Yesterday’s economic data was once again the highlight of the trading day. Now before you get all “up in arms”, that was just a joke. Of course the highlight of Wednesday’s trading was the Fed Chair’s press conference, post the announcement of no rate hike or cut. Why we are actually talking about a rate…
The economic data continues to slant more positively for most aspects of the economy, shy of manufacturing. While the Chicago PMI data proved to weaken in March, it is a much smaller regional component of the U.S. economic engine that is likely to improve as inventories roll off in the coming weeks and months. With…
The S&P 500 indeed set a new record closing high and all-time intraday high on Monday. It’s different this time because it’s different every time, otherwise we’d have a more colloquial phrasing of “same time”, which we obviously do not. The index nearly hit 2,950 before pulling back a bit into the closing bell…
The last time the S&P 500 achieved a record high was in September of 2018, which is before the most recent new high. After more than seven months, the S&P 500 Index notched a fresh all-time closing high of 2,933.68 on April 23, 2019 and before a modest pullback on Wednesday the 24th of April. …
It’s not often that you’re able to witness a brutal interview of an analyst who was formerly glorified in the financial media for his/her former calls which were accurate… kind of. Morgan Stanley’s Mike Wilson coined and predicted a rolling bear market for 2018, established with an S&P 500 price target of 2,750. After topping…
In reviewing the year-to-date major indices rally, I can’t help but to think that many, many investors have suffered from being captive of the moment and missing the big picture. Being captive to the moment refers to the pervasive negative sentiment that was born out of the Q4 2018 market sell-off. With the S&P 500…
Coming into the final trading day of the week, U.S. equity futures are setting up for a lower open on Wall Street and ahead of Good Friday. All 3 major averages fell on Wednesday, albeit very modestly and without much volume to consider. And while we can rationalize that most index and index ETFs remain…
If you were concerned for the economic data to be released by China overnight, color yourself in the same camp as many investors. But for all of the concern, China managed to surprise economists with better than forecasted growth in the Q1 2019 period. Beijing said its economy expanded by 6.4% year-on-year in the first…
Remember all the way back in January 2019 all the calls for a retest of the lows from December 2018? With each passing month since, those calls have faded into the misty background and proven more of a bias towards recency and fear than anything else. Some of the worst calls for market moves ever…
Defining What We Mean By Liquidity “Liquidity” is a word that is used to mean different things in different contexts. There is accounting liquidity, and market liquidity, and systemic macro liquidity. But they have one thing in common: cash is king. Take a simple example. You want to buy a new car that costs $30k.…
