Market On Open, Friday 21 November
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But Is It All Over Tho
by Alex King, CEO, Cestrian Capital Research, Inc
Although everyone has now flipped Fearful Bear, the facts of yesterday remain.
Federal liquidity is rolling back into the banking and brokerage system. To repeat as noted by Yimin on Wednesday this week:
“The good news is that TGA is now starting to move lower, meaning the government is spending cash on its reopening.On Monday, TGA moved from $959 billion to $925 billion, a notable one-day spend. If continued, which it should, we could see liquidity flowing back into the markets soon.”
And I am going to ask you once more to read another take on this macro picture, from Alan Longbon, who is low-key one of the best macro commentators around.
Substack
These are the facts - money coming into the system. In addition, whilst crypto is hurting, the indices have barely a flesh wound.
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OK. Let’s get to work - our daily Market On Open note below covers yields, bonds, equity indices, sectors, oil, gold, Ether, Bitcoin and more, as always.