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  • Report from the Bond War Frontlines
    The most interesting bond ETFs on the market are PST and TBT. They offer a convenient way to get long exposure to profligacy, pandering, fraud, political incompetence, and central bank indiscipline. That combination of exposure in a single product is hard to beat. Most of the ETFs you mention have short exposure to these. I do not understand why anyone would want them.
    Aug 30 14:12 pm |Rating: 0 0 |Link to Comment |View article
  • Today's Key ETF Performances: Financials Lead, Commodities Lag
    Let's see...investments banks need to raise capital. Those who choose to do this by issuing more shares will benefit most if their share prices are high. They can borrow at 2.5% against mortgages that in most cases have defaulted or soon will. Now, let's see, what should they do?

    I've got it: borrow heavily against worthless assets, buy futures in the morning market to put on a gap-open short squeeze, then buy each others' shares all day. Meanwhile, get the commodities exchanges to increase margin requirements and whisper to their desperate hedge fund clients that the Fed would really prefer their long positions there to be closed out so if they'd like to share in the benefits of access to the printing press then this would be a good time to do so. The hedgies dump hard assets and join the financials rally, the shorts get the shaft, the bankers go home winners, and the PPT get Black medals all 'round.

    Can't prove it but I'd be shocked if most of this isn't happening. There is simply no rational explanation for news of another $19b write-down and an ISM reading still indicating contraction to be greeted by a 4% rally. I could believe the commodities sell-off is a response to "deleveraging&quo... or recession fears, but then why such a large rally in equities, especially financials for which the fundamentals have not improved a whit? Nope, sorry. This is manipulation by the Fed, the Treasury, the PPT, and the banks. Simple as that.
    Apr 01 22:11 pm |Rating: 0 0 |Link to Comment |View article

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