mortgage rates

STOCKS DOWN WITH HEADLINES

Stocks sank at the open, as is their custom this month. The Dow is currently down 367 pts and the SPX is down 1.5%. Energy is the worst performing sector, down 3.5% (see below). Most other sectors are down about 1% except the defensives (utilities, consumer staples, real estate). VIX Index June futures are trading up around 17, but that’s not considered elevated. There’s no real panic in the market, just a slow bleed on trade headlines. European stock markets closed down about 1.5% today and Asia was uniformly down overnight. The bond market is catching a bid—especially safe-haven Treasury bonds. The 10-year Treasury yield is down to 2.32%, the lowest level since November 2017.


*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.

NOTHING TO SEE HERE, CHECK BACK TOMORROW

Stocks fell at the open this morning but quickly recovered. The Dow and SPX are currently flat. Defensive, interest rate sensitive sectors (utilities, real estate) are down in early trading. The energy sector, on the other hand, is up over 1.8% on higher oil prices. Trade volume is pretty light coming off of a holiday weekend. European markets are still closed for Easter. The stock market looks kind of tired after a huge recovery rally in the first quarter. In other words, don’t expect a lot of excitement today. Earnings will provide plenty of excitement later this week. WTI crude oil shot up to $65.50/barrel, the highest since the end of October last year. That’s a direct result of the Trump Administration saying Iran’s trade sanction exemption will expire on May 2. A White House statement said the decision “is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue.” Bonds are trading a bit lower as yields tick higher. The 10-year Treasury yield is back up to 2.58%. The “yield curve” (that is, the difference between the 10-year and 2-year rates) is still pretty narrow and fragile. In fact, the spread is just .19% and has been in the range of .10% and .20% for the last 5 months. Should it break convincingly above .20%, that will likely be viewed as a bullish signal for traders.


*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.

IT'S ALL ABOUT THE FED

Stocks opened sharply higher today (Dow +161 pts; SPX +.67%). Interest-rate sensitive sectors are moving in response to yesterday’s Fed meeting (see below). Homebuilders, REITs, and utilities are up nicely, while banks are down on the day. Commodities are mixed (gold down, copper and iron ore up). WTI crude oil is flat, hovering around $60/barrel. Bonds are sharply higher as well. The 10-year Treasury yield slipped to 2.52% after the Fed announcement. That’s a 14-month low. The yield curve flattened again; the difference between the 2-year and 10-year Treasury yields is down to 11 basis points (.11%).


*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.

CROSSCURRENTS GIVE THE FED PAUSE

CROSSCURRENTS GIVE THE FED PAUSE

Stocks opened lower today, but quickly recovered. The Dow and SPX are currently flat. Financials, energy and tech sectors are in the green but most everything else is slightly lower. Copper, iron ore and oil are strong today. WTI crude oil is back up around $55.75/barrel. Copper is now up something like 13% on the year, and that’s usually a sign of economic strength overseas. Strangely, bonds are trading mostly higher as well. Long-term Treasury bonds are up about .2% and junk bonds are up nearly that much. The 10-year Treasury yield fell back to 2.65%. Since the beginning of February, interest rates have been treading water with very little volatility.


*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.

EARNINGS TO THE RESCUE

EARNINGS TO THE RESCUE

EARNINGS TO THE RESCUE

Stocks opened higher today after Apple’s (AAPL) earnings announcement (see below). The Dow is currently up 369 pts and the SPX is up 1%. Tech, industrials and consumer discretionary sectors are leading the way, up over 1% in early trading. In particular, AAPL is up 4.7% and Amazon (AMZN) is up 3.4%. The VIX Index—a common fear gauge among traders—is still hovering around 19 where it has been for the past couple of weeks. With every passing day it seems more likely that Christmas Eve was the correction bottom. Commodities are trading mostly higher today. WTI crude oil is back up around $54.70/barrel and you can expect it to keep going in the near term. Bonds are mixed; Treasuries are down but junk bonds are higher on the day. The 10-year Treasury yield is hovering around 2.73% and has been pretty tight to that level over the last two weeks. The yield curve is still flattish but hasn’t inverted yet. By the way, Fed Chair Powell is scheduled to hold a press conference today discussing the FOMC’s monthly policy meeting.


