Innovation & Cities

Will the Internet mean that cities decline in importance? Almost certainly not; they have many economic benefits still. One is in spurring innovation. Economists have long recognized that an important positive externality is knowledge spillovers. Exchange of new ideas, and …

Death of a Trader

Void. Disbelief. Nothingness. Just heard an old trader buddy of mine took his own life. It has happened more than enough times in my trading career than I care to talk about. I have been at the CME since May …

Football/Soccer/An Expats Story From the Hooligan Years…Part 1

In 1982, at the age of 26 I arrived in London, England to work on The London International Financial Futures Exchange (LIFFE). It was a brand new exchange, shall we say a mini Chicago Board of Trade.  LIFFE was located in the …

Blogging From a Phone

Headed up north and blogging from a cell phone. Isn’t technology great? Have at least one confirmed guest blogger this week. Tony LaPorta is a market technician who has been in the trading business for a LONG time. Seeing as …

China Rising

China has decided to let the yuan be more flexible.  This will be a development that will lend some confidence to stock markets.  The Euro also had a nice positive week.  Treasury Secretary Tim Geithner welcomed the development.  The US …

Weekend cocktail

Time for the week end.  Last winter, I was planning for the summer.   In January, they harvest extremely bitter oranges in California.  They are Seville Oranges.  Loaded with seeds and extremely high in acid content, this is what they …

Innovation (Not)

ELX is a relative newcomer to the futures exchange space, launching in 2008.  The exchange does paltry volume.  Why does it exist?  It exists because New York banks want it to exist.  They finance it. Today, ELX listed contracts on Eurodollar …

The BP Charade

BP’s CEO Tony Hayward “testified” before Congress today. It was more like a bunch of speeches, then a Spanish Inquisition. I watched it as long as I could bear. Most of the questions seemed sort of dumb to me. I …

Spain Auction, CPI and Inflation

Overnight, the auction for Spanish debt went well. Markets feared a bust, and a positive outcome gave a little confidence to European markets which were higher. This morning, CPI came out and showed no inflation. Yesterday, PPI showed no inflation. …

A Rant About Walking Through a City

When the weather gets nice nothing beats a nice stroll through the city. As corrupt as Chicago is, a stroll down Michigan Avenue past Millennium Park, or virtually a walk anywhere is unbeatable. Chicago truly is a beautiful city. However, …

Obama and Energy Policy

Last night Obama addressed the nation from the Oval Office. First time he has done that amazingly. He has been droning on and lecturing the country virtually every day since the inauguration.  He is overexposed. His Presidential Library won’t be …

Short term trade-The Euro

I think that short term, you can look for a rally in the Euro. There are lots of shorts in it, looking for it to go to 1.10 vs the US Dollar. Technically, there are gaps above the market that …

Market Up

Thing acts like a roller coaster at Six Flags. Summah trading. To expound. The short end the the yield curve is bid. The long end of the yield curve didn’t break like it should have with a conviction rally. Bears …

Movie Futures

The CFTC approved futures on box office receipts today.  While I agree with trading as many markets as possible to get efficient price discovery, I am not sure this one is applicable to that theory. Certainly, there are a lot …

CBOE IPO

The Chicago Board Options Exchange goes public this week. It is the last major exchange in the US to go public.  The CBOE missed the going public party by exchanges earlier this decade because of internal wrangling between them and …

College, Jobs, and What You Study

Senator John McCain in his acceptance speech for the 2008 Republican Presidential nomination said, “Education is the Civil Rights of our time.” He is correct. It’s not the civil rights in the same way that it was in 1960. Public …