The third quarter is an officially a wrap, and the stock market saw the Dow (^DJI) post its worst September performance in two decades — down nearly 2800 points, or 8.9% for the month — while the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are now in the red three straight quarters for the first time since the Global Financial Crisis.

And as investors prepare for the historically volatile (and crash-prone) month of October, some on Wall Street are coalescing around the idea that equities are on the cusp of a meaningful rally. Two key questions remain: How far can stocks rally? And, is “The low” in?

The global research team at BofA Securities, led by Michael Hartnett, has navigated the curveballs thrown by 2022 far better than most. In their latest missive, Hartnett & Co. reflect on the “broken, freaky post-[Quantitative Easing] financial system plumbing” and throw down the gauntlet at the bottom-is-in crowd.

“We are tactical bears,” says BofA, recommending bets on lower stock prices and higher yields (particularly in the two-year tenor) into Halloween.

This image of US dollars flowing through pipes was created by Yahoo Finance with DALL E AI software. (OpenAI)

They cite the recent actions by the Bank of Japan and Bank of England as evidence that central bankers are enacting ad hoc policy responses doomed to fail. Moves in London were particularly dizzying: British authorities aggressively hiked rates to combat inflation (restrictive), then proposed cutting taxes to mitigate the pain on the working class (stimulative), and then — in the face of pension funds teetering on the brink of collapse — committed to buy an unlimited amount of bonds for a period (also stimulative).

The situation may not be as dire in the US, but cracks are surfacing that reveal financial markets are creaking under the strains of massive and often incongruous policy responses.

Central banks have tightened financial conditions to the point where the plumbing of the global financial markets could burst, BofA stated, having already drained $3.1 trillion from their balance sheets through quantitative tightening (QT).

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BofA:

Investors, meanwhile, are grappling with a generational shakeup in market regime, which necessarily takes time and patience to navigate. BofA painted a stark picture of the dramatic transition.

The “bullish deflationary era of peace, globalization, fiscal discipline, QE, zero rates, low taxes, [and] inequality” is slowly giving way to an “inflationary era of war, nationalism, fiscal panic, QT, high rates, high taxes, [and] inclusion,” the analysts wrote.

At the same time, authorities must respond to day-to-day realities — oftentimes without the luxury of waiting. BofA believes that global authorities are likely to come together and coordinate policy if the carnage continues into a critical G20 meeting in mid-November.

Until then, BofA sees the S&P 500 plunging further to the numerically-symmetrical target of 3333. Rounding to the nearest hundred, their advice is to “nibble 3600, bite 3300, gorge 3000.” The S&P 500 closed at 3585.62 Friday — a fresh 2022 low — suggesting a light snack of bruised large-cap stocks for those champions at the bit to deploy cash on the sidelines.

Looking forward to 2023, BofA expects the “Big Low” in the first quarter as recession and credit shocks peak. From there, the bank is forecasting the “trade of ’23” to be short the dollar while being long emerging markets, small caps, and cyclical stocks.

BofA stressed that investors shouldn’t expect to achieve anything near the historic annual returns of 10% — much less the 14% returns achieved over the trailing decade — and simply be aware of “more limited upside from risk assets.”

After what is shaping up to be a remarkably turbulent year for investors, perhaps “limited upside” will be a welcome change in 2023.

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The post 2022 is exposing ‘freaky post-QE monetary system plumbing,’ BofA says appeared first on Los Gatos News And Events.

This story has been updated to reflect that Gary Oldman’s documentary “Flying Horse” has not yet been released.

In 2013, veteran documentary filmmaker Marc Shaffer was working on a film in San Francisco when he became captivated by the work of English photographer Eadweard Muybridge. The film, “American Jerusalem: Jews and the Making of San Francisco” that aired on PBS in 2014, used some of Muybridge’s photography.

It was then when Shaffer conceptualized the idea of ​​creating a film about Muybridge, who is considered to be the father of stop-motion photography.

“[Exposing Muybridge] tells the fantastical story of the pioneering 19th century motion photographer whose breakthrough photography influenced today’s cinema,” Shaffer said.

Shaffer will screen his 2021 film “Exposing Muybridge” at the Boulder International Film Festival this weekend. In Shaffer’s first visit to BIFF, he will be present for three screenings — two in Boulder and one in Longmont.

The film was brought to the attention of Robin Beeck, BIFF’s executive director, after festival staff member Sherri Fike saw “Exposing Muybridge” at a New York festival.

“’Exposing Muybridge’ is one of those films that engrosses you so much in the story that you forget you’re sitting in a movie theater,” Beeck said. “And when you leave the theater, you have to reorient yourself to place and time a little bit. That’s the sign of a great film and is why we selected it to bring to our audiences.”

