Past Morning Notes

November 16, 2024 Good morning, Tuesday’s CPI report came in slightly lower than expected. However, judging solely by the market reaction in stocks and bonds, you would not be blamed for assuming the inflation report was one of the most dovish

November 13, 2023 Good morning, Both the bond and stock market had something for every type of investor last week, with significant daily moves up and down for both markets. In the end, bonds gave back some of the massive gains from two weeks

November 9, 2023 Good morning, Last Monday we reflected on the stock and bond market’s emphatic reversals of their respective downtrends. For stocks, the S&P 500 Index (SPX) was up +5.85%, its biggest weekly gain in a year. The Russell 2000

November 6, 2023 Good morning, That was quite a rally last week in stocks and bonds (but not commodities). The S&P 500 Index (SPX) jumped +5.85% and was the weakest major U.S. index on the week. International indexes were not able to keep

November 2, 2023 Good morning, Yesterday’s FOMC decision surprised no one. The Fed left its target range for the funds rate at 5.25% to 5.50%. The only noteworthy change to the statement was the inclusion of tighter financial conditions, in

October 30, 2023 Good morning, The S&P 500 Index (SPX), down -2.54% last week, its third down week in a row, will likely be down for its third month in a row tomorrow (four months in a row is a real rarity). On Friday, SPX closed down

October 26, 2023 Good morning, Although stocks valiantly tested their all-important line (zone) of support several times in the past two weeks, S&P 500 Index (SPX) support at 4200 failed yesterday when the index closed at 4187, down -1.43%

October 23, 2023 Good morning, Few investors were surprised by the market selloff on Friday (SPX – 1.26%). Traders around the world reduce risk going into the weekends when markets are closed and there is war in the air. Friday’s action capped

October 19, 2023 Good morning, There is a lot of head scratching in the fixed income markets as to why yields are climbing like a run-away freight train. On Tuesday, bonds plunged again, pushing the US two-year yield to its highest level since

October 16, 2023 Good morning, Markets do not discount the loss of life. It is called a bloodless process for a reason. My Morning Note is all about the behavior of markets and sometimes I miss the forest for the trees writing it. With