Stiffer Challenges
March 4, 2024 Good morning, The equity market bonfire continued last week, although at a less torrid pace. The S&P 500 Index (SPX) was up +.95% on the week, with Friday’s +.80% move constituting the bulk of the week’s move. For all the heavy lifting that the large cap growth stocks (Mag 7) have done, […]
February 2024 Monthly Letter
February’s overarching market message: There’s a new sheriff in town, and his name is not Reggie Hammond or Jerome Powell – it is Nvidia. “New” may be arguable to some, after all, NVDA was one of the Magnificent 7 that accounted for all the equity market gains over the first 10 months of last year. […]
Sideways Is Corrective
March 1, 2024 Good morning, Following a torrid first 3 weeks of February, things have simmered down so far this week in stocks, bonds, commodities, and currencies. Remember, sideways price action is corrective behavior following steep ascents (or descents in the case of bonds recently). It’s often the pause that refreshes. There is a lot […]
Finishing February
February 26, 2024 Good morning, Nvidia helped propel the tech-heavy equity indices to modest new all-time highs last week. The S&P 500 Index (SPX) gained +1.66% on the week. The equity market melt-up, led by large cap tech companies, continues in the face of higher yields on the short end of the treasury curve last […]
Crazy Good
February 22, 2024 Good morning, Stocks traded down for 6 of yesterday’s 6.5 hour trading session on concerns that Nvidia’s quarterly results (announced after the close) would fall short of impossibly high expectations. That and the latest Federal Reserve minutes show officials are in no rush to cut interest rates. With only minutes left in […]
All The Spotlights Are On Nvidia
February 20, 2024 Good morning, I hope you had a nice extended weekend. Although it feels like ancient history already, last week brought us higher and stickier inflation data, which translated to higher yields (lower bond prices). Stock prices bounced around for most of the week, pulled down by the higher yields but pushed up […]