*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.

November 29, 2018

November 29, 2018

The major stock market indices opened lower this morning following yesterday’s relief rally. At the moment, the Dow is down 62 points, and the SPX is down .2%. Energy, healthcare and materials are up about .5%, but most other sectors are falling back, led by the cyclicals (tech, financials, consumer discretionary). WTI crude oil is bouncing a bit; now trading up around $52/barrel. Gold is up slightly today, but most other commodities are trading lower. Treasury bonds are trading up as yields tick lower. But corporates are falling, perhaps due to the Federal Reserve’s financial stability report (see yesterday’s market update). Remember how spiking rates and the threat of inflation was the talk of the town in August and September? Well, since then inflation has moderated and rates have fallen. The five-year Treasury note yield is all the way back down to 2.83%, and the 10-year Treasury yield collapsed back to 3.02%.


*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.

November 21, 2018

November 21, 2018

Stocks jumped up at the open this morning (Dow pts; SPX %). The SPX is now retesting its 10/29 correction low. I’d much rather see the index fall at the open and then climb into the close. At the moment, energy stocks are up over 2% on higher oil prices. Consumer discretionary, materials, communications, tech, financials, and industrials are all up over 1%. Only utilities and healthcare sectors are in the red. European markets experienced their own relief rally, with most indexes closing up over 1%. WTI crude oil spiked nearly 4% this morning, proving that day-to-day moves in this commodity represent market manipulation by traders more than they represent changes in supply and demand. By the way, oil fell 30% from 10/3 through 11/20. Bonds are trading lower today as yields rise. The 5-year Treasury yield is back up around 2.91% and the 10-year yield is back up to 3.08%.


*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 17, 2018

October 17, 2018

Stocks fell at the open but quickly turned around. At the moment, the Dow is flat and the SPX is up .13%. The market continues to flip-flop from one day to the next. For the most part, cyclical sectors—energy, tech, discretionary, materials—are leading to the downside while defensives—telecom, healthcare and staples—are trading higher. And wonder of all wonders, the financial sectors is actually showing some signs of life (+1.3%). European stock markets closed down about .5% whereas Asia was mostly higher overnight. Japan’s Nikkei, by the way, has clawed back to flat for the year. Commodities are mixed in early trading. After climbing to $76/barrel early this month, WTI crude oil has fallen back to $70/barrel. Bonds are modestly lower in price, and less risky Treasury bonds are unchanged while corporate bonds are in the red. The 5-year and 10-year Treasury note yields are hovering around 3.02% and 3.16%, respectively. Year-to-date, the entire bond market has been a loser because inflation and interest rates have trended gradually higher.


*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 27, 2018

September 27, 2018

Stocks surged at the open (Dow +159 pts; SPX +.66%) following yesterday’s Federal Reserve interest rate hike. I don’t see any good reason for the rally and wouldn’t be surprised to see it selloff this afternoon. At the moment, ten of eleven major market sectors are in the green, led by the newly renamed Communications Services sector (+1.2%). Utilities are also rebounding 1% and the tech sector is up .7%. European markets are also broadly higher by about .5% although Asia was down overnight. After the Fed meeting (see below), the dollar shot up .6% vs. a basket of foreign currencies. That is putting a lid on commodity gains. Copper, gold, and iron ore are lower on the day. WTI crude oil, however, is back up over $72/barrel. Bonds are, not surprisingly, selling off. The 5-year and 10-year Treasury yields are back up around 2.96% and 3.07%, 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 26, 2018

September 26, 2018

The major stock market averages opened higher this morning (Dow +49 pts; SPX +.24%). Consumer discretionary, healthcare and telecom sectors are leading the way (+.7%). Strangely enough, financials are sagging in front of the Federal Reserve’s interest rate announcement later this afternoon. In addition, energy and materials sectors are in the red. The dollar is trading slightly higher and commodities are mostly lower. WTI crude oil is back under $72/barrel. Gold is down .5% today and 8% so far this year. Despite a likely interest rate hike later today, the bond market is holding its own. The 5-year and 10-year Treasury yields are hovering at 2.98% and 3.09%, 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.

