Nasdaq

FOCUS ON INFLATION & THE FED

Stocks opened mixed this morning (Dow -13 pts; SPX +.2%, Nasdaq +.5%). The best performing groups in early trading are semiconductors and biotechs, both up about 1%. Banks are being dragged down by the theatrics of congressional testimony by major bank CEOs today. Retailers and industrials are also down a bit. The dollar is stronger against a basket of foreign currencies after the European Central Bank (ECB) reiterated warnings over slower economic growth and said it plans no interest rate hikes in the foreseeable future. WTI crude oil bounced back toward $64.20/barrel today despite the stronger dollar. Bonds are trading higher as well. The 10-year US Treasury yield backed down to 2.4% after today’s economic reports (see below). The iShares 20+ Year Treasury Bond ETF (TLT) is up .27% and the iShares Investment Grade Corporate Bond ETF (LQD) is up .3%.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

DOUBLING DOWN ON A DOVISH FED

The major stock market averages are mixed in early trading (Dow -70 pts; SPX +.5%; Nasdaq +.6%). Gold miners, healthcare, and energy exploration stocks are all up about .7% to 1.2%%. On the other hand, airline and aerospace names are trading lower, paced by Boeing (BA) down 6.7% after the Ethiopian Airlines jet crashed. Retailers and consumer staples names are flat to down at the moment. The US dollar is weaker today after a softer inflation report (see below), and not surprisingly, commodities are trading higher. WTI crude oil is back up around $57.22/barrel. Copper is up .5% today and 12% on the year, reflecting optimism over a potential trade deal. Copper is sort of a commodity trader’s referendum on the Chinese economy, since China accounts for half of global copper demand. Bonds are mostly higher today as yields tick lower. The 10-year Treasury yield fell to 2.63%, the lowest in the past 6 weeks.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

STOCKS SAGGING ON SPURIOUS JOBS REPORT

STOCKS SAGGING ON SPURIOUS JOBS REPORT

Stocks gapped down at the open after a disappointing jobs report (see below). The Dow is currently off 148 pts and the SPX is down .77%. The Nasdaq has now been down for five straight sessions. The worst-performing groups include energy (-2.4%), transports (-1%), and healthcare (-.8%). In fact, transports have been down 11 consecutive sessions. Asian markets started the downshift last night. After a massive recovery rally this year, the Shanghai Composite Index fell 4% in the overnight session. As I’ve mentioned, all of this is to expected. We need some consolidation after a sharp rally in stocks. Commodities are also in the red today, led by oil. WTI crude collapsed back to $55/barrel today for no good reason. Bonds are mixed in early trading. Junk bonds are down about .3% today. Long-term Treasuries are up slightly. The 10-year Treasury yield has fallen back to the bottom of its six-week trading range at 2.64%.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

IGNORE WASHINGTON, WATCH EARNINGS

IGNORE WASHINGTON, WATCH EARNINGS

Stocks opened modestly lower this morning (Dow flat; SPX -.25%; Nasdaq -.4%). Exchange trade volume is low. The communications services sector is down 1.5%; REITs are down .75%; energy is off .3% and banks are down .2%. Semiconductors are bucking the trend, however (see below). As I mentioned yesterday, The VIX Index has collapsed back to 15; traders are no longer as fearful, but they’re wondering how far this V-shaped recovery can go before the market needs to step back and consolidate. After all, the SPX has now retraced nearly ¾ of its late 2018 correction. Commodities are trading mostly higher—with the notable exception of gold. WTI crude oil is back up around $54.10/barrel and it looks like the path of least resistance is up. Copper is now up 9% on the year, which is odd since China’s economy is said to be losing steam. Further, iron ore is up around a 2-year high and Barzil’s Vale SA (VALE) just warned of a global shortage. That doesn’t square with the consensus narrative that global economic growth is falling. So either global growth is better than we’ve been hearing, or China is pushing fiscal stimulus in a big way this year. Usually those two move together. Bonds are roughly unchanged this morning. The 5-year and 10-year Treasury yields are hovering around 2.50% and 2.69%, respectively.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

