Treasury Turmoil Returns As Fed-Flip-Flop Sends Stocks To Record Highs, VIX Below 10
Yellen’s speaking again… give it all you’ve got!! Stocks stalled early on (around 1010ET) thanks to inflation comments from Yellen, but that dip was bid back to the highs… then they took a little spill when Fed’s Brainard admitted “asset valuations do look a bit stretched” around 1400ET. Once again the rally-monkeys came out – […]
The Ghost Recovery
To the naked eye, it represents progress. China has still an enormous rural population doing subsistence level farming. As the nation grows economically, such a way of life is an inherent drag, an anchor on aggregate efficiency Chinese officials would rather not put up with. Moving a quarter of a billion people into cities in […]
5 Drug Stocks Well Poised To Beat Q2 Earnings Estimates
The pharma/biotech sector has picked up this year after being battered by the drug pricing controversy in 2016. The first half has been pretty strong for companies in the space. The NYSE ARCA Pharmaceutical Index has risen almost 9.8% year to date (YTD) after declining almost 10% last year. NASDAQ Biotechnology Index is up 17.7% […]
Top Of The Range
“I think it all comes down to motivation. If you really want to do something, you will work hard for it.” – Edmund Hillary Some better action today in the bio, pharma and tech sector but action should remain subdued until earnings kick off in a couple weeks. Patience pays. That said, I do have […]
US July Wheat & S/D Updates
Wheat supplies were slightly higher, but Weather now rules Market Analysis This month’s US supply/demand revisions generally followed the indications from June 30th quarterly stocks changes. Old-crop corn and wheat ending stocks were increased while old-crop soybean ending stocks were lowered. However, the USDA didn’t cut its spring wheat crop size as small as the […]
The Gold Price Is Fake News
Lethargic summer markets tend to instill a sense of false security. Stocks and property are near all-time highs, interest rates are at 72-year lows and most investors feel richer than ever. Central banks signal strong economies with indications of higher interest rates and tapering of their balance sheets. CENTRAL BANK CHIEF BEHEADED As I discussed last […]
Dow Closes At Record High – So Does Central Banker Confusion
So yeah, another day, another largely fruitless effort to figure out what exactly the message is from DM central bankers. Yellen was, well, Yellen, and her second day on Capitol Hill brought little in the way of surprises although there was this: It is premature to conclude the underlying inflation trend is falling well short of 2 […]
VIX To Double Within A Year, Natixis Warns
Vol-sellers beware. That’s the message from Natixis Global Asset Management’s Brett Olsen and Nicholas J. Elward, in their latest note, as they warn “it stands to reason that the market will see a reversion to the mean and find the VIX trading in the 20+ range before too long.” There has been much discussion lately about how stock […]
International Paper Spikes Higher After Analyst Sees Ecommerce Driving Growth
Shares of corrugated box maker International Paper (IP) are outperforming broader market measures after being upgraded to buy on eCommerce drivers. E-COMMERCE GROWTH: Goldman Sachs’ analyst Brian Maguire added to the growing list of bullish analyst commentary on International Paper in a research note, after a “deep-dive” into the implications of eCommerce on packaging stocks. […]
