The Nuclear Option? image

The Nuclear Option?

Greetings from Mykonos, Greece. Since I am traveling with my wife and exploring the Greek Isles, I'm going to keep my commentary brief for the next couple weeks. One of the benefits of traveling abroad is you are removed from the daily machinations of the markets, which sometimes …
Here We Go Again? image

Here We Go Again?

For those of you keeping score at home, the S&P 500 is in the midst of the second longest stretch without a 3% correction in the last 10 years (source: Ned Davis Research Group). Although the action was certainly exciting at times last week, that streak remains intact as the S&P c…
Tips From Real-World Wendy Rhoades image

Tips From Real-World Wendy Rhoades

It was a very busy week/weekend as I first attended NAAIM's (National Association of Active Investment Managers) annual conference. The conference was stellar, and it was great to hang out with so many like-minded investment professionals Sunday throug…
The Best Recession Ever! image

The Best Recession Ever!

I'm not sure who I borrowed the title of this week's missive from, but I think we all have to admit that this is probably the best recession/slowdown ever! Instead of the economy flirting with negative growth in the first quarter, which, if you will recall, had become the common e…
Is

Is "Melt-Up" The Operative Word?

We've been talking lately about the idea that big hedge funds and systematic traders have been caught on the wrong side of the stock market's recent run for the roses. The thinking is this fact alone could account for the lack of downside volatility and the relentless dip-buying that has …
About That

About That "Retest" Thing...

Last week, we reviewed Marko Kolanovic's research showing the positioning of hedge funds and systematic traders. The bottom line here is the equity exposure of these managers continues to be at very low levels relative to history. But with the stock market indices a chip shot away from al…
Is There More Upside Ahead? image

Is There More Upside Ahead?

Stocks closed at a fresh cycle high on Friday as the S&P 500 has been enjoying a 7-day win streak, which is the longest in 18 months. Don't look now fans, but the venerable blue-chip index is now just 38 points or 1.3% away from its all-time high. And unless the upcoming earnings seas…
It's About Expectations Versus Reality image

It's About Expectations Versus Reality

One of the first headlines on CNBC.com after Monday's closing bell read: Stocks gain 300 points, but why? The article implied that markets can't seem to decide whether rising rates are good or bad. The author opined that just a couple months ago, stocks would have quaked at the id…
Bulls Remain In Control image

Bulls Remain In Control

My wife and I spent the weekend at the beach in Southern California, so I'm going to let the indicators do most of the talking this week. But in short, I'm of the mind that after "correcting the correction," the stock market is currently in the process of seeking an equilibrium point.…
Does #GrowthSlowing Suddenly Matter? image

Does #GrowthSlowing Suddenly Matter?

One of my favorite sayings on Wall Street is, "Things don't matter until they do. But then they matter a lot." For example, the dueling issues of #GrowthSlowing and the flattening yield curve have been with us for quite some time now. In fact, we've known that global growth has be…