October 9, 2023 Good morning, The events in the Middle East are dominating headlines and have impacted financial markets to a reasonable degree. Buying crude is the knee-jerk response whenever tensions rise in the region, and sure enough oil is
Past Morning Notes
At Least The Sentiment Setup Is In Place
October 5, 2023 Good morning, The S&P 500 Index’s 8% decline from its July 31st high has had an unfamiliar companion – at least for the past 25 years – rising bond yields. For much of the past quarter century, rising bond yields have been
No Sign of a Relief Rally – That’s When They Show Up
October 2, 2023 Good morning, No shutdown this weekend – that leans okay, you would think. It appears not to be, given this morning’s weakness in Futures prices (down 1% from overnight highs and down .20% from Friday’s close). The U.S.
What Is The Question
September 28, 2023 Good morning, The market in S&P 500 Index (SPX) terms has fallen -5.35% in 9 trading days. The market feels like it is taking the elevator shaft down after months of taking escalators upward. We talked about this – it
Budget Battle Correction
September 25, 2023 Good morning, Fear is a stronger emotion than greed, and markets fall faster than they climb. The adage that markets go up on an escalator and fall through an elevator shaft is good to remember during swift declines like last
Hawkish Pause – Resumption of Correction
September 21, 2023 Good morning, As widely expected, the Fed delivered a “hawkish pause” yesterday. The FOMC (Federal Open Market Committee) left the fed funds target unchanged, at a range of 5.25% to 5.50%. The statement and press
Fed Week
September 18, 2023 Good morning, Last week’s data-dump turned out to be a very mixed affair for equities. A spike higher in energy prices and the onset of a U.S. auto-workers strike on Friday wiped out week-to-date market gains, and left U.S.
CPI Not Hot Enough to Push Fed From Pause
September 14, 2023 Good morning, The next big event for markets is next week’s (9/20) Fed decision, pause or raise. To the extent that this week’s data dump might influence next week’s rate decision is why the dump has been the only game in town
Nothing But Data This Week
September 11, 2023 Good morning, Following a very quiet data week last week, we get just the opposite this week. Nothing Monday and Tuesday, but the all-important key Fed inflation data point, CPI (Consumer Price Index), prints Wednesday
More Market Concerns
September 7, 2023 Good morning, The big news this morning is the following headline: China Seeks to Broaden iPhone Ban to State Firms and Agencies. Apple is trading down 3.5% in pre-market trading after being down ~4% yesterday. AAPL is the
