This Too Shall Pass

Housing starts and permits both fell, with starts missing expectations by a mile. Philadelphia Fed index also fell and saw a big miss. Capacity utilization and industrial output both missed and fell. So, naturally, the OPEX-obsessed S&P 500 futures are up 10 points. If things seem a little upside down at this point, know that … continue reading →

Algos: “We’ll Take it From Here”

More fun and games from the market-rigging department… If SPX’s rally has impressed you, check out the Nikkei.  Since its Aug 26 lows, NKD is up a whopping 13.8% — more than twice SPX’s impressive 6.0%.Do what I did and google “Japan” and “economy” for the past month and you’ll see nothing but negative stories … continue reading →

Charts I’m Watching: Oct 15, 2019

It was a mixed morning for banks.  JPM beat on the top and bottom line due primarily to fixed income, currencies and commodities.  But, Jamie Dimon sounded downbeat, referring to “weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.” GS and WFC both missed on the … continue reading →

Market in Maintenance Mode

The market remains in maintenance mode — meaning only positive headlines are permitted to register. Futures plunged 48 points from yesterday’s highs on news from the South China Morning Post that talks weren’t going well and the Chinese delegation would be leaving Thursday. They rebounded on a CNBC report that talks would continue through Friday.  … continue reading →