The G-20 meeting is over. I believe the two greatest issues facing the markets for the intermediate future is monetary policy and the normalization of the Fed’s balance sheet.  Both...

03 December, 2018

Legendary hedge fund manager Leon Cooperman blasted algorithmic trading for exaggerating price moves stating “it is scaring the hell out of the public.” Cooperman further commented “everyone I know of...

30 November, 2018

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...

29 November, 2018

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...

27 November, 2018

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...

26 November, 2018

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...

21 November, 2018

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...

20 November, 2018

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...

19 November, 2018

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...

16 November, 2018

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...

15 November, 2018