June 2016 Results

June was a very tricky month, yet we managed to rack up a gain of 17.21% versus the SPX, which was virtually unchanged.  But, that description doesn’t due the month justice, as it contained both the biggest 2-day drop and the biggest 3-day bounce back in years. The reason for all the excitement was, of … continue reading →

BoJ Hits the Wall

Now through the end of the month, we’re running a sale on annual and charter annual memberships to celebrate another successful month. Sign up for an Annual Membership at a $1,250 discount the first year or, for only $100 more, a Charter Annual Membership, where your rate is guaranteed to never increase for the life … continue reading →

The BoJ’s Turn

The FOMC announcement came and went with less excitement than usual.  Most market participants expected no change, and that’s essentially what we got.  Aside from a 13-pt VIX-induced spike in SPX which fizzled into the close, there were no fireworks. Tonight, the BoJ is likely to upstage the Fed.  The yen carry trade, the principal … continue reading →

Turkey Sinks to New Lows

The article below was just posted to Zerohedge.  As a CFA charterholder, I’m alarmed that a fellow CFA is being criminally prosecuted for telling the truth.  As an American, I’m disappointed that US authorities haven’t had “the talk” with Erdogan.  We’ve been in bed with plenty of despots and tyrants over the years.  But, we’ve … continue reading →

Nervous About Central Banks?

The next several days will be completely under the control of central banks.  Whether that comforts you or makes you nervous says a lot about your faith in central planning.  Are you comfortable constructing a diversified portfolio with loads of potential alpha and staying long through whatever economic headwinds lay ahead, knowing that central banks … continue reading →

Fine Tuning the Markets

SPX had no trouble reaching our initial downside target yesterday, thanks in large part to CL’s cooperation.  CL plumbed new lows, as expected, bringing the total decline (so far) since our top call at 50 to 11.5%.USDJPY was no slouch, reacting to the (withheld) news that Kuroda has (had?) no intention of unleashing a massive … continue reading →

BoJ Flinches

In yesterday’s post, we noted that the USDJPY had gone as far as it could without a breakout.  Indeed, overnight, the BoJ flinched.  In an interview recorded on June 17 but, not so surprisingly, not released until today, Kuroda confirmed that there will be no 20 trillion yen increase in QQE and, most definitely, no … continue reading →