Time to Pause?
November 10, 2021 Good morning, Finally! The market’s fairly impressive winning streak was broken yesterday. Risk managers all around blew a collective sigh of relief – winning streaks are ulcerating to them as overbought sirens blare. The break yesterday was quite pedestrian and may be the start of a few days of pause – remember, […]
On Average
November 8, 2021 Good morning, Last week was the 5th straight week of gains for the S&P 500 and it was the 3rd straight week of gains for the big three U.S. equity indexes – the S&P, Nasdaq and Russell 2000. That said, there were two even more notable mentions from last week’s action. While […]
Pass the Sedatives
November 5, 2021 Good morning, Happy Friday and welcome to payrolls day – October payrolls increased by 531k vs 450 expected. With favorable revisions to back months, today’s data could only be interpreted as strong and a comfortable beat. The market focus from taper to rate rise makes the underlying wage data more important than […]
Anticlimactic and the Monthly Note
November 3, 2021 Good morning, It’s Fed Day, <umm> Taper Day is the better moniker, and it’s finally here. There seems to be little doubt in the market that the Fed will announce a monthly taper of $15billion ($10 Treasuries / $5 MBS) beginning mid-month. What is less clear is when the Fed will actually […]
No Respect
November 1, 2021 Good morning, Welcome to November and the beginning of the two historically strongest performance months of the year – although this bull market seems to pay no homage to history. Markets overnight are acting like its still October with stocks surging and short-term yields rising. As you know, October ripped up the […]
Big Bonus Day
October 29, 2021 Good morning, Following a +1% day on the S&P 500 index yesterday and recording just another in a now long list of new all-time highs this year, it looks like today may be shaping up to be an eventful one. With yesterday’s post-close disappointments from Apple and Amazon (the mega of the […]
Likely Pause That Refreshes
October 27, 2021 Good morning, Futures have been just a little soft overnight, vacillating between down a tick and unchanged, ahead of earnings results from more of the biggest U.S. companies not officially considered big-tech (although every big company in the world is heavily laden with tech – hence the reason “tech” will likely lead […]
Time For Beast Mode
October 25, 2021 Good morning, Welcome to big tech week. Earnings reports from the major technology companies come out this week; FB-Mon / MSFT, TWTR, GOOG-Tue / AAPL, AMZN-Thu. Hard to see how the supply chain logjam won’t throw a cold blanket on their earnings reports, but there’s no insight there, everyone knows that. The […]
Looking Through The Present
October 22, 2021 Good morning, Futures (remember, all alone “Futures” denotes the S&P 500 kind, any other futures contract requires specific description – it’s the king and the convention). Anyway, Futures are hovering around unchanged as the overnight session rolls into the cash market open. This, following its 55th record close of the year yesterday. […]
Short & Sweet
October 20, 2021 Good morning, There just isn’t much to write home about this morning. Prices in all assets were quiet overnight, and U.S. markets look to open unchanged. I suspect that as more earnings reports roll in, U.S. equity indexes will continue their recent resumption of their uptrend and look to better their all-time […]
Stay
October 18, 2021 Good morning, By S&P 500 measures, the equity market put in a very good 2nd half of the week last week as earnings season got underway. Recall that the market was off -1% in a news vacuum earlier in the week, and then jumped +2.8% in the back half to finish the […]
We May Have a Hit (A-side)
October 15, 2021 Good morning, It looks like JPM’s earnings release Wednesday morning was a bit of a leading indicator for the group as hinted in Wednesday’s “maybe” note. On the heels of yesterday’s earning’s numbers from the broader group of financials (and others), the equity market staged one of its better rallies – the S&P […]