Hades Research

Market implications of Presidential election result overhyped

Nick Kennedy — Tue, 06 Nov 2012 13:50:56 +0000

View: Sit with trends buying stocks into weakness, bearish UST’s and short EUR/USD

Election-day and markets are typically sedate, more out of habit than anything else. We find it difficult to become overly excited at the outcome whoever wins seeing rather limited room for policy manoeuvre going forward. While much has been written about the [...]

Politics and earnings should only be a temporary equity dampener

Nick Kennedy — Thu, 25 Oct 2012 15:51:24 +0000

View: Buy S&P 500 dips with new highs in mind, leaning on 1,361 support

There is something of a mismatch between our short-term bullish expectations and more cautious mid-term equity views, built around how the longer-term charts have been developing, which makes the current corrective price action rather tricky to interpret. This degree of ambiguity [...]

Hades Weekly Market & Macro Strategy 22 10 12

Nick Kennedy — Sun, 21 Oct 2012 23:03:22 +0000

Our weekly publication insight into which data and events has the potential to move markets in the week ahead, an update on the more interesting chart developments and concludes with a summary of our core strategy views.

Market more confident on ECB’s OMT backstop despite Spanish procrastination EZ equity dip should tempt buyers but EUR’s [...]

Chinks of light starting to break through Eurozone clouds

Nick Kennedy — Tue, 16 Oct 2012 10:54:27 +0000

View: Periphery debt tempting, short Bunds great risk reward at current levels

Gloom continues to dominate Eurozone investor’s thinking with the market reluctant to buy into the idea that there are now adequate backstops (ESM, OMT) available to finally stabilise the debt crisis, continuing to focus on the always distracting political noise. This seemingly forgets [...]

Hades Weekly Market & Macro Strategy 15 10 12

Nick Kennedy — Sun, 14 Oct 2012 19:24:20 +0000

ECB’s OMT ‘plan’ to remain just that as PM Rajoy stalls amid ranging periphery yields [...]

Is a JPY peg the only way to defeat the deflationary mind-set?

Nick Kennedy — Thu, 11 Oct 2012 12:25:30 +0000

View: JPY response to ‘Risk on’ phase should worry BoJ, SNB style Peg worth debating

Despite solid gains in US and European markets over the past few months that Asia heavyweight Japan has enjoyed rather limited luck with even the BoJ’s efforts to continue on the central bank easing bandwagon given short shrift by the [...]

Hades Weekly Market & Macro Strategy 08 10 12

Nick Kennedy — Sun, 07 Oct 2012 19:25:26 +0000

ECB’s OMT ‘plan’ to remain just that while periphery yields look tolerable EZ equity run could extend but [...]

Spanish Road Runner episode still a novelty for markets

Nick Kennedy — Thu, 27 Sep 2012 08:39:27 +0000

View: Spain ‘worries’ totally predictable, PM Rajoy’s delaying tactics all part of the game

Watching the Eurozone crisis unfold is a bit like sitting down to watch a few Road Runner cartoons, we all know Wylie Coyote is going to run over a cliff at some point we just don’t know what sort of pain [...]

Are prospects for a strike on Iran being priced out by oil markets?

Nick Kennedy — Wed, 26 Sep 2012 08:49:50 +0000

View: Brent remains a m/t bear play despite the seemingly hot geopolitical backdrop

It has been difficult to flick through any weekend media without stumbling across detailed editorials on the prospects for a pre-emptive Israeli strike against Iran’s nuclear programme in October, ahead of the US Presidential election. The logic of this timeframe centres on [...]