Happy New Year?

The S&P 500 is up over 10% for the year (well…if it closes above 2248.33.) Is it time to break out the champagne and party hats?  We’ll take a look at how stocks got to where they are, and what to expect in the coming year. The Ascendency of VIX One of the biggest developments this past year was central banks’ … continue reading →

Channeling a Rally

The Nikkei 225 (NKD) makes a great statement about the silliness of the past seven weeks.  Like US equity futures, it fell apart on election night, only to be resurrected by algos tied to the prices of oil, which rallied 27% off its lows, and USDJPY, which rallied 17%.   NKD’s subsequent price action was, to put it … continue reading →

Charts I’m Watching: Dec 28, 2016

This is the time of year when charts get downright silly.  Stock prices, which are highly susceptible to algo-linked manipulation anyway, are completely under control in this low-volume environment. A casual glance at the USDJPY chart bears this out.  It’s nothing but a series of breakdowns which morphed into breakouts.   The only saving grace of such an environment … continue reading →