Industry Notes
May 25, 2023
Is There a Pending Disaster Brewing on the Fed’s Inflation Fight Front, which is Flying Completely Under the Radar? In recent communications with the market, the Fed has expressed its view that core inflation (i.e.,…
May 23, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 5-6), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…
May 22, 2023
The Invesco QQQ Index and the Treasury General Account (“TGA”) Balance Have Tracked Each Other Quite Closely Since 11/1/22. As detailed in Ex. 1 below, Treasury Secretary Janet Yellen’s TGA account balance (i.e., the “piggy…
May 19, 2023
Has the Greatest Iron Ore (“IO”) Commodity Consumption Bubble in History Burst, Suggesting Underappreciated Risk to IO Prices in 2H23/2024? In the analysis put fourth within this report, we look to answer the question posed…
May 18, 2023
The Invesco QQQ Index and the Treasury General Account (“TGA”) Balance Have Tracked Each Other Quite Closely Since 11/1/22. As detailed in Ex. 1 below, Treasury Secretary Janet Yellen’s TGA account balance (i.e., the “piggy…
May 10, 2023
Comments from Landlords and Tenants Suggest J. Powell’s Prediction “Sizzling” Rent CPI Inflation will Vanish in 2H23 May Prove Aspirational. Rather it’s comments from the largest publicly-traded landlords of single-family homes in the US, or…
May 5, 2023
We Believe After Adjusting for Accounting Changes Sunnova has Made, Their Recurring Adjusted EBITDA Looks Much Different. Anyone who knows Sunnova (NOVA; NC), knows they are the kings of newly introduced non-GAAP accounting metrics –…
May 2, 2023
Large Asset Manager Provides Insights into What One Should do If the Fed is Going to Hike 25bps and Signal No Pause Yet this Wednesday. In our discussion with one of the largest U.S. hedge…
April 25, 2023
Fireside Chat with Steel Industry Veteran Provides Insights into what to Expect Looking Forward. In light of the forward May U.S. spot HRC contracted price falling -6.4% over the past month (Ex. 1), Chinese spot…
April 14, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 10-11), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…
April 12, 2023
Is the Current Labor Market Tighter than Even the “Feel Good Times” Pre-Pandemic? The question on the minds of many is, given an (amazingly) still-tight labor market means consumers are still working/making money, incomes are…
April 4, 2023
The U.S. Treasury’s Cash on Hand is Running Very Low; Should This Scare Equity Bulls? As displayed in Ex. 1 below, following last week’s drain of $76.0bn, the federal government is running dangerously low on…
March 29, 2023
Should One be Buying Steel Stocks (i.e., US Steel and Cleveland Cliffs), or Selling them? In light of our recent double downgrades of both US Steel (X; SELL) and Cleveland Cliffs (CLF; SELL), we wanted…
March 28, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 2-3), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend and PVInsights, respectively. This week, price changes in China for…
March 22, 2023
Graphite Electrode Prices “Quiet” this Week After Big Declines; US HRC Prices Appear to be Stabilizing. Below, in Ex. 1, we provide 2023 (i.e., WoW, MoM, YoY, and YTD) pricing gyrations for a number of different graphite…