Weekly Commentary Archives

Weekly Commentary Archives 2017-03-02T11:32:28+00:00

December 14, 2018: The Perils of Inflationism

December 13 – Financial Times (Chris Giles and Claire Jones): “When the European Central Bank switches off its money-printing press at the turn of this year and stops buying fresh assets, it will mark the [...]

December 15th, 2018|

November 23, 2018: Just the Facts

For the Week: The S&P500 dropped 3.8% (down 1.5% y-t-d), and the Dow fell 4.4% (down 1.8%). The Utilities declined 1.4% (up 1.4%). The Banks lost 2.3% (down 8.1%), and the Broker/Dealers fell 2.8% (down [...]

November 23rd, 2018|

November 9, 2018: Back to Fundamentals

The Dow (DJIA) jumped 545 points (2.1%) in Wednesday’s post-midterms trading. The S&P500’s 2.1% rise was overshadowed by the Nasdaq Comp’s 2.6% and the Nasdaq100’s 3.1% advances. Healthcare stocks surged, with the S&P500 Healthcare Index [...]

November 9th, 2018|

November 2, 2018: MBS and the Core

The Dow (DJIA) traded as low as 24,122 in late-Monday afternoon trading. By Friday’s open, the Dow had rallied 1,457 points, or 6.0%, to 25,579. Relatively speaking, the Dow was a tame kitten. From Monday’s [...]

November 2nd, 2018|

October 19, 2018: Moscovici and the National Team

From the perspective of monitoring an unfolding global crisis, things turned only more concerning this week. The Shanghai Composite declined to 2,450 in early Friday trading, the low since November 2014 – and down almost [...]

October 19th, 2018|

October 12, 2018: Rude Awakening Coming

Please join Doug Noland and David McAlvany this Thursday, October 18th at 4:00PM EST/ 2:00pm MST for the Tactical Short Q3 recap conference call, “Market Contagion is Back.” Click here [...]

October 12th, 2018|

September 21, 2018: Q2 2018 Z.1 Flow of Funds

Non-Financial Debt (NFD) expanded at a seasonally-adjusted and annualized rate (SAAR) of $2.283 TN during the second quarter. While this was down from Q1’s booming SAAR $3.681 TN, it nonetheless puts first-half Credit growth at [...]

September 21st, 2018|

September 16, 2018: Just the Facts

For the Week: The S&P500 gained 1.2% (up 8.7% y-t-d), and the Dow added 0.9% (up 5.8%). The Utilities increased 0.4% (up 1.9%). The Banks dropped 2.1% (up 0.8%), and the Broker/Dealers added 0.3% (up [...]

September 16th, 2018|

August 31, 2018: Unassailable

I’ve been here before and, candidly, it’s not much fun. Lodged in my mind this week was the brilliant quote from the 19th century German philosopher Arthur Schopenhauer: “All truth passes through three stages: First, [...]

August 31st, 2018|

August 17, 2018: Instability

With the Turkish lira down another 6.6% in Monday trading, global “Risk Off” market Instability was turning acute. The U.S. dollar index jumped to an almost 14-month high Monday, as the Turkish lira, Argentine peso, [...]

August 17th, 2018|

August 10, 2018: Turkey (Nudged Over the Cliff)

The Turkish lira sank 13.7% in chaotic Friday trading. The lira’s 21.0% “worst week in 17 years” collapse pushed y-t-d losses to 41.1%. Turkish 10-year yields spiked to almost 21%, before retreating somewhat. After beginning [...]

August 11th, 2018|
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