Using A Microscope To See The Stars
November 21, 2024 Good morning, I believe the market is set up this morning to give us a clear snapshot into its current psychological state. If most readers of these Morning Notes are long-term investors, as opposed to traders, why should we care about a snapshot in time? We all believe that the key to […]
Quiet-ish Week
November 18, 2024 Good morning, The S&P 500 Index was off -2.08% last week. All those losses came after Fed Chair Powell’s comments Thursday afternoon: “The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the […]
October 2024 Monthly Letter
The following is your October 2024 Robertson Stephens Monthly Performance Report. Given that it is already mid-November as I write this note and the likelihood (let’s hope so) that the event of the year just happened (and is still happening), reviewing the month of October is of little value. I will leave October with this; it was […]
Man Down
November 15, 2024 Good morning, Sorry for the miss yesterday morning, I’ll think twice before getting the flu shot and covid-booster at the same time (Wednesday). It was “Man Down” early Thursday morning. Now back to our regularly scheduled program. The equity market got a reason to exhale yesterday after almost 2 weeks of rallying. […]
Possible Warning Signs From Last Weeks’ Celebration
November 11, 2024 Good morning, The stock market seemed to cheer Donald Trump’s victory last week. The bond market did not. On Wednesday, the S&P 500 Index (SPX) surged +2.5%, the best day after the election since at least 1928. Long-term Treasury’s dropped -2.3% in price, the 10th worst day after an election. On the week, […]
Same Story I’m Afraid
November 7, 2024 Good morning, As a lifetime student of markets, the early seminal lesson I learned at the foot of a master technician (Alan Shaw) 40 years ago gets played out in real-time in markets over and over again; “The best predictive tool of a market’s future is the market itself.” Translated, the market […]