The returns of the 2009-2020 bull market were nothing short of extraordinary. From the 2009 low in the S&P 500 to the 2020 high, stocks gained a massive 488%, or nearly 18% on an annualized basis. This compares to an average nominal price return for...
So here we are, having added 10% to the value of stocks from their Christmas Eve low when we listed a baker's dozen reasons why stocks could tactically rally from there. We wrote further about the statistical merit to a rally after such an emotional...
We are quite sure many of our readers are eager to turn the calendar and be done with 2018's turbulent and unforgiving markets. After all, US stocks have gyrated wildly for the entire year, foreign stocks have gotten absolutely no love, and traditional diversifiers like...
We've had some run in stocks over the last several weeks. With today's rally US stocks are now nearly 13% above their late-August low and are in spitting distance of another all-time high. This would be great news if only other asset classes and the internal...
Given the cyclical leadership dynamics since the 8/24 low in stocks, one would have guessed that bonds would have sold off in lockstep with stocks rising. One would have been wrong. Since 8/24 it's been energy, tech, materials discretionary and industrial leading the way with health...
Quick bulletin here. Yesterday we noted that several important assets were at critical support levels. Among them was the S&P 500 which as of yesterday was hugging its own 200-day moving average, an important level that the index has bounced off of multiple times over...
In our daily work we monitor the intraday price action of the major stock indexes in an effort to gauge investor conviction. A string of strong stock market closes is one indication of strong investor conviction, and vice versa....
Bonds have had a great last few days as yields have fallen by the largest three-day amount since April of 2013. But, this rally in treasury bonds began at the start of the year and the ten-year now yields about 50bps less than it did...
Over the past several weeks we’ve noticed a clustering of negative outside reversal days (defined as days when both the intraday high is greater than the previous day’s intraday high and the close is lower than previous day’s intraday low)....
