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ICE BofA Merrill will NOT rebalance their fixed-income indices on March 31.

images.e.theice.com/Web/IDC/%7B6ae…

Same with some (but not all) equities indices

theice.com/market-data/in…

(1/3)
The securities moves (decline) this month have been so extreme that they are afraid a rebalancing will force trillions of indexed and passive money to "adjust" their portfolios.

(2/3)
The dealers weakened position and "full" balance sheets mean they are not in a position to handle this onslaught of trades.

So, they will put it off until April 30.

Another example of how historic these moves have been.

Expect Bloomberg indices to do the same.

(3/3)
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Jim Bianco
@biancoresearch
Covid-19 charts

The US passed China and Italy to become #1 in infections. Still #6 in deaths (John Hopkins Data)

(1/6)
Rest of World (x-China). Still making new daily highs (bottom panel)

(2/6)
United States, Also making new daily highs

(3/6)
Read 6 tweets
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Jim Bianco
@biancoresearch
*ECB IS SAID TO BE BROADLY IN FAVOR OF ACTIVATING OMT IF NEEDED

OMT = Open Market Transactions.

Germany has resisted this forever, fearing this is the ECB going "full Weimar." So, the ECB does TLTROs

(1/3)
"Broadly in favor" is taken to mean that Germany is now in favor of the ECB's version of "unlimited QE."

This the Bazooka that the ECB has never fired, but now appears to be loading.

(2/3)
Germany is the sound money adult at the ECB. They looking at two bad options

OMT = Print and buy bonds like mad.
EU starts issuing Corona-bonds to pay for the bailouts.

Germany's thinking ... OMT can be reversed in the future. Corona-bonds will live forever.

(3/3)
Read 3 tweets
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Jim Bianco
@biancoresearch
Table is top 20 gains/losses since 1926. 6 days in March made it! (red)

Today' S&P impressive rally, up 9.38%, is the best since the March 13 rally of 9.29%! (last week!)

Mar 14-23, the S&P was crushed for another 17.44% in losses. The worst 6 days after a top 20 day.

(1/5)
Here is the what happens after the 20 best days in history (table above). The thick black line is the average.

70% of the time the stock market is lower 100 days later, by and average of 18%.

(2/5)
I'm always asked "after this <fill in the blank> price move, what happens next?"

99% I don't bother answering as the result is always this same, nothing significant.

These massive one day rallies are the exception. They are the very definition of a bear market rally.

(3/5)
Read 5 tweets

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DAVID ROSE
@JCKNIGHT2
#FinanceTwitterJa jamaicaobserver.com/sunday-finance… Let's learn something new and see the power of investing over 20-25 years. We're going to digest this article to an extent, but look at the economic value derived over 20-25 years by holding those shares to present.
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Barry Ritholtz
@ritholtz
My column on passive vs active published yesterday. It’s a straightforward look at the data behind the Headlines:

“Ignore the hype. Actively managed money dwarfs the assets in low-cost index funds.”

bloomberg.com/opinion/articl…
1/
The prior headlines are what set me off for this the weeks before:

Bloomberg News “End of Era: Passive Equity Funds Surpass Active in Epic Shift;” bloomberg.com/news/articles/…
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The Wall Street Journal coronation was simply “Index Funds Are the New Kings of Wall Street.”

wsj.com/articles/index…

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DAVID ROSE
@JCKNIGHT2
So, here is the thread I promised.

The Lab (Limners and Bards) had their IPO in July and were able to list in under 2 weeks. They offered 189 Million shares to new investors with only 50 million shares being offered to the public (jamstockex.com/wp-content/upl…). Due to firms like
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Ryan Olah Deep Diver
@RyanOlah2
#NXIVM unlocks Worlds
lets go beyond the headlines
#DeepDive
Who is the #ArizonaMafia ?
It's bigger than you imagine
Main Source: Frank Parlato Jr
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Catherine Walsh
@gurriersread
Oh the geezers are hard at it grafting media, it's always great to have easy scapegoats "North Korean cyber gangs.." a.msn.com/01/en-ie/AAt9g…
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