RETURN OF THE FED PUT

RETURN OF THE FED PUT

RETURN OF THE FED PUT

Stocks surged at the open this morning following yesterday’s Fed meeting. The SPX is up .8% and the Nasdaq is up 1.4%. Only the Dow is lagging a bit, down 6 points. The communications services sector shot up nearly 4%. Most other sectors are in the green as well, with the notable exceptions of financials and materials. Oil prices continue to recover, with WTI crude back above $55/barrel. Copper is now up over 5% this month, signaling some optimism over a trade deal with China. Bonds, strangely enough, are uniformly higher as well. The iShares 20+Year Treasury Bond ETF (TLT) is up .8% in early trading, and the SPDR High Yield Bond ETF (JNK) is up .4%. It is rather unusual to see stocks, commodities and bonds all trading higher on the same day.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

December 26, 2018

The major stock market averages are attempting to recover from the worst Christmas Eve trading session since the Great Depression. At the moment, the Dow is up 400 pts and the SPX is up 2%. The consumer discretionary sector is up 3.4%, the energy sector is up 3%, healthcare & tech are up over 2%. Utilities are now losing steam after recently hitting all-time highs. The VIX Index, which spiked to 36 on Monday, is back down around 34.7. These levels, indicating heightened fear among traders, were last seen during the February stock market correction. Traders, by the way, tend to invest cash after spikes in the VIX. Most commodities are trading higher today. WTI crude oil is back up to $45.30/barrel. Gold is up .7 % at the moment, but is still down year-to-date. Bonds are mixed in early trading. Junk bonds are rallying today, but are still down around 10% year-to-date. Treasury bonds are selling off after a massive 6-week rally. The 5-year and 10-year Treasury yields are hovering around 2.58% and 2.75%, respectively.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

October 29, 2018

October 29, 2018

Stocks opened higher this morning. The Dow is currently up 105 pts and the SPX is up .7%. Utilities, consumer staples, materials, real estate, healthcare and financials are all up over 1% at the moment. Energy and consumer discretionary sectors are down slightly. The VIX Index, a measure of traders’ fear, fell back to 24 after spiking above 25 on Friday. European stock markets will close up over 1% and Asia was mixed overnight. China’s markets, however, are still under pressure. The Shanghai Composite Index is down over 28% this year in local currency terms. The dollar is a bit stronger today against a basket of foreign currencies, and up nearly 5% in 2018. Wall Streeters are increasingly concerned that a stronger dollar will hurt US businesses selling overseas. A few blue-chip companies have said so in recent days. Commodities are trading lower. WTI crude oil is down .6% to trade at $67.17/barrel. Bonds are selling off today after a pretty strong run over the last week or so. The 5-year and 10-year Treasury yields ticked up to 2.94% and 3.10%, respectively.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

September 10, 2018

September 10, 2018

The major stock market averages are mixed today (Dow -42 pts; SPX flat; Nasdaq flat). Transports (+1.5%), retailers (+.4%) and semiconductors (+.8%) are faring the best. Healthcare and gold miners are down on the day, as are emerging markets. The banks are roughly flat. The VIX Index is back down around 14 after hitting 15 last Friday. European stock markets closed in the green but most of Asia was down overnight. China’s market continues to falter, now down 23% on the year, after yet another threat by President Trump to escalate the trade war. Most commodities are lower on the day. WTI crude oil is trading at $67.57/barrel after having touched $70 a week ago. Gold is now down 8% this year & copper is off over 20%. Bonds are falling in price (rising in yield) today. The 5-year Treasury Note yield is back up around 2.82%, a one-month high. The 10-year yield is up around 2.94%, inching closer to 3%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

August 31, 2018

August 31, 2018

The major stock market indexes are mixed in early trading (Dow -55 pts; SPX -.13%; Nasdaq +.1%). Retailers, semiconductors and REITs are moving up, but most other groups are in the red. Banks and oil companies are some of the worst-performing groups, and year-to-date they’ve been flattish. Trade volume is pretty light in front of the three-day weekend. European stock markets are down about 1% and Asian markets were down overnight. Over the last 24 hours we’ve seen headlines saying President Trump is leaning toward imposing trade tariffs on another $200bil in Chinese imports, and he’s also doing his part to cast doubt on the trade talks between US and Canadian officials this week. Today is the deadline for negotiating a new NAFTA deal with Canada. That country’s foreign affairs minister said the two sides are “not there yet.” That haze of political uncertainty will keep a lid on stock market gains for now.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

