Category Archives: Daily Top Ten

Topley’s Top Ten – May 14, 2019

1.The Yield Curve Re-Inverts.


Global Yield Curves

Stock-market bears say don’t forget about this yield-curve signal as trade fears sink equities

Published: May 13, 2019 4:31 p.m. ET Flattening curves around world will stoke slowdown fears: economist

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Topley’s Top Ten – May 8, 2019

1.Leveraged VIX Trades Hit a Record Volume.

From Dave Lutz at Jones.

The fact that inversion occurred with futures expiration still over two weeks away gives us confidence that this move isn’t just noise (the front of the curve can be volatile near futures expiration) but is actually showing a demand for protection in the market,” said Vinay Viswanathan, an equity derivatives strategist at Macro Risk Advisors – There was record volume in TVIX, the 2x VIX ETF, yesterday

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Topley’s Top Ten – May 2, 2019

1.Global Semiconductor Sales Plunge After Stocks Make New High.

Did Someone Turn Off the Spigot? Global Semiconductor Sales Plunge Most Since the Financial Crisis

by Wolf Richter • Apr 30, 2019 • 73 Comments • Email to a friend

According to chip makers, the plunge isn’t over yet. Now hoping it won’t turn into the mess as in 2001 when the last tech bubble became the dotcom bust.

Global semiconductor sales dropped 15.5% in the first quarter, from the fourth quarter last year, to $96.8 billion, the World Semiconductor Trade Statistics (WSTS) organization reported Monday afternoon. The three-month moving average in March has now plunged 25% from the three-month moving average at the peak last October, the deepest plunge since the Financial Crisis:

Demand was down across all regional markets: The global 15.5% drop in sales from Q4 2018 to Q1 2019 split up regionally this way – and the problem isn’t just China:

  • Americas: -29.2%
  • China: -14.5%
  • Japan: -13.8%
  • Asia Pacific/All Other: -10.4%
  • Europe: -3.1%

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