Last week we put a 5% rolling stop on the long S&P homebuilding/short S&P REITs pair trade in order to protect profits. Yesterday, our stop got triggered and we crystalized 10.3% gains since the May 26 initiation date…
Our intra-real estate pair trade long S&P homebuilders / short S&P REITs vaulted roughly to the 15% return mark intraday yesterday, compelling us to institute a 5% rolling stop in order to protect handsome profits since the late-…
Dear Client, In lieu of our regular report next week, I will present our view on China’s economic recovery, geopolitical risks, and implications on financial markets in two live webcasts. The webcasts will take place next Wednesday…
Highlights The cost of housing is the one item that has held up US inflation vis a vis European inflation in recent years. But as the cost of housing flips from being a strong tailwind to a strong headwind, US inflation is about to…
Dear Client, There will be no US Equity Insights from July 1-3 inclusive, as the US Equity team will be on vacation for the week. Our regular publication schedule will resume on Monday July 13, 2020 with our Weekly Report. Happy…
Highlights Policymakers vs. the virus remains the story at the macro level: Fiscal support is the wild card, but we expect Senate hawks, caught between the House and the White House, will roll over in the end. The economy is perking…
Highlights If policymakers can neutralize default pressures arising from the lockdowns, the lasting impacts of this recession may not be so bad: As Jay Powell put it on 60 Minutes several weeks ago, policymakers just have to keep…
In the most recent Weekly Report we initiated a new long S&P homebuilders/short S&P REITs pair trade. One of the key drivers for this pair trade is the ebb and flow of owning versus renting and the current message…