August 22, 2018

August 22, 2018

tocks opened mixed this morning following yesterday’s brief run to all-time highs. The Dow and S&P 500 (SPX) are flat at the moment. It took more than 6 months to fully recover from last winter’s 10% correction. But here we are. The energy sector is up more than 1% for the second consecutive trading session. Other cyclical sectors like consumer discretion and technology are seeing a little bit of momentum. On the other hand, utilities, real estate and consumer staples are in the red again. So we’re seeing mini rotation away from interest rate sensitive stocks and back toward cyclical growth stocks. The VIX Index—a key measure of investor fear—is down again today to trade around 12.2. European stock markets are poised to close in green by about .2% after rallying yesterday. Commodities are mixed today but over the past week have begun to recover. The Bloomberg Commodity Index is bottoming after a 10% correction. WTI crude oil is trading back up around $67.40/barrel (remember, it started the month at $74). With the market action described above, you’d be forgiven for thinking that bonds must be selling off, but that’s not the case. Bond yields are mostly unchanged. The 5-year and 10-year Treasury yields are hovering around 2.72% and 2.83%, 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.

July 25, 2018

July 25, 2018

Stocks opened mixed (Dow -75 pts; SPX +.17%). This is essentially the mirror image of yesterday’s trade. Utilities, real estate and consumer staples are in the green, whereas industrials, financials and consumer discretionary sectors are trading lower. It’s just more of the same back-and-forth without a discernible trend. Whereas European markets were up nicely yesterday, they’re poised to close down today. Bloomberg’s Macro Man column calls it “unremarkably quiet” as a result of “global confusion.” Anyway, commodities are trading a bit higher today (gold, copper, oil). WTI crude oil is trading flat at $68.60/barrel. Bonds are mostly unchanged. The 5-year Treasury yield, after a brief run higher last week, is sitting at 2.81% and the 10-year yield dipped to 2.94%.


*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 26, 2018

The major stock market averages opened up this morning after a beating yesterday. The Dow is currently up 55 pts and the SPX is up .23%. Most sectors are rebounding, led by energy (+.8%), tech (+.5%) and real estate (+.5%). European markets will close slightly higher and Asian markets were mostly down overnight. The dollar continues to strengthen as foreign markets soften up. One reason may be that China is devaluing its currency in order to make its exports more competitive overseas. Despite the return of volatility and uncertainty resulting from geopolitical risk, gold is still down 3% this year. WTI crude popped 1.8% to $69.30/barrel after the US State Dept. announced US companies can no longer import Iranian crude. Bonds are rising in price again as yields tick lower. The 5-year and 10-year Treasury yields are back down around 2.75% and 2.88%.


*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, 2018

Stocks opened lower today but quickly turned around. The Dow is currently flat and the SPX is up .12%. Energy (+1.2%) is the big winner as oil prices rose to 3 ½ year highs. Industrials, consumer staples and materials are also rebounding after a tough March/April. Europe closed up about .8% and Asia was mixed overnight. Emerging markets stocks are down about 1% today and have underperformed over the last month. The VIX Index is down again, trading under 13. The dollar is up again (+1.5% on the year) and despite that oil prices have rallied over the last several months. WTI crude oil touched $71.90/barrel for the first time since November 2014. Recently, oil has responded to President Trump’s threats to reestablish trade sanctions with Iran. Oil demand is rising. Morgan Stanley analysts are predicting $90/barrel crude oil by 2020. Bonds are trading slightly lower today. The 5-year and 10-year Treasury yields are hovering around 2.93% and 3.11%, respectively. The next resistance level for the 10-year is 3.18%.


