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Eric Parnell, CFA  

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  • Sell In April And Go Away? How To Capitalize [View article]
    Hello mr clark,

    Thanks for your comment. I agree with you completely on your stock portfolio strategy. Taking big gainers off the table while maintaining stock exposure with those that still have room to catch up to the upside is prudent at this juncture both from a risk control as well as total returns perspective.

    Great point. Thanks again.
    Mar 24, 2013. 11:12 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello Ifader,

    Thanks for your comment. To be honest, I hope that you're right and we see another +1000 points on the S&P 500, just as long as these gains are derived from strong fundamentals, as this would imply that we are free from the crisis and a new secular bull market is underway. However, if the next 1000 points is due to Fed liquidity, then we could be facing a Nikkei 1989 or Nasdaq 2000 scenario only worse. I hope if it does come to pass it is the former instead of the latter, but nonetheless you highlight one of the key reasons why it remains important to maintain an allocation to stocks as part of an overall portfolio strategy to be ready for this very possible outcome.

    Thanks again.
    Mar 24, 2013. 11:10 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello Michael,

    Thanks as always for your comments and your insights. Of course, I have you to thank for inspiring my writing of this article based on the thoughts that you shared with me during our recent discussion. Your knowledge and perspective are invaluable and always greatly appreciated.

    I look forward to talking with you again soon.
    Mar 24, 2013. 11:07 PM | 1 Like Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello Rich W,

    Thanks as always for your great commentary not only here but throughout the SA. You have provided some excellent information here and I share your genuine concerns about stocks at these levels, particularly given the persistent bullishness of equity investors overall despite a variety of warning signs. To me, a healthy market is one that shows logical response patterns to various events, both good and bad. Similar to when a doctor tests the patellar reflex on a patient - you want to see the knee jerk reaction to make sure that there is no signs of nerve system disruption. So when the stock market completely disregards potentially sizable and immediate event risk, even if it is the result is a continued move to the upside, it demonstrates that something isn't firing right in the central nervous system of financial markets. This is worrisome and has the potential to end badly.

    Thanks again for your comment and I look forward to reading your future posts.
    Mar 24, 2013. 11:02 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello Joseph,

    Thanks for your comment and for sharing your insights. Excellent points as always. Even though a deal has been announced tonight in Cyprus, there are fallout effects from this episode that are likely to have far reaching consequences that we may only see begin to evolve over time. Capital controls and the potential future threat to depositors in other EU countries, particularly those that have uninsured accounts are likely to cause many to reconsider where and how they are placing their cash.

    It will be interesting to see how it all plays out and I look forward to following your thoughts as events unfold.

    Thanks again.
    Mar 24, 2013. 10:52 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello hahaha48 - Thanks for your comment and for providing your perspective. These are some interesting behavioral points that you've raised here. Thanks again.
    Mar 24, 2013. 10:47 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello Allstreets,

    Thanks as always for your comment. You make some great points here about the permanent portfolio strategy. Thanks also for passing along the ETFdb link with information on the Global X Permanent ETF, as this is interesting material for people to explore further. As for the Permanent Portfolio family of funds, their 10% allocation to the swiss franc is one that has made sense in the past but I wonder about today given all of the challenges that Switzerland has had trying to manage their currency against the euro.

    Great comment as always. Thanks again.
    Mar 24, 2013. 10:45 PM | Likes Like |Link to Comment
  • Sell In April And Go Away? How To Capitalize [View article]
    Hello sheldond,

    Thanks for your comment. You raise an important point, for if stocks continue to climb higher on the fuel of the steady flow of monetary stimulus from the Fed, bonds are likely to continue to move sideways to lower. I do think, however, that if the bond market eventually blows up at some point that it will take the stock market down with it. Lastly, I think you are right that there is still some pockets of value out there even after the run by the overall market so far this year.

    Thanks for your comment. I appreciate it.
    Mar 24, 2013. 10:39 PM | Likes Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello kbononi - Thanks for your comment. While it certainly has been a tough road for the gold miners and SLW over the past month, they are finally starting to show some renewed strength in recent weeks. It will be interesting to see if this trend can continue through resistance levels from here. Thanks again!
    Mar 23, 2013. 12:11 AM | Likes Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Thanks joeg1969. I appreciate it!
    Mar 23, 2013. 12:08 AM | 2 Likes Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello Joseph,

    Thanks for your extremely good comment. Your thought process here is precisely why I am a devoted follower of your articles on SA. I agree completely with all the points that you make here. While there is certainly enough to suggest that coordinated activities may be going on behind the scenes, in the end it would likely be extremely difficult to prove its existence as undeniable fact in the end. To your points here, this is why I sought to draw a line between explicit rigging based on facts that we know and signs of unusual market behavior that, while likely the result of Fed policies, may or may not be getting carried out only by market participants acting independently on their own. With this in mind and to your point, all that we are left to do is to observe market behavior and act accordingly.

    Outstanding comment as always. Thanks again.
    Mar 23, 2013. 12:08 AM | 3 Likes Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello Buyandhold 2012 - Thanks for your comment and extremely well said. I completely agree on all points. Thanks again.
    Mar 22, 2013. 11:59 PM | 1 Like Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello Lawrence,

    Thanks for your comment and your insightful perspectives as always. I completely agree with you here, as I think these issues and many others are huge problems in the marketplace today. But given that these are market participants that are behaving this way, I see these more as deep flaws in the system instead of it actually being rigged by the government, as this manipulative behavior by market participants is known and allowed to go on unchecked by the regulators that oversee these markets. To the point that I made in the reply to James above, I suppose I view this more as neglect by regulators to enact and enforced the necessary rule changes than the deliberate attempt by regulators to create and promote a system that results in such manipulations. But perhaps I am splitting hairs with my word definitions.

    You also make a most excellent point about the direction of markets. Nobody seems to complain when market influences and manipulations lead to rising stock prices. But as we saw during the depths of the financial crisis, if these same behaviors lead to falling stock prices, then all of the sudden the rules are getting changed to the advantage of some and the disadvantage of others. Investors should not have it both ways, and the unfortunate result of these reactive moves during times of crisis only serve to increase the underlying imbalances and result in a potentially far worse outcome down the road.

    Brilliant points as always. I look forward to reading your upcoming articles on SA. Thanks again.

    Mar 22, 2013. 11:58 PM | 1 Like Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello James,

    Thanks for your excellent comment. I completely agree with you on high frequency trading and all of the points that you've made here. And this leads me to the following thought. It is widely known that this activity is going on and that a lot of it results in a deeply flawed market, but given that HFTs are market participants, they will be left unchecked to continue this behavior until rules are changed to make it illegal and these rules are effectively enforced. This does raise an important question, however, as to why exactly regulators have not taken the necessary actions to rein in HFTs to this point, but I see this more as neglect on the part of regulators to the need to change the rules than the government being complicit in providing HFTs with an unfair competitive advantage. I am interested in your thoughts if you see this otherwise.

    Thanks again for sharing your thoughts and perspectives. You make excellent points.
    Mar 22, 2013. 11:41 PM | 1 Like Like |Link to Comment
  • Are The Markets Rigged? [View article]
    Hello whiff - Thanks for your comment and I agree with your point. My use of the word "influencing" in my article I suppose is a nicer sounding way of saying "manipulating", which is clearly going on across all asset classes. Thanks again.
    Mar 22, 2013. 11:32 PM | 2 Likes Like |Link to Comment
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