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2 Jul, 5 tweets, 2 min read
US Employment Total Full Time Jobs

2021: 126m**
2020: 114m
2019: 132m
2018: 129m
2017: 126m**
2016: 123m

*close to 6m jobs below 2019 levels, Bureau of Labor Statistics data.

via @BearTrapsReport
Full-time jobs rolling over? What gives?
USA Full Time Jobs

2021: 126 million vs. 333m population
2007: 122 million vs. 300m population

(3)
The number of part-timers for economic/non-economic reasons went up by some 600K, people switched from full to part-time, and they did this voluntarily (not for economic reasons). Total employment actually went down by 18K.

(4)
Full-time employment was actually down 183k jobs.

Waiting for important color from @carlquintanilla @Austan_Goolsbee @Neil_Irwin

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Lawrence McDonald Profile picture
2 Jul
U6 Unemployment in the USA 9.8% is all you need to know, still, nearly 7 million people are NOT in the labor force than were in, Jan 2020.
Since 2007, US full-time jobs are +4 million with a population +32 million. This is one of the MOST important macro-political economic facts that exist today, with colossal implications.

cc @carlquintanilla @andrewrsorkin @elerianm @nfergus @Neil_Irwin @gilliantett @DougKass
The easy answer nearly EVERYONE falls back on is the aging population, retirement - demographics. It is an important piece of the puzzle but hides a dark picture. In June 122,000 persons, 25 to 34 years of age left the labor force.
Read 5 tweets
Lawrence McDonald Profile picture
2 Jun
Dear $AMC Shareholders, Credit Markets are trying to tell you something, will you listen?

New Post - AMC 5.75% due 2025 are offered at 81 cents on the dollar. Meanwhile, the stock is trading at all-time highs. The disconnect indeed is very telling...

thebeartrapsreport.com/blog/2021/06/0…
AMC JUMPED MOST INTRADAY SINCE JANUARY - Bloomberg
Today

Bonds: AMC 5 ¾ 06/15/25 down at 79.795 / -$0.232

vs.

Equity up at $62.55 +$30.51

via @BearTrapsReport

*After 30 years of trading stocks and bonds, 95% of the time I can assure you, credit leads equities. That´s a 12.25% yield to worst vs. 5 year Treasuries at 0.79%.
Read 7 tweets
Lawrence McDonald Profile picture
28 Mar
We have had 3 recent LTCM like blowups:

March 2020: Relative Value Interest Rate Swaps

January 2021: Melvin Capital

March 2021: Archegos

*Common denominator? Massive Leverage.

Join @andrewrsorkin and @Convertbond tomorrow on @SquawkCNBC at 6:45am for the backstory.
Nomura $2B hit on tape

Nomura is a small prime broker, CS is a big one, MS / GS as well, CS must have the biggest hit relative to Nomura at $2B - we have to assume $8B to $12B hit across them all?

CDS was telling us something Friday.. Credit leads equities..
1. No one knows how big he was or how levered.
2. Have to assume goldman went first and protected itself. MS not far behind.— but with bigger exposure could have a loss. Those that acted slower (nomura, cs) probably left holding the bag???

(3)
Read 4 tweets
Lawrence McDonald Profile picture
26 Feb
The Year 2021

Two 6 standard deviation moves so far.

- hedge fund deleveraging in the GameStop drama.

- relative value rates, sell-off in 5s vs rest of the curve, US treasuries.

*in both cases too much capital was hiding out in crowded venues.
When central banks do NOT allow the business cycle to function over longer and longer periods of time - the good news is wealth creation becomes colossal. Bad news is Capital moves into crowded venues, poised for disruption.

(2)
In rates, as the bond market sold-off. Originally, the long end 30s was deemed at risk, capital moved into 10s, 7s, a “safe” place. As selling pressure moved into the middle part of the curve, trillions moved into the front-end looking for duration risk shelter.

(3)
Read 5 tweets
Lawrence McDonald Profile picture
24 Feb
If you are trading stocks right now (especially tech), you must realize, you are really trading bonds.
Is your pension fund long duration?

-24% off sale.

#Bonds Image
*NASDAQ 100 EXTENDS DECLINE TO 2% AS TECH STOCKS SINK - Bloomberg

(2)
Read 4 tweets
Lawrence McDonald Profile picture
28 Jan
INTERACTIVE BROKERS PUTS SOME OPTION TRADING INTO LIQUIDATION - Bloomberg

*Market participants wisely moving ahead of the regulatory sword.

Very important read, new updates here:

thebeartrapsreport.com/blog/2021/01/2…
*ROBINHOOD RESTRICTING TRANSACTIONS FOR GME, AMC, BB, OTHERS - Bloomberg

(2)
*SENATE PANEL TO HOLD HEARING ON CURRENT STATE OF STOCK MARKET - Bloomberg

*more macropru pressure on Powell. China has more interest in systemic risk reduction than Federal Reserve right now? See #PBOC actions.

cc @steveliesman @jturek18 @GabyHeffesse

thebeartrapsreport.com/blog/2021/01/2…
Read 4 tweets

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