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Eric Parnell, CFA

 
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  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello Capt. Spaulding,

    Thanks so much for your comment and your kind words. I have enjoyed reading your commentary and articles over the years, so I appreciate it a great deal.

    As for the pace of the decline once it arrives, I completely agree that the higher probability outcome is for a slowly accelerating erosion with gradually increasing volatility over a sudden sharp collapse. This is due to the fact that global CBs remain reactive with support at even the slightest signs of danger and investors are currently so bullish that the inclination will be to buy every and all dips for quite some time until investors begin to realize that lower highs and lower lows are being marked. For some, it may be too late to evacuate at that point, but only time will tell. In the meantime, the bull continues.

    Thanks again!
    Sep 17 12:36 PM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello ant21b,

    Thanks for your comment and your observation about the duration of past bull markets. When tallying longest bull markets, I exclude the 1974 to 1980 bull market from the group, for while it qualifies as a sustained bull market on a nominal basis, the market was actually flat to down on a real basis over this same time period. For example, despite having risen by +53% from December 1974 to April 1980 in nominal terms on the S&P 500 Index, stocks were actually down -2% on an inflation adjusted basis over this same time period. Thanks for raising this point, however, as it is important for me to clarify.

    Thanks again.
    Sep 17 12:32 PM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello Benni,

    Thanks for your comment. As for the retail investor, I think many will continue to stay away, as it seems that it is the big institutions that are bandwagoning the market higher at this point. It will be interesting to see, but great question and something worth watching in the weeks ahead.

    Thanks again.
    Sep 17 12:29 PM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello howard26,

    Thanks for your comment and great point on volume. While volume has tended to be higher during sell offs versus advances in recent months, the volume during the most recent drift lower (before yesterday's burst, of course) not been notably high. This is something definitely worth watching along the way. Thanks again and great point.
    Sep 17 12:22 PM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hi Barry,

    Thanks for your reply and for sharing this detailed analysis. I appreciate it.
    Sep 17 12:20 PM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello Michael,

    Thanks for your outstanding commentary and for raising some excellent next step questions, as these in many respects will be among the most important when identifying attractive total return opportunities when the stock market is falling. And you are absolutely right that cash will likely have its own important role in the process along the way.

    Excellent points and thanks as always for your perspectives and contributions. I'll talk to you soon!
    Sep 16 03:14 PM | 1 Like Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello Family Investor - Thanks for your comment and I think you are absolutely right. The continued withdrawal of the Fed and the eventual arrival of interest rate increases present a huge challenge for the markets in the months ahead. I suppose the question is what is real versus perceived and where exactly the inflection point in investor behavior lies in the months ahead. It should be interesting to see.

    Thanks for your continued great work on Twitter @faminvestor !!
    Sep 16 10:53 AM | 2 Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello bartpr,

    Thanks as always for your comment and your kind words on my article. I appreciate it and hope you are doing well. Always enjoy reading your comments.
    Sep 16 10:50 AM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello bikerron1,

    Thanks for your comment and I completely agree. In fact, I think something has been rotting in equity markets for a long time now. My primary concern is what the rot looks like when it finally reveals itself after so much time.

    Thanks again.
    Sep 16 10:50 AM | 4 Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hello Steve,

    Thanks for your comment and for raising some excellent points. I think it says a lot about what the market is built upon at this point when we have so much hand wringing over the inclusion or exclusion of a two word phrase like "considerable time" in a Fed release. To your point, these are risks that become more challenging to quantify.

    Great points and thanks again for sharing your views.
    Sep 16 10:49 AM | 1 Like Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hi Barry,

    Thanks as always for your comment and your insights. I am interested in your latest perspectives on the VIX. Do you see it heading back under 10 before the bull market is completed or do you think that volatility will rise on average from here? Your expert thoughts and perspectives are always appreciated.

    Thanks again!
    Sep 16 10:46 AM | Likes Like |Link to Comment
  • Is A Stealth Liquidation In Stocks Underway? [View article]
    Hi Brian,

    Thanks so much for your comment. I genuinely appreciate it and look forward to talking with you soon!
    Sep 16 10:44 AM | 1 Like Like |Link to Comment
  • Rising Risks In The Quest For Yield [View article]
    Hello alamin123,

    Thanks for your comment on my article. As a quick follow up, an article on Canada is one of the next articles in my writing queue. Thanks for raising the idea and I look forward to exchanging thoughts and ideas with you on SA.
    Sep 7 11:20 PM | Likes Like |Link to Comment
  • Are You Positioned For ECB Stimulus? [View article]
    Hello nom de fig,

    Thanks for your comment. I appreciate it!

    And you've raised perhaps the most important point in that the market over the last few years has been incredibly resilient. As a result, we could see the markets rally for reasons that go beyond just the influences of stimulus. Excellent point.

    Thanks again.
    Sep 7 11:18 PM | Likes Like |Link to Comment
  • Are You Positioned For ECB Stimulus? [View article]
    Hello Alan - Thanks for your comment and great perspectives as always. I hope you are doing well. Thanks again!
    Sep 7 11:16 PM | Likes Like |Link to Comment
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