August 29, 2018

August 29, 2018

Stocks shot up at the open this morning (Dow +86 pts; SPX +.58%). The market seems to want to move higher, and nobody is complaining about the Fed or Turkey’s financial crisis this week. Cyclicals are leading again today—technology, materials, biotechs, consumer discretionary. However, I’d point out that financials aren’t part of the rally even though interest rates are rising. The 5-year Treasury yield is up around 2.79% and the 10-year yield is back up to 2.89%. For most of 2018, the 10-year rate has bounced around between 2.8% and 3.0%. Typically, with stronger economic growth and corporate earnings, you’d see rates rising. But strong demand from global investors buying Treasuries instead of their own country’s sovereign bonds is keeping our rates lower.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

January 22, 2018

tocks opened modestly higher this morning (Dow -18 pts; SPX +.2%; Nasdaq +.4%). Utilities and telecom are up around 1%, reversing the recent trend. Energy stocks are also up close 1% as oil heads higher. Industrials and materials, on the other hand, are in the red. The VIX Index is hovering around 11.2 after recently spiking above 12. VIX February futures are trading at 11.8. The dollar is weaker today—perhaps due to the limited government shutdown—and commodities are mixed. WTI crude oil is up around $64/barrel. Bonds are slightly higher in price, lower in yield. The 5- and 10-year Treasury yields are trading at 2.43% and 2.63%, respectively.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

October 30, 2017

The major stock market averages gapped down at the open. The Dow is currently down 88 pts and the SPX is down .4%. The Nasdaq is down .2%. Gold miners and energy stocks are trading higher. On the other hand, pharmaceuticals, consumer staples, transports and banks are lower on the day. The dollar is a bit weaker against a basket of foreign currencies and commodities are modestly higher. WTI crude oil is treading water at $54/barrel (an 8-month high). Bond prices are higher on the day as yields tick lower. The 5-year Treasury yield is back down to 2.0% and the 10-year yield is down to 2.39% after recently spiking to 2.46%. But still, it seems the path of least resistance for interest rates is up.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

September 20, 2017

Stocks are mixed in early trading (Dow +16 pts; SPX flat; Nasdaq -.24%). We’ve seen a rotation in the last couple of weeks away from defensive sectors (i.e. utilities, consumer staples) and toward cyclicals (industrials, financials, energy, materials). This seems to be driven by a rebound in interest rates & oil; it’s hard to say how long that will last. This morning, transports are up 1.5%, biotechs are up .7%, and energy stocks are up about .6%. We are seeing some uncharacteristic weakness in semiconductors after Apple (AAPL) admitted lower pre-orders for the new iPhone 8 because consumers are waiting for the iPhone X. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

August 2, 2017

Stocks are mostly lower in early trading (Dow +23 pts; SPX -.3%; Nasdaq -.7%). The Dow briefly touched 22,000 for the first time. The energy sector is down .4% after a negative crude oil inventory report. Telecoms are down .7% after having spiked 10% in less than a month. Semiconductors (-1.2%) are giving back some recent gains as well. Utilities are modestly higher. The VIX Index is up around 10.2 and VIX August futures are trading at 11.4. So expected stock market volatility is still very much in check. Commodities are mixed but WTI crude oil is back down to $48.80/barrel. Bonds are mostly unchanged today; the 5- and 10-year Treasury yields are sitting at 1.81% and 2.25%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

June 30, 2017

Stocks opened modestly higher following yesterday’s rout. The Dow and SPX are currently up 58 pts & .18%, respectively. Most sectors are trying to bounce back, except for financials, healthcare and telecom. The deep cyclical-type groups are weaker today—biotechs, semiconductors, banks. The VIX Index is sitting at 11.5 and VIX are trading at 12.3. The dollar is modestly stronger today against a basket of foreign currencies, but oil prices are rising as well. WTI crude is trading up around $45.40/barrel. Bonds are ever-so-slightly lower in price, higher in yield. The 5-year Treasury yield ticked up to 1.86% and the 10-year yield is up to 2.28%


