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Where to? Bank America writes 30% of the S & P 500 earnings growth over the past five years is the result of share repurchases funded by debt. Many times I have commented about the proliferation of debt for non-economic purposes. BofA...

Many times I have commented about the lack of liquidity, primarily the result of regulatory fiat, trading mechanics and passive investing. Considerable attention has been focused on the liquidity issues of the repo market, liquidity that is being provided by the lender of last...

Led by financial and healthcare, equity markets declined the most in a month. Throughout the day many were asking what the possible catalyst is for the decline given positive movement on trade. Some speculated it was the inability of the S & P...

According to FISUM, Vanguard, Blackrock and State Street are the largest holders of 88% of S & P 500 companies. Wow! The potential influence that these companies can exert upon markets and corporations is incredible. Several times I have opined the next financial crisis could...

Has there been a massive change in sentiment?  Small investors are the most bearish since mid-2013, a bearishness captured by the record outflow of $46 billion from US mutual funds and ETFs.  There was also a near...

Earnings season accelerates during the next three days as over 90 S & P 500 companies are scheduled to post results.  For the period, profits are expected to fall about 5%, the fifth consecutive decline and the longest stretch since 2009....

Trading was subdued yesterday as many were fixated on the 200 day moving average of the S & P 500.  As widely discussed, the index is hovering right at the long term trend line, which represents the average closing for the last 200 sessions.  The...

Many times I have opined housing and autos traditionally lead a recovery. Auto sales are strong. Housing starts/sales are as well as it was reported yesterday housing starts—led by multifamily—rose to the second highest level since November 2007 (June 2015 starts were insignificantly higher)....

The last several months I have had little difficulty writing these remarks given the large amount of material to pick from. Today’s comments, well, I am happy to write were difficult to pen. Friday was a quiet day....

As expected trading was quiet as the bond market and banks were closed for Columbus Day. The dollar fell to a three week low as all are reassessing the probability of a change in monetary policy this year even as several Committee members are suggesting...