Apr 22, 2019

“Melt-Up” May Be The Operative Word

We've been talking lately about the idea that big hedge funds and systematic traders have been caught on the wrong side of the stock market's recent run for the roses. The thinking is this fact alone could account for the lack of downside volatility and the relentless dip-buying that has Read More

Apr 19, 2019

Why No Retest?

Last week, we reviewed Marko Kolanovic's research showing the positioning of hedge funds and systematic traders. The bottom line here is the equity exposure of these managers continues to be at very low levels relative to history. But with the stock market indices a chip shot away from all-time highs, Read More

Apr 10, 2019

The Argument For Additional Upside

Stocks closed at a fresh cycle high on Friday as the S&P 500 has been enjoying a 7-day win streak, which is the longest in 18 months. Don't look now fans, but the venerable blue-chip index is now just 38 points or 1.3% away from its all-time high. And unless Read More

Sep 18, 2015

Fed Inaction Puts Uncertainty Back In Play

Although the FOMC did exactly what Fed Funds futures and the majority of economists had expected (i.e. nothing) and the stock market indices did move up after Janet Yellen said the majority of the committee wants to raise rates by the end of the year, the fact that nobody really Read More

Sep 17, 2015

Fed Decision Day is Finally Upon Us

The long-awaited September FOMC meeting is finally upon us. And if history is any guide, there is little doubt that today's decision will have an impact on the near-term direction of the stock market indices. Well, after the usual post-announcement hysterics in both directions, that is. I've seen all kinds Read More

Jul 14, 2015

Buy The Dip? What Dip?

If investors have learned anything since the current bull market began on March 9, 2009, it is to "buy the dips." The bottom line is that any and all problems, fears, and/or crises (both real and imagined) over the last 6 years have been met with, almost without exception, a Read More

Jul 13, 2015

The “Agreekment” is Done, But…

The headlines this morning blare that an "Agreekment" has been reached between the Eurozone and Greece. After a marathon day-night-day negotiating session over the weekend, it appears that a "Grexit" was avoided in the wee hours this morning. And while one's initial reaction might be that it is time for Read More

Jul 9, 2015

Another Important Signal Or A False Alarm?

With Greece apparently "fixed" (well, until the next do or die meeting, which is set for Sunday, that is) and Chinese government officials doing everything they can to put in a "fix" for the recent plunge in stock prices, it appears that everything is hunky dory this morning. Eurozone stock Read More

Jul 8, 2015

Don’t Look Now, But China May Be a Problem

The good news is that the situation in Greece appears to be moving toward a conclusion. Just this morning Tsipras & Co. have submitted a request to the ESM for a fresh, 3-year bailout along with promises to implement tax and pension reform measures at the beginning of next week. Read More

Jul 7, 2015

Back To The Table

Cutting directly to the chase, the key to the current drama in Greece - as far as the markets are concerned - continues to be the expectations for a deal to get done. Make no mistake about it; this point of view is not new as the action on the Read More

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