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Archives by Year:
A Word About The Q2 COFER Report
The IMF reports the most authoritative currency allocation of global reserves at the end of every quarter with a quarter delay. Invariably, an economist, strategist, or journalist is inspired to write why some data nugget confirms the demise of the dollar as the dominant currency. Given the unorthodox US President, his criticism of Fed policy, and […]
Global Central Banks Enter The Danger Zone
Investors are experiencing huge moves in commodities, currencies, equities and in sovereign debt across the globe. And now the fall has arrived. Expect the volatility currently witnessed in markets to only surge. This is because global central banks have overwhelmingly turned hawkish in a vain attempt to gradually let the air out of the massive […]
Italian Yields Suddenly Blow Out After Europe Says Budget “Almost Certainly Violates Rules”
After posting strong gains in early trading, the rally in Italian stocks has faded sharply, with the FTSEMIB index now down 0.6% after rallying 1.8% earlier and Italian bonds tumbled to session lows after Italy’s proposal for a 2.4% budget deficit saw a frosty reception at the European finance ministers gathering in Luxembourg. Italy’s embattled […]
ISM Manufacturing Drops More Than Expected
After surging to a multi-year high in August, the ISM Manufacturing index pulled back slightly more than expected in September, falling from 61.3 down to 59.8 versus expectations for a drop to 60.0. As shown in the chart, though, activity is still at extremely robust levels. In terms of the commentary of this month’s report, it […]
Treasury Snapshot: 10-Year Yield At 3.05%
Note: We’ve updated this commentary with data through Friday’s market close. Let’s take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended Friday at 3.05% and the 30-year bond closed at 3.19%. The 2-10 yield spread is now at 0.24%. Here is a table showing the yields highs […]
Crude Oil On The Rise
WTI Crude Oil is on the Rise. The advance on Monday confirmed the symmetrical triangle on the daily chart. The target is 78.40. The Factor Tracking Account is long the Nov mini WTI contract. Brent Crude The daily chart of the Dec Brent contract is well on its way to the 85.62 target. Factor is […]
5 Best Biotech Stocks To Buy In October
October traditionally has been a weak month for stocks. However, biotech stocks have shown significant resilience so far this year, with the iShares Nasdaq Biotechnology ETF (IBB) gaining 11.5% year-to-date (YTD). Additionally, the broader Health Care Select Sector SPDR ETF (XLV) has risen 15.1% YTD, better than the S&P 500’s increase of 9% during the […]
Housing Bubbles Are Universally Destructive
Ever since this column started in 2000, I have been writing that British house property is hopelessly overpriced. There is no question this has been spectacularly bad investment advice – Londoners who owned a home in 2000 have at least trebled their money since then, doubling it in real terms. Nevertheless, it is possible for […]
Chipotle Under Pressure As Oppenheimer Says Sell After Recent Heat
Shares of Chipotle Mexican Grill (CMG) are sliding after Oppenheimer analyst Brian Bittner downgraded the stock to Underperform, a sell-equivalent rating. The analyst argued that the shares “high-flying” valuation has “priced in” an earnings path that Bittner believes is “too optimistic,” even when assuming healthy sales. SELL CHIPOTLE: In a research note to investors this […]
September 2018 Manufacturing Survey Growth Trends Mixed
The ISM Manufacturing survey marginally declined but continued in expansion. The key internals are in expansion. The Markit PMI manufacturing Index is in positive territory but improved. Analyst Opinion of the ISM Manufacturing Survey Based on these surveys and the district Federal Reserve Surveys, one would expect the Fed’s Industrial Production index growth rate remain […]
