Daily State of the Markets
Back To The Bankers...
In light of the fact that yesterday's shootings in San Bernardino do not appear to be an ISIS-related terrorist attack (at this time), the markets have turned their attention back to the matters at hand this morning. And in short, this means the action of central bankers.
For thos…
The Indicators Tell Us To...
I don't know about you, but I tend to find it difficult to refocus on the business at hand after Thanksgiving. After all the feasting, the family gatherings, and the football, it is all too easy to lose sight of what is going on at the corner of Broad and Wall. And given that I'm travelin…
A Market That Doesn't Go Down On Bad News...
On one hand, it would be easy to argue that stocks are currently consolidating the gains from October's joyride to the upside. The S&P 500 is back to within spitting distance (i.e. 2%) of its all-time high and after a spirited move to the upside, a "pause that refreshes" would seem to…
Macro Musings and The Big Bond Bear
Ever since the Credit Crisis calamity that occurred between late-2007 and March 9, 2009, a great many investors have begun to embrace a macro approach to the markets. From a big picture standpoint, the idea is to take a stance on the macro view of the world and then invest accordingly. Th…
Even The Indicators Are Confused
Good morning. Some say the stock market is a discounting mechanism for future expectations. Others suggest it is an example of crowd psychology in motion. So, given that the market appears to once again be "stuck in the middle with you…
Did Stocks Rally For the Wrong Reason?
Good morning. Don't you just love this game? The very moment the price action begins to make sense - bam! - Something happens that causes traders to reverse course in a big way, leaving many scratching their heads in the process.
Of course, I'm referring to the decline in the S&am…
Once Again, It's Time To...
Well, here we go again. Just when you thought that the bulls were back in charge and the favorable seasonality was going to cause Christmas to come early this year to the corner of Broad and Wall, the worry returns. And with that worry comes the usual selling and what could easily become …
Back To The Valuation Argument
I spent the first half of the week at a conference for financial advisors. So naturally, the state of the stock market came up in conversation a time or two. But instead of espousing my views on the market, more often than not, I was the one asking the questions. In short, I was trying to…
Moving Toward The Launch Pad
Friday's jobs report appears to have been a game changer. Just about the time everybody on the planet had decided that Yellen & Company didn't have the data it has been looking for to begin raising rates this year (with many believing that rates wouldn't rise next year either) Nonfarm…
Key Question: Are Stocks Being Efficient or Noisy?
Yesterday morning, we played devil's advocate and began looking at reasons why stocks might be ready to go the other way - at least in the near-term. The thinking is that since stocks have been stuck in a trading range for more than a year now, the trend has been for traders to look for o…