Irish 2.0 said:

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CLOV on the move this morning with an upgrade from Cowen and an initiation from Canaccord

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That's going to need to move a lot more for me to feel good about owning it

Risk On.... Equities Soar...Why???GOOGLE IT...Fed Back Tracking?

Google came out with great earnings and announced a 20 for 1 stock split... The stock is up 300 points, which is sending the Nasdaq up over 250 points and the S+P to the highs of the overnight session, up almost 40 points... Global stocks are headed for the biggest 4 day rally since November of 2020...S+P futures have gone above now both its 200 day and 100 day moving averages... And could approach the 50 day... Are we bullish?... Not in the least, we just think the sentiment and fears got out of hand... So with some great earnings, and some back tracking by Fed governors from some of the out of hand expectations, like the BOFA 7 rate hikes this year, expectations are being rethought... Although the WIRP remains sticky this morning just under the 5 expected rate rises this year... We still think the Fed will use the balance sheet reduction aggressively to mitigate rate rises... But inflation remains a very big problem... The EU CPI inflation number came out this morning 16% higher than the expectation... None of the survey members were close... But it was primarily energy...However, according to US APARTMENT LIST DATA, NATIONAL RENTS INCREASED BY AN UNPRECENDENTD 17.8% NATIONALLY... This rent and housing inflation is accelerating and will not reverse in the near term.

We have ADP data today... 180 expected, a reversal of the 807 number from last month that was so far off from reality that one wonders if they had the right country... Nonetheless, the fears of a zero or negative number for Friday's non farm payroll, are being built in, and while may be a headline in the national news if the number is zero or negative, this will not come as a big surprise to the markets...even Bullard mentioned it in his interview yesterday... So the question is where do we go next?

Rates... Big treasury announcement today... But treasuries are trying to find the next leg, either up or down... It seems like the 1.80 magnet of the 10 year is not going away... Whether the front end rallies or falters, we seem to keep hitting 1.80... Range for the moment seems to be 1.70 to 1.90, but both end points do not seem to have enough momentum to break for now... Shorts have been covered but leveraged flatteners remain...after all the recent short covering, we still have the idea, reinforced from a colleague, that when the bond market corrects a deep oversold condition more through time rather than basis points (which is what we are doing), is one that's at elevated risk of a new leg higher in yields... So beware, 2% + 10 years is still in the cards for this quarter.

The Fed has backtracked some of the aggressive Fed-speak on raising rates... No one has said March will be 50...but a few have refused to deny the possibility, but we see this as optionality... Most Fed speak, says while possible, based on current numbers it is not probable....Bullard was the latest... We have three new potential Fed nominees testifying tomorrow... They will be voted on in the next two weeks which is when both Powell and Brainard will be confirmed... The date has been announced.

Credit issuance has been slow, although Bank America did a 9 billion dollar deal yesterday, but aside from that issuance has been meager, spreads have bounced off their recent highs and are well behaved for now as the risk markets have a better tone... But we are still worried the Fed is fighting an impossible battle between inflation and sending the economy into a recession to do it... Threading the needle between rate hikes and balance sheet reduction is going to have the unintended consequences of reduced liquidity and higher volatility... Which from a bond traders perspective, we embrace... But as Goldman said this morning, the reduced Fed presence is going to create havoc in off the run issues... ADP out next

Let's go Brandon

Irish 2.0 said:

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ADP -301K, Exp. 184K

— zerohedge (@zerohedge) February 2, 2022

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Holy **** what a miss. Get Powell on the line, that "recovery" just took one on the chin

Irish 2.0 said:

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ADP -301K, Exp. 184K

— zerohedge (@zerohedge) February 2, 2022

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Not omicron related, but certainly OSHA related.

Let's go Brandon

I don't remember MGNI calls being talked about. Anyone have details?

$MGNI Calls discussed out to June-September are going to be be huge winners.

— 2021 Opportunity Stocks Knock (@oldarmy1) February 2, 2022

If that's me reeling in that sniper rifle, I'm not publicizing it. There's a slim chance that there are some bad dudes did not want those things found.

59 South said:

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ProgN said:

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AMD, cut to neutral PT lowered to $130.

Good news is that means we're getting real close to a market bottom when bs like this starts to happen.

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Truth. Lots of companies are probably due downgrades, but AMD is about as low on the list as you can get.

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This was less than two weeks ago right before it got smacked down to 100 last week.

Crooks, never change crooks. Congrats to all you holders out there and everyone that added.

Red Pear Luke said:

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ProgN said:

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https://www.militarytimes.com/off-duty/military-culture/2022/02/01/boy-reels-in-50-caliber-barrett-sniper-rifles-while-fishing/

Ok, not stock related but a cool story.

However, if this had been me, I'd have quietly ended my fishing for the day and added these 2 bad boys to my collection. I'd then have returned with my scuba gear.

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Gives new meaning to "I lost all my guns in a tragic boating accident"

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Is that a pic of Prog?

Same.

Is OA cheating on us with another board??

I think we are over heated now. Let's see what happens.