Who’s Propping up the Stock Market?

It was October 1989 and the stock market was in trouble. Two years after crashing 36% (including 20% in a single session) the S&P 500 had made a comeback and had climbed back to new all-time highs. But high inflation, slipping junk bond prices and failing S&Ls were in the headlines daily. On October 13, … continue reading →

Charts I’m Watching: Dec 12, 2012

In widespread anticipation of the Fed broadening its accommodative stance, the dollar poked down through its proposed (white) channel overnight. While the EURUSD is back-testing its recently broken rising channel. With expectations high that the Fed and Congress (some of you might have heard recent talk about the so-called “fiscal cliff”) will deliver, the cost … continue reading →