Sep. 2, 2013, 6:29 PM
- What George Soros' The Alchemy of Finance was to global macro investors, Michael Burry's journal of trades in 2000/2001 may be to value fans. "My strategy isn't very complex. I try to buy shares of unpopular companies when they look like road kill, and sell them when they've been polished up a bit ... I care little about the level of the general market and put few restrictions on potential investments."
- Plucked out of message-board obscurity and staked by Joel Greenblatt, Burry posted returns at his Scion Capital hedge fund of 8.2% in 2000 (partial year), 44.7% in 2001, and 13.1% in 2002, as the S&P lost 7.5%, 11.9%, and 22.1% during the same periods. When the S&P bounced 28.7% in 2003, Scion gained 50.7%.
- This journal shows Burry willing to venture into just about any industry or situation as long as he sees value there. One place he definitely didn't spot value was in the previously-favored big cap tech names as their stock prices imploded. "Now that the bubble is pricked, tech stocks will face scrutiny they never faced before. It is a good time to start picking prices based on a solid understanding of the fundamentals ... greater bargains are sure to come."
- Burry went on make an even bigger fortune for himself and his investors by shorting MBS from 2005 on (though his investors, including Greenblatt, never forgave him for straying from stockpicking).
- Value ETFs: SPYV, IVE, RPV, VOOV, FTA, IWD, VONV, UVG, SJF, IWN, VTWV, UVT, SJH, IWW, MDYV, IJJ, RFV, IVOV, SLYV, IJS, RZV, VIOV.
Aug. 24, 2013, 8:25 AM
- Judging by the latest fund-flow data, investors are selling now and asking questions later, yanking $12.3B out of U.S. stock funds last week, the biggest outflow in more than five years.
- A combined $20B flew out of stocks and bonds, while money market funds saw an influx of new cash.
- The question now is whether the big outflows across asset classes marks the beginning of a new trend, especially as concerns grow about the Fed’s next move.
- ETFs: SPY, VTI, IYY, EXT, IVE, SSO, IVV, SH, SDS, SPXU.
Aug. 7, 2013, 7:04 AM
- S&P 500 (SPY) futures -0.4% and Nasdaq 100 (QQQ) -0.3% as jitters continue over imminent tapering of QE.
- Europe's moderately lower and Asia fell sharply overnight, notably Japan where the Nikkei tumbled 3.9%.
- Things are calm in rate land, the 10-year Treasury yield flat at 2.63%.
- Related ETFs: IVE, SSO, IVV, SH, SDS, SPXU, PSQ, QID.
Jul. 24, 2013, 12:51 PMThree signs we're close to a market top, according to Mark Hulbert: 1) A bull market's best returns typically come right before it dies, with the average bull gaining 21% in the year before topping. The SPY is currently up 23% Y/Y. 2) Riskiest stocks do best ahead of tops, and growth stocks have trumped value stocks by triple the historical norm in the last year. 3) Contrary to expectations, a nosebleed level of a P/E ratio is not a necessary condition for a market top. | Jul. 24, 2013, 12:51 PM | 5 Comments
Jul. 18, 2013, 3:29 PMThe stock market's (VTI, SPY, DIA) in for a rough summer, says Guggenheim's Scott Minerd as his favorite indicator - the advance/decline line - dropped more than the indices during June's decline, suggesting something bigger coming soon. The action is very similar to what we saw in 2007, he says. The deteriorating technical picture combined with worrying signs for the global economy makes this a rally to sell, not buy. | Jul. 18, 2013, 3:29 PM | 9 Comments
Jul. 17, 2013, 3:22 PM"We still haven't had the capitulation phase, we still have negative attitudes," says Laszlo Birinyi, arguing the market (SPY, QQQ, DIA) is headed higher. There's no better indicator than money flows, he says, and it's a lot more than the Fed putting money into the market. HIs year-end target S&P target of 1,700 is just a few points away, so what then? "This is a long trip and people want to know when are we going to get to L.A., and I'm saying let's get to Chicago first." | Jul. 17, 2013, 3:22 PM | 4 Comments
Jul. 15, 2013, 12:22 PMBAML hikes its year-end S&P (SPY) target to 1,750, with the team noting a strict medium-term fundamental/valuation analysis calls for just a 1,720 target. Experience shows, however, that tactical, technical, and sentiment models need also be incorporated. Adding those in boosts the gauge to 1,750 compared to the current price of 1,682. | Jul. 15, 2013, 12:22 PM | Comment!
Jul. 5, 2013, 8:36 AMTreasury prices crumble following June's strong employment gain. In addition to May's 20K upward revision, April's print was revised higher by 50K to 199K. The 10-year Treasury yield is up to 2.63%. TLT -1.4%, TBT +2.9% premarket. Stock index futures, however, move to new session highs, SPY +1.4%, QQQ +1.2% premarket. | Jul. 5, 2013, 8:36 AM | Comment!
Jun. 26, 2013, 8:22 AM
Jun. 25, 2013, 7:49 AMShort interest on S&P 500 (SPY) stocks fell to just 2.3% of outstanding shares last week, a 6-year low according to Markit. PNC's Bill Stone says short are so accustomed to losing money, they're wary of stepping in. Another interpretation may be the shorts - having banked some coin - covered their bets. | Jun. 25, 2013, 7:49 AM | Comment!
Jun. 21, 2013, 2:48 PMThe recent drawdown in the S&P 500 (SPY) is a minor one compared to historical norms, says Goldman in a research note today. While reiterating its view of a 1,750 closing level this year for the index, the team expects there could be another 3-5% down in this current move. | Jun. 21, 2013, 2:48 PM | 4 Comments
Jun. 20, 2013, 11:44 AMTechnicians are eying the S&P's (SPY -1.5%) breach today of its 50-day moving average. The 50-day line has held a number of times this year, putting chart-watchers in awe, writes Tomi Kilgore, but the unwritten rule says the more times a level is tested the more likely it is to break. Other ETFs of interest: IVE, SSO, IVV, SH, SDS, SPXU. | Jun. 20, 2013, 11:44 AM | 3 Comments
Jun. 19, 2013, 2:13 PMBond prices (TLT -0.7%) slip following the more upbeat assessment of the economy from the FOMC. Higher growth and lower unemployment projections spell maybe a quicker schedule for tapering and eventual tightening, but materially lower inflation expectations say the opposite. Stocks give up a bit of ground as well, the S&P 500 (SPY -0.3%). The dollar (UUP +0.3%) pops higher across the board. | Jun. 19, 2013, 2:13 PM | 4 Comments
Jun. 19, 2013, 10:53 AM"Sell in May and go into cyclicals," says Ralph Acampora after the last month. He reminds of an old adage saying sectors going down the least during a selloff become the new market leaders. During SPY's 5.2% decline from May 22-June 6, the best performers were Tech (XLK) and Industrials (XLI). The worst were Telecommunications (IYZ) and Utilities (XLU). This "rolling rotation" between sectors is necessary, he says, to give further life to the secular bull market begun in March 2009. | Jun. 19, 2013, 10:53 AM | 3 Comments
Jun. 14, 2013, 11:08 AM
Jun. 11, 2013, 6:44 AMS&P 500 (SPY) futures -0.8% and Nasdaq 100 (QQQ) -0.9% as markets elsewhere fall sharply overnight. The Nikkei declined 1.5% and the yen rose 0.6% after the BOJ offers up no new candy and sounds a bit more upbeat on the economy. Europe (FEZ) is off 1.7%. Treasurys continue to slide, the 10-year yield now up to 2.26%. | Jun. 11, 2013, 6:44 AM | 4 Comments
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