once again, do
not confuse direction with pace...

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Source: RefinitivSource: AmberdataView one more chart
Link Copied Dec 31 2022 at 17:00
2/3 down more than 90%

Go figure where the break even is for most...

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Source: Thanefield Capital
Link Copied Dec 27 2022 at 23:30
Bitcoin - beware US sessions

Asia was never bullish, but the "reversal" in US and Europe has been huge.

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Source: Thanefield Capital
Link Copied Dec 27 2022 at 22:59
Is but a dream within a dream

NFT sales peaked at $7.1B this past January. Since then, the digital
certificates of ownership have experienced a significant decline in demand. Last
month, the combined sales of the top 5 marketplaces dropped to the lowest level
since July 2021 — when OpenSea was the only open marketplace among them. Funding
to NFT, gaming, and metaverse startups has also taken a plunge — falling to its
lowest level since Q2’21 last quarter.

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Source: CB Insights
Link Copied Dec 17 2022 at 01:00


Strong BS too expensive?

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Link Copied 12 minutes ago at 18:00
Buyback warning

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Link Copied 32 minutes ago at 17:40
VIX got seasonality

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Link Copied an hour ago at 17:20
Perceived fear vs realized fear

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Link Copied an hour ago at 17:00
Remember seasonality?

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Link Copied 2 hours ago at 16:40
 S&P 500 debt maturity wall

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Link Copied 2 hours ago at 16:20
CTAs in Europe

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Link Copied 2 hours ago at 16:00
S&P500 borrow costs

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Link Copied 2 hours ago at 16:00
Reshuffling big books is very hard

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Link Copied 3 hours ago at 15:40
Office underperformance

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Link Copied 3 hours ago at 15:20
Credit's ides of March

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Link Copied 3 hours ago at 15:00
We remain in erratic territory

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Link Copied 3 hours ago at 14:45
Even tighter lending?

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The explosion in emergency borrowing

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What a difference a few weeks make

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Defaults

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Link Copied 5 hours ago at 13:40
The mighty US Consumer

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The cross

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Got yield?

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Link Copied 6 hours ago at 12:40
Got DB yield?

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Link Copied 6 hours ago at 12:30
Europe's tiny banking crisis

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Link Copied 6 hours ago at 12:20
Positioning extreme: Bonds

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Positioning extreme: mutual funds in mega-tech

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Link Copied 6 hours ago at 11:45
Positioning extreme: Crude

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Positioning extreme: HFs in equities

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