State of the Markets
It's About Oil, And Junk, And...
What a difference a week can make in this game, eh? What's interesting here is that things are traditionally kinda quiet at this time of year. However, while I spent last week running from meeting to meeting, the stock market appears to have embarked on a course correction that just might…
Why We're Back To Sideways
It is said that the more things change, the more they stay the same. This has most certainly been the case for the stock market for going on more than a year now. Cutting to the chase, the stock market continues to suffer from a relatively severe case of A.D.D. as the up-one-minute, down-…
Wait, That's Not Supposed To Happen...
Well, that was interesting. Stocks fell hard. Bond yields spiked. And the U.S. dollar got crushed. While this may sound like just another round of algo-induced hysteria, the bottom line is this is not supposed to happen. In other words, stocks, bonds, and the dollar don't all fall at the …
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…
The Very Best Way To Invest In This Market Is...
Good morning. On a personal note, let me begin this morning's missive by saying that France is one of my favorite places on the planet. And while my wife and I are not "city people," Paris is always on our short list of vacation stops each year. As such, our hearts and prayers go out to t…