Daily State of the Markets
Trying To Be Succinct
I was recently tasked with providing a succinct summary (I know, not my strong point!) of the market outlook on a bi-weekly basis from a short-, intermediate-, and long-term perspective for clients and advisors. Since I traditionally yammer on for a thousand words or so on a single subjec…
Why Managers May Be De-Risking Portfolios Here
One could easily argue that the path of least resistance in this market is down and that portfolio managers appear to be de-risking portfolios. You can't really blame managers for perhaps being a little nervous here as (a) the current bull market is very old by just about any measure, (b)…
Wait... Did He Really Say QE?
To be sure, the current stock market seems to have little memory from one day to the next. This is evidenced by the fact that Monday's gain marked the first time since February 17 that the S&P 500 managed to put in back-to-back gains over even a two-day period. And given that the mark…
It's All About, Well...
If you've been paying attention, it should come as no surprise to learn that US equities continued to remain under pressure last week. For those keeping score at home, take note that the S&P 500 suffered the second largest weekly pullback of 2015 and has now finished lower in four of …
What The Market Hates Most Is...
If there is one thing the market hates the most, it is uncertainty. And the bottom line at this point in time is that there is a fair amount of uncertainty in the game. Suddenly there is new geopolitical uncertainty in Yemen as Saudi Arabia and friends launched attacks on the ground and i…
Why The Dive?
The question of the day is why the stock market has suddenly fallen out of bed. Three days ago, the S&P 500 was knocking on the door of a new all-time high. Three days ago, the NASDAQ was flirting with its bubble-induced high set some 15 years earlier. And three days ago, the Russell …
Crosswinds Remain Strong In This Market
The prevailing back-and-forth, up-and-down market environment is being caused by the extreme cross currents that exist in the market at the present time. On one hand, new money continues to flow into the market from the BOJ and ECB QE programs. This has caused any and all declines in the …
A "Sheer Misery" Market Defined
During a recent meeting, I was asked for my take on the current environment for "tactical" investment strategies. It was noted that most tactical managers had a rough go last year and wondered if the environment had changed with the calendar. My response was brief and to the point, "It's …
Will The Recent Trend Continue?
With the S&P 500 approaching the recent all-time high again, the question of the day is if the prevailing trend will continue. To clarify, the trend we are referencing is the propensity for traders to sell into each and every new all-time high set by the major indices. If one looks ba…
The Flip-Flop Environment Continues, But...
This week's Fed-induced joyride to the upside certainly made investors feel better about the state of the current stock market environment. However, the simple fact remains that it has now been more than a month since the S&P 500 has been able to put together two consecutive daily adv…