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Category Archives: Equities
Bond Yields and Equity Prices
Interesting chart which reflects what we have been preaching for years. Central bank distorted and repressed bond yields result in a mispricing of all other assets. This chart goes a step further and quantifies it, though it assumes “all other … Continue reading
Posted in Equities, Interest Rates, Uncategorized
Tagged Bond Yields, Distortion, Equity Prices
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There They Go Again: Dow Transports/Industrials Divergence
The Dow Transports are selling off as the Industrials are making new highs. That’s a no no in Dow Theory. We pointed out a similar divergence on August 1st. Not as relevant as it used to be, but something … Continue reading
Posted in Equities, Uncategorized
Tagged Divergence, Dow Industrials, Dow Transports
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Option Value of Cash More Valuable When Scarce
Look at the date of the cash peak and trough. Not a perfect timing chart, but you know you’re in the zip code. Unless, of course, this time is different. It could take more time this time, however.
Fed Day With Extremely Loose Financial Conditions
Today is the day, folks. The consensus is the Fed announces the start of quantitative tightening (QT). History in the making. Draining Liquidity Though monetary tightening officially began in December 2015, this will be the first time the Fed drains … Continue reading
Posted in ECB, Economics, Equities, Euro, Fed, Monetary Policy, Uncategorized
Tagged ECB, Fed, FOMC, Monetary Policy, Quantitative Tightening
1 Comment
Global Equities: Rockin’ In The Free World
Stunning table of the year-to-date returns of country ETFs coming to us via Charlie Bilello at Pension Partners. All the country ETFs are, should we say, Rockin’ In The Free World, except for Russia, which has turned up and rockin’ the … Continue reading
Posted in Equities, Uncategorized
Tagged country ETFs, S&P500, Trade Weighted Dollar Index
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Asset Markets, The Sports Illustrated Jinx, And The Dodgers
Why do stocks and assets markets crash? Why is there is a Sports Illustrated jinx and magazine cover stories often signal a sign of a top or bottom of the subject being portrayed? Regression to the mean, or, more simply, … Continue reading
Shanghai Breakout
Man, emerging market equities are in total beast mode. The emerging markets index MSCI Ishares ETF (EEM) is up almost 30 percent on the year. Turkey and Argentian up almost 40 percent. India, Brazil, and Korea almost 20 percent. Emerging … Continue reading
Trannies Reclaim 200-day, KOSPI Bounces
All the major U.S. stocks indices recovered from steep losses, and then some, after the North Korean missile test, though decliners slightly outpaced advancers on the NYSE. The Dow Transports, which led the recent bout of volatility, reclaimed its 200-day … Continue reading
Posted in Equities, Geopolitical, Uncategorized
Tagged Dow Industrials, Dow Transportation Index, Kospi, North Korea
2 Comments
Head & Shoulders Everywhere!
We once heard the late Yale prof., Stephen Ross, say that “if you stare at the clouds long enough, you can see pink elephants.” We kind of feel that way, though not completely, about seeing patterns in stock charts.
Posted in Equities, Technical Analysis, Uncategorized
Tagged Freedom Tower, Head and Shoulders pattern, Lightening, Technical Analysis
2 Comments
Debate Within The FOMC: Bubblistas v. Efficient Marketistas?
We have finally made the time to more closely review the release of last week’s Fed minutes from the July 25-26 meeting. We kind of like what we see. Debate Breaking Out Among FOMC Members? A debate appears to breaking … Continue reading
Posted in Equities, Interest Rates, Monetary Policy, Uncategorized
Tagged Equities, FOMC, Interest rates, Janet Yellen, Monetary Policy
16 Comments
Global Macro Monitor 