{"id":38440,"date":"2018-09-28T09:59:06","date_gmt":"2018-09-28T14:59:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38440"},"modified":"2018-09-28T09:59:06","modified_gmt":"2018-09-28T14:59:06","slug":"we-have-really-lost-our-way-trader-laments-markets-risk-ignorance","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38440","title":{"rendered":"“We Have Really Lost Our Way” – Trader Laments Market’s Risk Ignorance"},"content":{"rendered":"
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“We Have Really Lost Our Way” – Trader Laments Market’s Risk Ignorance<\/span><\/a><\/h3>\n<\/div>\n
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“BTFD”, “Goldilocks”, “Climbing a wall of worry”, “Powell Put”, “Trump Put”, “It’s different this time.”<\/em><\/p>\n

The excuses to buy stocks – no matter what headline tape bomb explodes – grow longer and more desperate as asset-gatherers and commission-takers know the end is nigh (and judging by the level of insider-selling, so do C-level execs<\/a>). Of course, to the onlookers, the record-breaking stock markets provide just the ‘price’ evidence that everything must be awesome (right?), but as former fund manager and FX trader Richard Breslow points out, “there’s danger in knowing price, but not value.”<\/em><\/strong><\/p>\n

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The most accurate thing anyone has said today is also the scariest. Not because it isn\u2019t true. There is no shortage of examples to prove it. Italian assets are getting hammered on budget-deficit-busting news. The European Union won\u2019t like it. The rating companies may take exception.\u00a0Our own story\u00a0described it as dealing a \u201cbody blow\u201d to the establishment. But Deputy Premier Matteo Salvini\u2019s reaction was, \u201cMarkets will come to terms\u201d with it. And that\u2019s the problem. They most likely will<\/strong>.<\/p>\n

Via Bloomberg,<\/em><\/p>\n

But every time \u201cinvestors,\u201d to use the term loosely, limit their response to selling some futures<\/strong> before deciding to move on and pick-up some carry in the cash market,the ante will continue to be raised at the next episode. <\/strong><\/u><\/p>\n

Traders are meant to be regulators on behavior, economic as well as political, but have utterly ceded that function.<\/strong><\/p>\n

This is nothing new, but it\u2019s getting worse. And more dangerous.<\/strong> As I\u2019ve been watching the BTP and MIB markets trade this morning at each dead-cat bounce I\u2019m told things are stabilizing. There\u2019s no contagion. Buyers are looking for value. That markets are orderly.<\/strong><\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“We Have Really Lost Our Way” – Trader Laments Market’s Risk Ignorance “BTFD”, “Goldilocks”, “Climbing a wall of worry”, “Powell Put”, “Trump Put”, “It’s different this time.” The excuses to buy stocks – no matter what headline tape bomb explodes – grow longer and more desperate as asset-gatherers and commission-takers know the end is nigh […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[83,284,20251,7006,1138,4318],"class_list":["post-38440","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bloomberg","tag-european-union","tag-matteo-salvini","tag-richard-breslow","tag-stock-market","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38440"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38440\/revisions"}],"predecessor-version":[{"id":38441,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38440\/revisions\/38441"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}