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China Cancels Soybean Roadtrip

Daily Rap 09-20-2019

The market was just slightly higher through midday, with not much taking place. But in the afternoon, news that a Chinese farm delegation cancelled its trip sent the market lower, and with two hours to go, when I had to leave, the Nasdaq was the downside leader, losing 1%.

Doesn't Amount to a Hill of Beans Away from stocks, green paper was a little stronger, fixed income was about slightly higher, and the metals were green, led by a 0.75% gain for gold. The miners were nowhere, although parsing the action of the miners versus the metals on a daily basis is not all that informative.

Last year's posts for Ask Fleck

Q: Time to go long Nov QQQ puts?

Fleck: It depends on what your idea is.
(posted: 9/20/2019)

Q: Hi Fleck,

Thanks for the opportunity. I am still trying to better understand whether there is a possibility that the recent repo actions of the Fed can morph into being QE. I know you have been examining and writing on the issue. I believe I heard some market analysts think if there is duration and size to the repo operations then it is essentially QE. There is also a Zero Hedge article that you likely read, “The Fed will re-start QE in November: Here is how they Will Do It.” So my question is how much credence do you give to the position concerning repo possibly becoming QE? And are we closer to QE than we otherwise might think, meaning from a collapse in the market? Thank-you. All the best.

Fleck: Repos can't become QE or they wouldn't be "Repos," Repos are loans against collateral. Please see the other post on this topic.
(posted: 9/20/2019)

Q: Hello Bill,

I wrote to you a few days ago regarding Maverix Metals announcement that it has filed a final short form base shelf prospectus with the securities regulatory authorities. Their release said, "The Final Prospectus will, subject to the filing of a shelf prospectus supplement, allow for the potential offering of up to an aggregate of US$300,000,000 of Maverix’s common shares..." Do you think this means they will be raising capital via a share sale soon? Thanks

Fleck: No, not really. Every company always maintains the ability to issue shares (for whatever reason) just in case.
(posted: 9/20/2019)

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