Equities advanced the most in eight months after a dovish tone from the Federal Reserve chairman fueled speculation the central bank is closer than thought to pausing on rate hikes. FAANG led the markets higher. The Chairman said the economic outlook remains “solid,” bolstering expectations for...
According to Bloomberg the number of liquidated ETPs (exchange traded products) is on pace to hit 1000. The growing graveyard of exchanged traded funds and notes is the result of the massive proliferation of this extremely low fee product whose expenses are paid almost entirely...
Several weeks ago I referenced data indicating throughout the year the retail investor was buying the shares institutional investors were selling. Data compiled by Charles Schwab is now indicating the retail investor is now selling. The statistics further indicate the pace of selling is accelerating...
Many times I have commented about the greatest risk to the market is liquidity, stating further the next crisis will be a liquidity crisis, perhaps the result of rising interest rates. The vast majority of academics and ETF sponsors will vehemently deny such claims utilizing...
Is the 10 year run in the NASDAQ/techs over? Will such an ending also coincide with the peak in passive/index investing? In my view the issue at hand is the relentless drive to reduce costs by eliminating the middle man via indexing that it in itself...
Where to? During the last 45 days it appears everything is going wrong at once. Commodities led by a record plunge in oil, have been crushed. In equities, the FAANG complex is down about 25%. Debt markets have been rattled by the turmoil engulfing GE...
Trading yesterday was volatile with shares ultimately rebounding considerably higher on reports that the US-China trade picture is brightening. Technology outperformed by a 2:1 margin. Oil advanced for the second consecutive day as Saudi Arabia is telegraphing its intent to recommend to OPEC to reduce...
Many times I have commented about the massive proliferation of passive investing and how it is impacting trading mechanics. According to the Index Industry Association, benchmarking giants like S & P Global Inc., MSCI Inc., and the London Stock Exchange Group PLC, has created 438,000...
Legendary hedge fund manager Stan Druckenmiller lamented whether or not the markets will ever return back to a normal macro trading environment? Many iconic market luminaries are commenting about the “disturbing machination of the equity...
Led by tech, equites declined. There are numerous uncertainties…the Fed, tariffs, earnings, inflation, political issues including impeachment and other threats, Brexit, etc. Oil however initially rose as Saudi Arabia unilaterally reduced oil exports by 500,000/day in December, calling for other producers to do the same, cutting...