Daily State of the Markets
The "Message" Is Beginning To Take Shape
With the earnings parade now underway, the "message" from the current reporting season is beginning take shape. So far at least, Q1 earnings have been largely in line with the reduced expectations. As has been the case for some time now, companies seem to find a way to beat EPS estimates …
Let The Games Begin
While the primary focus in the stock market continues to be the Fed and when the "liftoff" in rates will occur (the current consensus is for rates to initially rise in September), earnings will likely take center stage this week. Alcoa's report traditionally kicks off the earnings parade …
Pricing Equilibrium (For Now)
The Fed remains the focus at the present time, although with the earnings parade now officially underway, this could easily change in the near-term. But during Wednesday's session, the Fed was still the name of the game.
First, we had some additional "fedspeak" from Fed governors …
Searching For Clarity
To be sure, uncertainty remains the name of the game in the stock market these days. And while I run the risk of sounding like a broken record here, it is the uncertainty surrounding the current state of the economy, the upcoming earnings season, and what the Fed is going to next (and per…
A Severe Case of Bipolar Disorder
If the market was a patient in a doctor's office looking for an explanation of the recent up-one-minute, down-the-next behavior, bipolar disorder would be the most likely diagnosis. Also known as manic-depressive illness, bipolar disorder is a brain disorder that causes unusual shifts in …
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…