Muybridge is famously known for capturing motion by taking photos of a running horse in each stage of its gallop, a photo sequence that helped set the tone of modern-day cinema. This sequence has been said to be the first time a photographer captured movement faster than the human eye can see.

“Aspects of his work, once understood, made you feel different about how you can trust the person behind the machine,” Shaffer said.

Among historians and professionals, the film also features Academy Award-winning actor Gary Oldman, a collector of Muybridge’s work.

“It’s like splitting the atom, it’s like discovering penicillin — it’s a monumental achievement,” Oldman says in the film, when talking about Muybridge’s discoveries.

Oldman has written a screenplay about Muybridge, “Flying Horse,” with the plan of directing and starring in the movie. Shaffer said the film is yet to be released due to funding shortfalls.

“I wanted Gary Oldman in the film,” Shaffer said, “not because I wanted a celebrity plant, but because, as an artist and a public figure, Gary relates to Muybridge on a deeply personal level, in a way others do not. ”

Shaffer began production of the film in 2019, after receiving funding, including a grant from the National Endowment for the Humanities.

“The hardest part in making a film is the funding,” Shaffer said. “Getting approved for funding and trying to figure how much you’ll actually end up needing is the most difficult part.”

After nine years of work and two years of filming through a pandemic, “Exposing Muybridge”’ will now hit BIFF’s big screens. It will be screened in Boulder at the Boulder Theater, 2032 14th St., at 3 pm Saturday and at eTown Hall, 1535 Spruce St., at 7:30 pm Sunday. It will be screened at Longmont Museum’s Stewart Auditorium, 400 Quail Road, at 5:15 pm Saturday.

“[Boulder International Film Festival staff] have been terrific and I’m really looking forward to being there and sharing our film,” Shaffer said.

The post ‘Exposing Muybridge’ paperwork the start of transferring footage – Colorado Day by day appeared first on Los Gatos News And Events.

In 2013, veteran documentary filmmaker Marc Shaffer was working on a film in San Francisco when he became captivated by the work of English photographer Eadweard Muybridge. The film, “American Jerusalem: Jews and the Making of San Francisco” that aired on PBS in 2014, used some of Muybridge’s photography.

It was then when Shaffer conceptualized the idea of ​​creating a film about Muybridge, who is considered to be the father of stop-motion photography.

“[Exposing Muybridge] tells the fantastical story of the pioneering 19th century motion photographer whose breakthrough photography influenced today’s cinema,” Shaffer said.

Shaffer will screen his 2021 film “Exposing Muybridge” at the Boulder International Film Festival this weekend. In Shaffer’s first visit to BIFF, he will be present for three screenings — two in Boulder and one in Longmont.

The film was brought to the attention of Robin Beeck, BIFF’s executive director, after festival staff member Sherri Fike saw “Exposing Muybridge” at a New York festival.

“’Exposing Muybridge’ is one of those films that engrosses you so much in the story that you forget you’re sitting in a movie theater,” Beeck said. “And when you leave the theater, you have to reorient yourself to place and time a little bit. That’s the sign of a great film and is why we selected it to bring to our audiences.”

Muybridge is famously known for capturing motion by taking photos of a running horse in each stage of its gallop, a photo sequence that helped set the tone of modern-day cinema. This sequence has been said to be the first time a photographer captured movement faster than the human eye can see.

“Aspects of his work, once understood, made you feel different about how you can trust the person behind the machine,” Shaffer said.

Among historians and professionals, the film also features Academy Award-winning actor Gary Oldman, a collector of Muybridge’s work.

“It’s like splitting the atom, it’s like discovering penicillin — it’s a monumental achievement,” Oldman says in the film, when talking about Muybridge’s discoveries.

Oldman also wrote, directed and starred in a 2016 biopic about Muybridge, “Flying Horse.”

“I wanted Gary Oldman in the film,” Shaffer said, “not because I wanted a celebrity plant, but because he had the capacity to speak on Muybridge’s life that others couldn’t.”

Shaffer began production of the film in 2019, after receiving funding, including a grant from the National Endowment for the Humanities.

“The hardest part in making a film is the funding,” Shaffer said. “Getting approved for funding and trying to figure how much you’ll actually end up needing is the most difficult part.”

After nine years of work and two years of filming through a pandemic, “Exposing Muybridge”’ will now hit BIFF’s big screens. It will be screened in Boulder at the Boulder Theater, 2032 14th St., at 3 pm Saturday and at eTown Hall, 1535 Spruce St., at 7:30 pm Sunday. It will be screened at Longmont Museum’s Stewart Auditorium, 400 Quail Road, at 5:15 pm Saturday.

“[Boulder International Film Festival staff] have been terrific and I’m really looking forward to being there and sharing our film,” Shaffer said.

The post ‘Exposing Muybridge’ paperwork the beginning of transferring footage – Boulder Every day Digicam appeared first on Los Gatos News And Events.