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February Monthly Charts ?3
10:00 20-Mar-26
Market
leverage
for February receded to approximately the then record
level seen in November, after having jumped
to an even higher record in January. However, unlike in those
situations, cash flowed into both margin and cash accounts. Though
there is almost certainly significant deleveraging still to be done
over the medium to long term, this makes short term market direction
less certain.
American
prices for natural
gas rose significantly in February, while electricity ticked
back down. These are prices before American and Israel began their
war against Iran, which has taken another step in the form of increased
aerial efforts to open the Strait of Hormuz. This has hydrocarbon
prices off their highs, but in light of the mounting
cost of Epic Fury, the longer term view showing no real relief from
inflation this decade still seems more important. As ever, the
government response on both sides of the Atlantic, is to backtrack
on regulation and allow more financial leverage.