INK Ultra Money: World of waves

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It is turning out to be a world of waves. On Friday, we have a wave of turnover in the US market when the Russell 1,000 and Russell 2,000 indices rebalance, effectively at the close of trading. In its daily report Tuesday, INK Research highlighted inter-listed Viemed Healthcare (VMD) which is expected to go into the small-cap focused Russell 2000 in the rebalancing. Insiders have been selling in advance of the event as the stock soars. Nevertheless, it could be a name for investors to watch, particularly if the stock sells off following the rebalancing excitement.

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In the June 23rd Real Vision Daily Briefing, Ed Harrison doubles down on his bearish view towards US stocks in light of a rising wave of COVID-19 infections in the US. He makes the case for a W-shaped recovery. If he is right, we are right in the middle of the W and high-flying stocks are vulnerable.

Ed also spends some time on the US dollar, disagreeing with a bearish call made by Stephen Roach. Ed relies on the dollar shortage argument for the bullish case. The problem I have with that idea is the Fed's reaction function. If there is another liquidity crisis like we had in March, it will only take the Fed days to set up swap lines again to help alleviate any shortage. Overall, it is a good briefing with information that probably every US equity bull should consider right now. Watch for free here.

On Tuesday, Real Vision also did a deep dive into the state of collateralized loan obligations (CLOs) with Dan Zwirn, founder and CIO of Arena investors. He takes us through the dynamics playing out in this obscure corner of the fixed income market and highlights opportunities for credit investors. Watch here.

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