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Pater Tenebrarum was the nom de plume of the main author of the acting-man blog, an independent analyst and economist/social theorist. He was involved with financial markets in various capacities for 31 years, most recently writing economic and market analyses for independent research ...more

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Rising Stock Market Volatility – Another Warning Sign
Sometimes an increase in market volatility does not mean much – but when it happens at a time when the market is trading at extremely high valuations, it can be a major warning sign.
Bitcoin – From Greed To Fear
Bitcoin and other cryptocurrencies have declined quite sharply in recent days.
Interest Rate Watch And Bond Market Curiosities
In view of the sharp increase in stock market volatility, yields on government debt have continued to decline in a hurry.
The Calm Before The Storm
The divergences between the different indexes at the very least represent a heads-up that another correction is likely to begin fairly soon.
Paul Tudor Jones Likes Gold
According to last week’s CoT report, the net commercial hedger short position has grown to around 172,000 contracts. In a bull market, this position is likely to become much larger before it poses a problem.
A Surprise Move In Gold
Over the past week, gold and gold stocks have been on a tear. It is probably fair to say that most market participants were surprised by this development.
US Money Supply Growth And The Production Structure – Signs Of An Aging Boom
It has taken quite a long time already, but it appears as though slowing money supply growth is finally beginning to affect the real economy.
In Gold We Trust 2019
Trust in once well-respected institutions is increasingly eroding.
The Liquidity Drought Gets Worse
The continuing slowdown in money supply growth represents a palpable threat to the bubble in asset prices.
Long Term Stock Market Sentiment Remains As Lopsided As Ever
A brief update on indicators that are of medium to long-term relevance to prospective stock market returns.
A Trip Down Memory Lane – 1928-1929 Vs. 2018-2019
It has become abundantly clear by now that the late 2018 swoon was not yet the beginning of the end of the stock market bubble – at least not right away.
The Gold Debate – Where Do Things Stand In The Gold Market?
Despite the fact that gold fundamentals are still not unequivocally bullish, there are signs that investors are increasingly receptive to the idea of buying some gold for insurance purposes.
Circling The Drain
As long as the Fed keeps draining excess liquidity from the system, money supply growth rates are unlikely to recover. Expect elevated market volatility to persist over the medium term, with a downward bias.
The Bear Market Hook
The stock market correction into late December was of approximately the same size as the mid 2015/early 2016 twin downturns, so this is not an idle question.
Season’s Greetings
This year turned out to be quite an interesting and exciting year – in the Chinese curse sense, that is.
The Stock Market On FOMC Day – Buy Or Sell The News?
The market is likely close to a short term low by now – at least in time. It is not necessarily close to a low in price, as that really depends on how much more fear is going to creep in over coming days and/or weeks.
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