Goldman Sachs Warns Against Long-Term Oil Investments: Linn Energy LLC, Murphy Oil Corporation, Chevron Corporation
Goldman Sachs has downgraded its outlook on the oil sector from Neutral to Cautious in light of the deceleration of oil prices. Downgrades include Linn Energy LLC (NASDAQ: LINE), Murphy Oil Corporation (NYSE: MUR), and Chevron Corporation (NYSE:CVX) among others. Oil prices began to fall dramatically this summer, bottoming off just shy of $50 a gallon in January. The price […]
ECB Blames Leak To Hedge Funds On “Internal Procedural Error”
Shortly after 6pm London time yesterday, The ECB’s Benoit Coeure told a non-public audience of hedge funds in London that “the central bank would moderately front-load its purchases in its quantitative easing program because of the seasonal lack of market liquidity in the summer.” The reaction was a 50 pips drop in EURUSD… but this was inside […]
New Residential Building Permits Rise 10.1% In April
The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for April new residential building permits. The latest reading of 1.143M was well above the Investing.com forecast of 1.060M. Here is the opening of this morning’s monthly report: Privately-owned housing units authorized by building permits in April were at a […]
Stocks And Bonds Are Due For A Generational Crash Of 75%
From the point of view of history, a reversion to generational lows is inevitable, and a valuation level around 50% of GDP for stocks is a fair target. If we look back to 1981 valuations of stocks and bonds as a guide to valuations at the next generational low, we find stocks and bonds are […]
The Gathering Bond Storm In Chicago
Recently the bond rating company Moody’s Investor Service cut their ranking of Chicago to junk status. The move ticked off a lot of people in the Windy City who think Moody’s overstated the case. I agree that Moody’s is wrong… not because they went too far, but because they didn’t go far enough. Chicago is not close […]
The TJX Companies, Inc. Q1 Earnings, Revenue Beat Estimates
The TJX Companies, Inc. (TJX – Analyst Report) is one of the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The TJX Companies operates through four business segments. In the U.S., it operates through two segments, namely, Marmaxx (through stores under the names of T.J. Maxx and Marshalls) and HomeGoods. TJX has been […]
Market Breaks Out To The Upside: Bulls Remain In Charge
About a month ago, I discussed the market was approaching an important decision point. To wit: “Since the end of the 2012, coincident with the Federal Reserve’s implementation of QE3, the market has been on an unrelenting bullish trajectory that has defied weakening underlying economic data and market fundamentals. In other words, price momentum has deviated from underlying […]
Residential Building Sector Strengthens In April 2015
Residential building data is again showing relative strength after the disappointing data from the previous month. The rolling averages are the best metric to view this series – and the rolling averages are now accelerating. This data was above expectations. Be careful in looking at this data set with a microscope as the potential […]
Leading Indicator Faces Dual Kiss Of Resistance
Copper is often looked at as a leading indicator. Doc Copper has been hot of late! Over the past 90-days, Copper ranks third from a performance perspective (see table below) On a longer term basis, ole Doc Copper doesn’t have much to brag about. For the past few years, Copper has been weak, losing over […]
