There are two broad developments in speculative positioning in the Commitment of Traders report in the week ending February 9. First, the market turbulence saw speculators reduce exposure. Of the ...
For most of the past 15-20 years, the market has been flush with cash, and many stocks have traded at astronomical heights without real businesses to support them. In this exuberant market, fundamenta...
The deficit is the difference between what a nation earns in taxes on goods, services, incomes and corporate profits and what the country spends (defence, health care, education etc.). A nation may no...
Last July, I wrote the following: “Collectively, these factors [negative earnings/sales growth, widening credit spreads, flattening yield curve, weakness in cyclicals, etc.] point to an equity mar...
With the Sensex down near 24% from its peak, its worth looking at what the numbers have to say. Markets tend to peak when valuations are expensive, and animal spirits high. They tend to bottom when va...
This week two companies had some very interesting things to say about their respective markets that have implications far beyond their individual niches. First, AP Moller-Maersk, owner of the larges...
Do you feel like there’s been no place to hide in 2016!? The S&P 500 is down 11%. Eight of its nine sectors are firmly in the red. And two-thirds of individual stocks have already slipped into a...
The outlook for the dollar in the week ahead is not about economic data or the FOMC and ECB minutes. It is about the stability of the global capital markets. Many are looking for an event or officia...
A question on paying interest on excess reserves came up during Janet Yellen’s recent congressional testimony. Bloomberg writer Peter Coy offered this Q&A on a Fed Practice that Mystifies Congr...