Market Commentary

Daily reports from our Chief Economic Strategist.

Capitol Securities COVID-19 Response
Our number one priority is the safety and health of our clients and our associates. Capitol Securities has taken steps to ensure that we can continue supporting our clients and protect our communities to the best of our ability. Contingency Planning We have enacted some...
ARE WE PLAYING JENGA?
In my view the relentless rally in companies considered to be havens from the virus is now at manic proportions. Ownership is crowded and valuations are so
WELCOME TO THE SECOND HALF OF 2020
Welcome to the second half of 2020. During the first six months, the markets were faced with an impeachment, a pandemic, an economic calamity, civil unrest and perhaps the commencement of
RECOVERY TRUMPS CASES
Equities rose after better than estimated economic data offset concern over an increase in coronavirus cases. US pending home sales posted a record gain, exceeding
A DOWN DAY
Equities were spooked by a resurgence in new virus infections, a rise that has slowed the reopening in several states. The markets were also frightened by the Federal Reserve dictum of
A VOLATILE DAY
Fears of resurgence of the coronavirus are dominating the news and spooking the markets. The flareups bear watching but the original lockdowns were never going to eradicate the disease without
COVID FEARS FRONT AND CENTER; DATA DUMP AT 8:30
Equities declined on Covid nervousness. In some regions, cases are rising dramatically. New York, New Jersey and Connecticut are requiring visitors to self-quarantine if traveling from
ANOTHER STIMULUS AT HAND?
Equities rose amid a report the Trump Administration supports sending another round of checks. Markets were also cheered by data suggesting the manufacturing sector is almost expanding and
A BRIEF EXPLANATION OF EXCESS BANK RESERVES AND MONETARY VELOCITY
Gold is at the highest level in almost 8 years. Oil is almost $41 barrel. The yield curve is the steepest in over five years. Many, me included, believe a reason for the above is the result of the exponential increase in the
A VOLATILE DAY
Equities were volatile Friday as both Arizona and Florida reported their biggest increases in Covd-19 since the pandemic began and Apple said it would close some stores in those states. Oil gained about
THE PHILLY FED WAS THE VERY DEFINITION OF A “V” RECOVERY
Yesterday’s jobless claims were not as good as many hoped but the regional Philly Fed Survey was literally off the chart. It read 27.5 versus an expected -21.4, a reading that was
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