S&P 500

Anesthesia Right On Schedule

By |2019-06-20T16:54:35-04:00June 20th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

In early January, much of the world was dazed and confused. What the hell just happened? Two weeks before, in the middle of December 2018, Jay Powell stood in front of the microphones confidently declaring his rate hikes justified by an extremely strong economy. Yet, even the stock market had turned against him. When the [...]

What If There Was No Punchbowl In The First Place?

By |2019-05-30T18:00:11-04:00May 30th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The celebration was premature. As usual, people were extrapolating reflation into recovery. Getting relatively better after being really bad is not the same as truly healing. Reflation is a necessary but by itself insufficient condition for normalcy. The latter requires the former as a first step and then needs enough momentum (of opportunity) to carry [...]

The Transitory Story, I Repeat, The Transitory Story

By |2019-05-22T15:44:29-04:00May 22nd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Understand what the word “transitory” truly means in this context. It is no different than Ben Bernanke saying, essentially, subprime is contained. To the Fed Chairman in early 2007, this one little corner of the mortgage market in an otherwise booming economy was a transitory blip that booming economy would easily withstand. Just eight days [...]

S&P 500 Holds Support

By |2009-04-02T12:11:29-04:00April 2nd, 2009|Markets|

The bear market rally that started on March 9th proved to be more resilient than expected, as the healthy retracement held support at the 50-day moving average. It has since bounced off the trend line and temporarily broke resistance at 840:

S&P 500 Hits Resistance

By |2009-03-20T11:10:30-04:00March 20th, 2009|Markets|

The S&P 500 reached the 50-day moving average and has failed in its first attempt to break the downward trend. The index crossed the 800 level only temporarily before retracing its steps. In today's trading session, the VIX index has bounced off the very important support level at the 200-day moving average after temporarily breaking that level yesterday. [...]

S&P 500 Holding Support Level

By |2009-03-03T15:15:26-05:00March 3rd, 2009|Markets|

The S&P 500 temporarily crossed the all-important 700 level, the last line of support theoretically holding the index from tumbling to the low 600s. The market seems to be holding the support, though, as it currently dances around 12-year lows: