Daily State of the Markets
Four Key Points For This Market
I hope you and yours had a wonderful Fourth. It was a busy holiday weekend here in Colorado. My wife and I hit the golf course, the hiking trails, the bike path, and the doggie trail, finished the season's planting, and enjoyed a couple social distanced happy hours with friends. Frankly, …
Some Surprisingly Bad Data To Contend With
Last week, we highlighted what we deemed to be Some Surprisingly Good Data. We cited the surge in Empire State General Business Conditions Index, the readings from US Home Purchases…
Some Surprisingly Good Data
I think we can all agree that the key driver to the stock market game these days is the expectation/hope for the economy to recover. To be sure, this is no ordinary recovery. Because this is definitely not your ordinary, garden variety recession.
No, never before in history has th…
Is There Any Upside From Here?
With the S&P 500 closing Friday up 35.9% from the March 23 low, the key questions in my mind are simple. First, how high is too high? And is there any upside from here?
The reason I ask these question is because it appears there is a ginormous chasm between the stock market's …
Five Lessons For Understanding This Market
I ended last week's missive with the words, "So, from my seat, some caution remains warranted." Silly me. What was I thinking?
To be honest, I was thinking that the market's recent joyride to the upside, which, as of Friday, has produced gains of 42.8% from the low on the S&P …
Turning The Corner
It appears the general theme of the market these days is we have turned the corner in terms of the virus and the self-inflicted damage done to the economy. This is clearly good news. And to be sure, a collective sigh of relief is warranted.
In reviewing the slew of economic data t…
Hope Springs Eternal
After the fastest decline of 30% off the top in stock market history, which presumably represented the "discounting" of the worst hit to the U.S. economy since, well, ever, stocks have since rebounded sharply. As of Friday's close, the S&P 500 has gained +32.1% since the March 23rd lo…
Moderna Monday
I had every intention this morning of having a discussion about the divergence between the messaging the market received last week from the likes of Jay Powell, Dr. Fauci, David Tepper, and Stan Druckenmiller - all of whom expressed sobering outlooks - and, of course, the horrific economi…
Place Your Bets
The question of the day - at least in the popular financial press - appears to be, why are stocks rallying with the economy in free fall? Readers of my oftentimes meandering market missive likely already know the answer here. As we've discussed a time or twenty, the stock market is a disc…