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Mike Norman

Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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Saying so long to a really bad fiscal year.

$2T was drained from the economy in FY 2022. This is what killed the market, not rates.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Forget economics, Ukraine just hit Defcon 4.

Russia’s annexation of territories and Ukraine’s accession to NATO ensure WW3 and potential nuclear annihilation. All else is moot.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Short term bounce is likely.

Three days of positive flows should lead to a rebound, but the extent of that may be limited.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Explaining today: the behavior of a schizophrenic madman. (Investors.)

It’s not just investors that are psychotic, but central banks and the whole entire failed dogma of monetarism. Not worth explaining, but I give it a try.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Russian gas pipeline sabotage!

Large holes in both Nord Stream 1 and 2 pipelines in the Baltic Sea. Sabotage is being considered. Energy markets on alert.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Tax drains continue! Unreal!

Looked like we were getting some positive flows late last week but no such luck. Tax drains continue.

U.K. announces historical fiscal stimulus. Market gets crushed.

Interest rate hysteria has reached record levels.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

October 6 turn looking less likely.

Yesterday was the first positive flow day in 6 days, but it was tiny. Taxes are still adding heavy fiscal drag.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

June market lows come into focus.

Hawkish comments by Powell trigger monetarist zombie selling. What else is new?

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Fed running negative cash flow. I told you this would happen.

Fed rate hikes are drains on its own income. I said this would happen all the way back in 2008. Not likely to affect their ability to conduct monetary policy, but wait until Congress finds out.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

The Reagan "boom" was driven by interest income transfers.

A little known fact is hat rate hikes drove the Reagan economic boom. Interest income transfers to the economy were the major driver of economic growth.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Yesterday’s tax drain was huge. But it’s over.

$116 bln was drained in September. No surprise the market is struggling.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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WSJ panics. Says bank deposits falling because of rate hikes.

This article was loaded with idiotic claims. WSJ journalists have no clue how banking and the monetary systems function.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Call me crazy but I got this thing about honesty.

If they’re gonna give analysis, they have to at least understand the full dynamics of what it happening, not cherry pick.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

"It’s terminal."

We’re dealing with a psychology and belief system that views what’s happening (monetary policy) as "terminal." (i.e. Death.)

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

A make or break week?

Not really. However, inflation data to trigger the monetarists and that quarterly corporate tax payment I’ve been warning about.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Good day/week, but not out of the woods yet.

Next week will witness a $110 bln drain from corporate tax payments. Some of the selling may already have occurred, but there’s still the chance of weakness ahead.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

$8 BILLION of put options bought! Insane bearishness.

I’ve been in this business over 40 years and have never seen a level of fear and insanity so high. It’s delusional.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

This is why I want to leave this business.

Too much credibility and importance placed on people who are elitist, arrogant and ignorant.

Note: my apologies to Cleveland Fed president Loretta Mester. I used the wrong pronoun. I said "he" when I should have said, "she."

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

First I was in disbelief. Now I’m just laughing.

Selling growth on irrational and totally IGNORANT rate fears. Good luck with that! And some pics and videos from my Colorado trip.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Starting my travel vlog. (JK)

Just kidding. Market commentary for today, Friday, Sep 2.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Rate hikes are bad for stocks and other false stories.

Rate hikes and inflation are bad for stocks. This has been beaten into investors’ brains. The problem is, it isn’t true at all.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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This better be the reason for ongoing weakness.

Probably related to September 15 corporate tax payment. If not, then even steeper decline ahead.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Control your emotions! It’s the key to success!

Recent selling in the stock market is evidence that people are having a hard time controlling their emotions.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Liv Boeree interview on the Lex Fridman podcast
https://www.youtube.com/watch?v=eF-E40pxxbI&t=12197s

Stocks are oversold.

Panicky monetarist zombies have driven the stock market below "fair value." It’s oversold. Buying here or lower will pay off well.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Powell says he wants to inflict pain! Monetarists freak!

What kind of pain when interest payments just went up by $25 bln, the most in over 5 years?

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Market reminds me a lot of my days as a pit trader. And Mike Wilson’s confusion.

And the pit is short…

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Stiudent loan hysteria.

Can’t believe how divisive this is. MMT explainer: Nobody is paying for anybody’s loans.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

"De-Dollarization" is happening, but it doesn’t have the effect you might think.

The trend of global "de-dollarization" is happening, but ironically it’s boosting the dollar, not hurting it.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
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Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Summing up today’s decline…misguided, emotional selling.

When you only understand or "see" one side of the dynamic you can easily get frightened. That sums up today’s market action.

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader.
https://www.pitbulleconomics.com/

Mike Norman Twitter
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Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

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