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Michael Kramer

  • Analysis & Comment

Michael Kramer's Comment & Analysis
A complete archive of Michael Kramer's articles, including current analysis & comment.

Stocks surged to record highs after Alphabet’s earnings underscored strong demand for AI. With both Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA) reporting this week, the 1-month implied...
The S&P 500 moved higher again yesterday and remains in an unusually peculiar position. The 10-day realized volatility increased to 5.4% after briefly dipping to 4.5% around midday, while the...
The equity market remains in a holding pattern, while interest rates continue to decline this week. The 10-year rate fell another three basis points yesterday, following yesterday’s decline of 4...
The Japanese Yen was stronger yesterday, although it’s unclear whether this was due to positioning around the election or the closing out of hedges. Today’s trading should provide a better insight...
Japan’s ruling coalition suffered significant losses in its upper house, and that may not bode well for USD/JPY or JGBs. Both the yen and JGBs were under pressure leading up to this weekend’s...
It was another low-volume day of trading on the S&P 500 futures, with fewer than 1 million contracts traded. The positive, of course, is that the index remains above the 10-day exponential moving...
Although volume levels increased yesterday, the trading range was very tight, except for some intraday fireworks related to the Trump-Powell saga. Otherwise, the pinning effects of July opex are in...
It’s not often that you get a clean sweep of bullishness across the board. Stocks, rates, the dollar, implied volatility, implied correlations, VVIX, and CDX high-yield credit spreads all traded...
Historically, we are entering the period of the year when 1-month implied correlations typically bottom, and when implied correlations bottom, markets often top. This pattern is largely driven by the...
Stocks had a down day on Monday, as President Donald Trump announced the tariff rates that will take effect for several countries, including Japan and South Korea, at 25% on August 1. Individual...