*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 27, 2018

The major stock market averages opened higher after yesterday’s massive short-covering rally in which the Dow had its third-best day in history. At the moment, the Dow and SPX are up 220 pts and .5%, respectively. After spiking to 25 yesterday, the VIX Index is down around 20 today. European markets are poised to close up about 1% and most of Asia was up overnight. All eleven sectors are in the green led by telecom, industrials and consumer staples. Traders are watching closely to see if Friday’s low holds. If so, last week’s volatility would simply be a classic rebound and re-test of the February correction low. Commodities are trading a bit lower today. WTI crude oil down .3% to $65.30/barrel. Bonds are modestly higher in price, lower in yield. The 5-year and 10-year Treasury yields are trading at 2.61% and 2.82%, respectively. After the rate spike in January & February, it makes sense that we’d see a pause in the trend. Rates have gone nowhere in March.


*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.

February 21, 2018

The major stock market averages opened higher this morning (Dow +126 pts; SPX +.55%). Gold miners, banks and transports are rebounding +1%, while defensive sectors like real estate, telecom and consumer staples are down. The VIX Index is trading down around 18.5, which is good news. There’s still a chance that the market dips to re-test the correction low of 2/9, but thus far stocks are clearly in recovery mode. WTI crude oil is down modestly around $61.50/barrel. Last week, the Baker Hughes Rig Count climbed by 7 to a total of 798 active drilling rigs. That’s 201 higher than year-ago levels. US oil production has reached a new record of 10.2mil barrels per day. Bonds are slightly lower as yields march gradually higher. The 5-year and 10-year Treasury yields are up to 2.65% and 2.90%, 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.

February 15,2018

Stocks opened higher this morning. The Dow and SPX are currently 74 pts and .3%, respectively. Stocks have been in recovery mode for the last several days, but we’re still about 5.5% below late January highs. The VIX Index has receded back to 20 and VIX March futures are trading around 17.8. Commodities are mixed today. WTI crude oil is down a bit, still trading around $60.60/barrel. Bonds are trading modestly higher today. Both investment-grade corporates and junk are in the green after a rough start for the year. The 5-year and 10-year Treasury yields are hovering around 2.63% and 2.89%, 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.

April 12, 2017

Stocks opened lower again this morning, in what has become a familiar pattern. We’ll see if (like yesterday) most of the downside is reversed by the end of the session. At the moment, the Dow is down 50 pts and the SPX is down .44%. Consumer staples and utilities, the most defensive sectors, are trading higher. The worst-performing groups are the transports, banks and small-caps. In fact, the banks are now negative for 2017. The VIX Index is now up around 15.6, but VIX May futures are trading down around 14.7. The dollar is lower as one might expect; commodities are mostly higher. WTI crude oil ($53.40/barrel) is being propped up by rumors that Russia and Saudi Arabia are keen on keeping a lid on OPEC oil production. Bonds are trading higher again, with yields lower. The 10-year Treasury yield is down to 1.82%. It looks poised to test support at 1.80%.


*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.

February 22, 2017

Stocks opened mixed this morning (Dow +3 pts; SPX -.18%). The Dow very briefly touched a record intra-day high of 20,766. Gold miners and transports are down more than 1%. Energy stocks are also lower in early trading. There are a few stand-outs (TOL +5%, AET +1.4%, FB +1.8%, DOW +3.6%) but most stocks are taking a breather. Most commodities are also lower today. WTI crude oil is down 1.4% to $53.50/barrel. Bonds prices are mostly unchanged. The 5- and 10-year Treasury yields are hovering around 1.90% and 2.42%, 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.

November 14, 2016

The major stock market averages opened modestly higher this morning but quickly turned around (Dow -13 pts; SPX -.3%). Financials (esp. banks) are carrying the load, up 1.8% in early trading. But the Dow Transports are also up about 1.7%. Interest rate sensitive sectors (real estate, utilities) are selling off. The VIX Index is spiking a bit (+1% to 15). The dollar is sharply higher as interest rates continue to spike. So gold is down 1.2% and most commodities are lower. WTI crude oil is down under $43/barrel. Bonds are sharply lower. The 5- and 10-year Treasury yields are up to 1.68% and 2.24%, respectively. Both yields are close to 2016 highs. According to Bankrate.com the average 30-year fixed mortgage rate is up to 3.75% from 3.5% just a week ago. 


*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.