Last Week: Mr. Market: I want to say one word to you. Just one word. Confused Investor: Yes, Sir. Mr. Market: Are you listening? Confused Investor: Yes, I am. Mr. Market: Vaccine. Confused Investor: Exactly how do you mean? Mr. Market: There’s a great future once we...
Last Week: On Monday the market opened sharply lower, but reversed course after the Fed expanded its asset purchasing to include corporate bonds. Optimism over the Fed Put (let’s have a contest to come up with a catchier name) and a significantly better than expected...
Last Week: We concluded our June 8th commentary with “Perhaps the glass is half full?” noting the surprising strong jobs report and the 43% bounce in the S&P 500 from its March 23 lows. On Monday the S&P 500 broke even for the year, and the Nasdaq Composite...
Last Week: It is an occupational hazard of the investment advisory business that we are often asked whether the stock market is rational (always an uncomfortable question, but as Hyman Roth said “this is the business we’ve chosen”). The recent disconnect between the...
Last Week: The S&P 500 gained another 3.01%, with the most beaten-up economically sensitive companies outperforming. The yield on the Ten-Year Treasury dropped one basis point to 0.65%, while the Dollar declined 1.5%. Most of the holiday -shortened week’s gains...
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