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

May 17, 2017

Stocks are having their worst day since March (Dow -239 pts; SPX -1%). The Nasdaq is down 1.57%. At the moment, the SPX is 1.3% off of its all-time high (set yesterday). The safe-haven plays are catching a bid (i.e. utilities, gold & gold miners, bonds). The banks are down 3% on a weaker interest rate outlook. The VIX Index shot up to 13 and VIX June futures are trading up around 13.2. So this is not panic by any means. The dollar is weaker but gold and oil are pretty much the only commodities up on the day. WTI crude oil is up around $49.37/barrel. Bonds are trading up in price. The 5-year Treasury yield is down to 1.77% and the 10-year is down to 2.24%. The 10-year looks like it wants to drop to near-term support at 2.17%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

May 15, 2017

Stocks opened sharply higher this morning (Dow +83 pts; SPX +.5%). Both the Nasdaq and SPX are hitting all-time highs. All eleven major market sectors are in the green. Semiconductors, transports and energy stocks are up over 1% in early trading. Europe is poised to close up modestly, and most of Asia was up overnight. The VIX Index is hovering around 10.5 and VIX June futures are still trading around 12. The dollar is weaker today and commodities are mostly higher. WTI crude oil is up 2.8% to trade around $48.20/barrel. Bonds are mostly unchanged today. The 5- and 10-year Treasury yields are trading at 1.86% and  2.34%, respectively. It’s a bit odd to see bonds holding value even though stocks are back up to all-time highs.   


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

April 25, 2017

Stocks opened higher again this morning as traders digested earnings announcements. The Dow is currently up 230 pts and the SPX is up .57%. The Nasdaq rose over the 6,000 mark for the first time ever as Microsoft, Alphabet, Amazon, and Facebook continue to make new highs. In terms of major market sectors, materials and financials are leading the way, up 1% in early trading. The VIX Index sank back down under 11. European markets are poised to close slightly higher. Commodities are mostly higher but WTI crude oil is fading to around $49/barrel. There is clear support at $47/barrel. Bonds are falling in price for the second consecutive day. The 5-year Treasury yield is back up to 1.84% and the 10-year yield is at 2.31%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

March 29, 2017

Stocks opened mixed today (Dow -48 pts; SPX flat; Nasdaq +.2%). We’re in no-man’s-land until earnings season starts in a couple of weeks. Energy stocks are bouncing back (+1%) after taking a beating so far this year. Retailers, gold miners and biotechs are up nicely, but most everything else is lower in early trading. The VIX Index is back down under 12 and VIX April futures are down to 12.8. The dollar is up a bit and yet most commodities are higher. WTI crude oil is up over $49/barrel. Remember, early this year oil prices corrected 12% and are just now beginning to move back up toward $50. Bonds are mostly higher in price, lower in yield. The 5- and 10-year Treasury yields are down to 1.94% and 2.39%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

March 8, 2017

Stocks opened mixed this morning despite a better than expected jobs report. The Dow is down 20 points, the SPX is flat and the Nasdaq is up .2%. The job report pushed bonds and interest rate sensitive sectors lower. So utilities, telecoms, REITs and consumer staples are down in early trading. The cyclical sectors, on the other hand, are up (materials, financials, tech, consumer discretion). The same report also pushed the VIX Index lower, now trading around 11. Remember, traders are anxiously watching the VIX for signs of a stock market correction. Not to belabor the point, but the prospect of better economic data—and thus higher interest rates—is also strengthening the dollar and weighing on commodity prices. WTI crude oil is down 1.6% to $52.20/barrel. Bonds, as I said, are lower in price, higher in yield today. Don’t miss this: the 5-year Treasury yield spiked to 2.10%, which is the highest level since the spring of 2011. The 10-year Treasury yield is up to 2.57%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.