TJM’s Latest Commentary

Dow 20,000 1/25/17

Dow 20,000. What the heck. I was going to resist writing about it but at the time of going to press, we have breached it and traded fairly well above that new level. What does it mean to the man … Continue reading

The Quiet before the Storm 1/19/17

The Quiet before the Storm .It is an historic week this week. Nobody knows how this is going to play out. We have the inauguration of the 45th American president on Friday marking the official beginning to ‘twitter era’. We … Continue reading

Diagnostics By Candlelight 10/26/16

Inventories Down/Rig Count Up/ Oil Prices Peaked…for now Oil prices rose after Crude inventories were reported by American Petroleum Institute to have declined by 553,000 rather than increasing by 4 times that amount as expected, shocking traders and helping to … Continue reading

World Market Update 9/29/16

Eurodollar and Treasury futures are lower this morning with the yield curve having steepened modestly across both the first six years of Eurodollars (3bp) and across the Treasury curve (5-30’s out by 2 bp). Looking to recent price action and … Continue reading

FX Morning Commentary 9/21/16

Good Morning.  The BOJ and its decision on policy captured the attention of most of us during the overnight session and certainly created some nice short term volatility in Japanese markets.  In the end, rates were left unchanged, although the … Continue reading

FX Morning Commentary 9/6/16

Good Morning. Risk is trading with a nice bid as we start our week with Asian equities up nicely and EM maintaining its post US Payroll data rally from last Friday. In G10, the US Dollar is slightly lower across … Continue reading

Successful Farming Blog 8/2/16

Good morning. Yesterday was not a good for the grains, especially beans. This morning things have stabilized with corn down 1, beans down 2 and wheat actually up 2. Yesterday, FC Stone came out with their numbers – FC Stone … Continue reading

FX Morning Commentary 8/2/16

Good morning.  We had a relatively busy session in markets overnight with quite a bit of disparity as global equity and fixed income markets both sold off aggressively.  The general correlation between risk-off and yields lower certainly did not work … Continue reading

FX Morning Commentary 7/20/16

Good morning.  Global equity markets are bid once again this AM with many reversing the majority of yesterday’s sell-off.  The positive mood on the equity front has had little if any impact on commodities or currencies with the former lower … Continue reading

FX Morning Commentary 7/1/16

Good morning.  Risk continued to trade well overnight and looks very likely to end the week on stronger footing.  Global equity markets and most risk correlating currencies find themselves higher for the fourth day in a row once again trading … Continue reading