U.S stocks are off to a stumbling start in 2016. In the year’s first eight sessions through intra-day lows yesterday, the Dow Industrials lost 7.3 percent, the S&P 500 large cap index 7.5 percent, the Nasdaq composite 9.6 percent, and … Continued
Tech stocks outshone their peers last year. In a year in which indices such as the S&P 500 large-cap index and Dow Industrials were negative – down 0.7 percent and 2.2 percent, respectively – the Nasdaq composite rallied 5.7 percent … Continued
Among several culprits behind the recent sell-off in global stocks, two probably stand out: the yuan and crude oil. Chinese stocks began this week where they left off on Friday, dropping more than five percent on Monday. Last week, the … Continued
“Greed, for lack of a better word, is good.” So says the fictional character Gordon Gekko in the 1987 film Wall Street. Then there is the saying ‘bulls make money, bears make money, pigs get slaughtered.’ The hypothetical buy-write involving … Continued
The following are futures positions of non-commercials as of January 5, 2016. Change is week-over-week. 10-year note: The World Bank, warning of an increase in risks to the global economy, expects growth this year to come in at 2.9 percent, … Continued
What a start? The year 2016 has gotten off to an ominous start. The S&P 500 large cap index is down 4.9 percent in the first four sessions – the worst four-day start to a year. Some others like the … Continued
U.S. corporate capital expenditures have been lackluster. That is an understatement. As a percent of real GDP in 3Q15, non-residential fixed investment comprised 12.8 percent. The post-Great Recession high of 12.9 percent was recorded in each of the three quarters … Continued
With 2015 now in the annals of history, the message that came out can be described as mixed at best and bearish at worst. The S&P 500 index fell 0.7 percent last year – essentially flat (Chart 1). The Nasdaq … Continued
The following are futures positions of non-commercials as of December 29, 2015. Change is week-over-week. (Due to New Year’s Day last week, the CFTC released numbers on Monday, instead of last Friday.) 10-year note: ‘Will it or wouldn’t it?’ was … Continued
Oil bulls can take heart. Maybe. Spot West Texas Intermediate crude ($37.07/barrel) is likely on the verge of a 10/20 (daily moving average) crossover. The crude has more or less been going sideways/slightly up the past couple of weeks, and … Continued