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Of Course The Market Is Rigged!
- High-frequency trading (HFT) is the most dominant and manipulative force in our markets today.
- Its impact poses significant risks to market structure and investor psychology.
- Practical solutions that address these risks will ultimately come from the free market.
- Expect significant market volatility and a reversal of the upward bias HFT has had on stock prices as its influence wanes.
Yellen Opens Six-Month Gate
- Janet Yellen's reference to a six-month time frame for increasing short-term interest rates sent the stock market reeling.
- The consensus has concluded that the continued selling pressure in stocks that followed is a result of slowing economic growth in China and the ongoing crisis in Ukraine.
- The real reason that stocks are under pressure is the increasing amounts of reverse repos being conducted by the Fed under its Reverse Repo Facility.
The Evolution Of Quantitative Easing - A House Of Cards
- While QE policy has evolved over the past five years, it has never been successful in achieving the Fed's mandate.
- QE3 was a turning point in the policy when Bernanke abandoned the lending channel and specifically targeted the stock market.
- Using the stock market as a catalyst for economic growth and job creation has been unsuccessful.
- The combination of QE with zero-interest-rate policy (ZIRP) over the past 5 years has led to tremendous leverage in risk assets.
- The tapering of QE3 combined with the end of ZIRP will lead to an unwinding of that leverage and realign risk assets with the economic fundamentals.
A Tale Of Two Economies And A Market That Doesn't Care
- The US is comprised of two economies and the historic divide between the two continues to grow.
- The disparity between the market's uptrend and the downtrend in disposable income is not sustainable.
- Fed policy has encouraged companies to pursue short-term profits in lieu of long-term growth that widens this divide.
- There will be another re-pricing of risk assets that reflects the underlying strength of the whole economy.
- The Fed's Money Mirage
- The Fed's Third Mandate
- Where The Bubbles Lurk Today
- An Investment Strategy For The Bears
- The Good News, The Bad News And What's Very Ugly
- The Wedge Between Perception And Reality
- A Discussion With Managers That Know How To Hedge
- This Summer Slowdown Will Be Different Than The Previous 3
- The Fundamentals Are Starting To Matter
- The Fundamentals Don't Matter Anymore
- S&P 500 Earnings - Don't Conflate The Numbers
- David Stockman: Don't Shoot The Messenger
- Is This The Finish Line, Or Are We Just Getting Started?
- Bernanke's Bull And Why I Hate QE
- Discretionary Investing
- This Is A Very Good Time To HDGE
- Don't Be Misled By The Employment Report
- Will The Real EPS Please Stand Up
- Sorry Bulls, But This Is Still A Secular Bear Market
- Dear Chairman Bernanke...
- As Stock Prices Continue To Rise, Earnings Continue To Decline
- The Looming Recession In Corporate Profits
- 2013 Market Outlook: Optimism Must Be Grounded In Realism