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" Potential regime change " is how we've previously described the situation developing in U.S. markets, where in the last week we got even more, as both the Federal Reserve and U.S. Treasury have moved to underwrite the U.S. economy, and by extension, the S&P 500 ((SPX)). So much so that w...
As Mike Goldberg used to say when the UFC's headliner match, and usually much anticipated Fight of the Night, would start, "Here We Go," as this week the S&P 500 prepares to start Q1 '20 earnings and financial results. The Financial sector kicks us off as 8 big-name Financials will repor...
The first quarter was an unprecedented one, as the S&P 500 Index decline was the fastest 30%+ sell-off ever. The market ultimately fell 33.9% from February 19 to its low on March 23, just 23 trading days. This occurred on the back of a strong 2019 where the S&P 500 Index was up 31.5% f...
By Robert Hughes Initial claims for unemployment insurance totaled 6.61 million for the week ending April 4, marking the third consecutive week of massive, record-shattering layoffs, and dwarfing the previous high of 695,000 in October 1982 (see top chart). During the Great Recession in 20...
This recession may well end up being worse that the Great Recession. But it probably doesn't have to be: The recession will certainly be deeper than the Great Recession, indeed it probably already is. But deeper doesn't mean worse. The recession may have to be worse than the Great Recess...
Jobless claims were forecast to come in at 5 million this week, which actually would have been a significant improvement from last week. Instead, claims came in much higher at 6.606 million, while last week's number was revised up even higher to 6.867 million. That 261K decline over the past w...
Since last Wednesday night's April 1, 2020 close, the S&P 500 has risen over 11%. Crude oil bottomed in February '16 at $28.50 per barrel (?), and I'm not sure if that was WTI or Brent. Today, WTI closed at $26.22 and Brent at $33.69. The reason crude was brought up is that the HYG (Hi...
One reason for the record-setting stock market crash we witnessed in the first quarter was a rapid reappraisal of the earnings situation for the S&P 500. As I noted here back in January, stocks were discounting about a 30% jump in earnings growth over the coming six months, a pretty herc...
As shown below, the 23% rebound in equity prices since March 23 has returned the S&P 500 to a shortlist of the least attractive valuations in history at 19x forward earnings estimates, and equal to the market top on February 19. Canadian equity valuations have followed along for the ride. ...
Given the big rally off the lows of late March, we've had a number of questions related to the VIX and why it remains high. As of Tuesday afternoon, the VIX was in the mid-40s, which is very high relative to readings over the last decade but actually down significantly from its recent highs ab...
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NEW YORK , Aug. 28, 2020 /PRNewswire/ -- Direxion continually reviews its product range to ensure it's meeting the needs of our clients. Based upon a recent review, the Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close 15 ETFs (each, a "Fund" and c...