January is over and most are happy to forget the month. It is the worst start of the year since 2008 as the selloff has erased over $7 trillion from market value worldwide. January is also the worst month since 2010. Will February be the...
Today is the commencement of the 2 day FOMC meeting. No change in monetary policy is expected. I am certain the central bank will know the fourth quarter growth rate. Analysts are expecting a 0.8% increase for the period, the slowest pace since the 0.6%...
Equites advanced yesterday on “relatively” light volume as data indicated consumer spending buoyed the economy in the third quarter. Oil halted its decline for a second day on the prospect of greater stimulus from China....
Friday was an ugly day; a trading day I believe that was again entirely influenced by HFTs. Friday the WSJ editorial page commented about the bifurcation between hedge funds/active management and passive investing....
Today is the first estimate of third quarter GDP. Analysts are expecting growth to rise by 1.5% versus a 3.9% pace of the second quarter. In quarter’s past, equities have dropped if the data surprised on the upside given rising odds of a change in...
Stocks jumped on Friday as central banks are reasserting themselves over financial markets, with fresh stimulus form China. The PBOC cut interest rates Friday, a day after the ECB signaled it will bolster stimulus if needed. Equity futures were showing early morning strength because of...
The softness in September’s retail sales offers further support that the Fed probably is not going to increase interest rates until March 2016. The 0.1% modest increase was partly due to a price related 3.2% drop in gas sales. Car sales were robust, rising by...
Last weekend I watched Ground Hog Day, thinking is this not occurring in the equity markets? Every day it is the same narrative. The Fed may/may not increase interest rates. Oil is going to continue to drop. China is going to bring the...
The weeks leading into Labor Day are historically quiet. To write the obvious, the last three weeks have been nothing but quiet. The must owned names are imploding. Oil was crushed then staged a 3 day 27% rally, the greatest since the Kuwaiti...
Today the Minutes from the July FOMC meeting are released. As noted yesterday, the economic landscape is different today than that of three weeks ago. Housing and autos are showing considerable strength. China has devalued. Oil has plunged, falling by a record amount in July. ...