Postcards: Called That Selloff… What About the Week Ahead?
The Fed goes rogue, Americans hit $1 trillion in credit card debt, and I do my best to not lose it over the state of the country. This and more in your weekly look ahead...
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Dear Fellow Expat:
Market momentum is red across the board.
A global liquidity shakeup hit hard.
Energy stocks are the only bright spot right now, and the rotation into the sector (on the back of Saudi production cuts) has helped lift names like Exxon (XOM) and Occidental (OXY).
I get cautious about energy whenever broad market momentum turns negative. Like June 8 last year, profit-taking can come fast.
Just saying… we’ve been talking about this for the last 14 days.
Tack on a Senate Finance Committee member betting against the Nasdaq 100 on July 13… and that big slump in global liquidity noted by Cross Border Capital… and I hope everyone hedged.
As I’ve noted, the problems are in the bond markets, not necessarily the recent bank downgrades (or America’s long-term downgrade).
Questions abound about China’s economy, the Treasury Department’s challenge in getting someone to buy long-term debt, and Japan’s Yield Curve Control.
Whatever happens, the end result …
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