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Summary Recent levels for the equity put/call ratio suggest investors are exhibiting extreme equity market bearishness. A cluster of readings above 1.0 have occurred since November. P/C ratios above 1.0 signal overly bearish sentiment from the individual investor, as put volume outpaces...
Summary The current anti-business backdrop will continue to be an overhang for the U.S. economy. Market participants are facing a complex scene, and I repeat "we have never been here before". A "mild" recession doesn't necessarily mean a short-duration BEAR market. Consumer sent...
Summary Monetary tightening is aimed at slowing demand growth relative to aggregate supply, which will require a sustained period of below-trend US economic growth. The stakes are split between those who think FOMC rates will go up to 5% or more before a break. It is in the labor ma...
Summary Recession likely but shortlived. Inflation higher for longer. 3-year T bond rate of 7% in the cards. But real GDP should grow 2% year over year and S&P 500 revenues will match. Companies will maintain profit margins by cutting staff. As I write, the S&a...
Summary The strong dollar rally was something I suggested could be a problem for stocks, given what happened in 2020. In 2021, the dollar decline provided a tailwind to stocks. 2022 was an excellent example of when correlations fail. Will a dollar decline be good for stock...
Summary The market rallied ~18% in 12 months following midterm election. The Jobs Report was stronger than expected (more jobs and higher wage growth but lower hours). Those calling for a recession may be right, but with a 25% peak-to-trough move in the S&P, much of the pain (to...
Summary From a year ago, total consumer credit is up 8.1 percent, the fastest pace since November 2011. As of the second quarter, the financial obligations ratio was 14.27 percent, up from 14.24 percent in the prior quarter. Total consumer credit rose again in October on gains in re...
Summary Preliminary December results from University of Michigan Surveys of Consumers show overall consumer sentiment improved for the month but remains near historically low levels. According to the report, “Consumer sentiment rose 4% above November, recovering most of the losse...
Summary The December Preliminary Report came in at 56.8, down 3.1 (5.2%) from the November Final. Consumer sentiment rose 4% above November, recovering most of the losses from November but remaining low from a historical perspective. Year-ahead inflation expectations improved consid...
Summary Most people do not know how to properly invest in metals. The market has been in a two-year consolidation. We're seeing signs that the consolidation is almost done, and a major rally is about to begin. When I was younger, I was taught that if you cannot say somethi...
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Gold investments are having a great week by any standard and a much better week than equities. The safe haven precious metal could maintain this strength for as long as the Federal Reserve Bank is intent on holding rates at zero. The Fed’s intentions were made public on Wednesday as Chair...