Aug

29

Hedging the minutes

August 29, 2022 |

H. L. Mencken's ideas very relevant now: "Every election is a sort of advance auction sale of stolen goods."

Heard on racquetball courts at Jackson hole: "how do we pretend we are harsh on inflation without hurting the big guy?" correction. lost in time. only pickle ball and paddle now. racquetball going to zero play. play in Jackson Hole is golf.

"when i came back to the Fed i saw that they needed a published paper by a senior guy to say that they shouldn't pay attention to economic models" (saying to worry about recession - a typical comment from the bearish former mayors site).

all smiles at Jackson Hole. "have to help that man." especially now that senate is a lock. crude takes a break. went so far as to edit dissenting opinions out of the official minutes of its meetings. one queries if the minutes of the FOMC are manipulated this same way to stop the "bad brash man."

But the ex-Chancellor also points to a failure to understand the scientific models they were being fed. How true of many supposedly quasi-scientific conclaves and minutes.

Some virtual definitions. a Texas Hedge: long stocks and crude. a new mexico hedge: long crude and long bonds. a Baron Coleman hedge: long stocks, bonds and crude. a Powell hedge: long stocks and bonds. what else do you propose?

bullard hedge: short bonds and S&P. Interactive hedge: margin call at 3 am then reverse, after down 150 pts from 20 day high 8 days ago - we call for an interactive hedge Mon 3am.

Kerry Packer Hedge: long everything and persists in it. margin calls may already have taken their toll: possibly no longer bear.

bonds were up on 2-day and 5-day as of Friday close but S&P was down 100 big and 200 big respectively…what's the panic? we'll know perhaps on the next margin call. looked pretty hairy at 4110.

Vic's twitter feed


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search