• Who Blinked? Who Cares?

    May 21, 2018

    Just end all this tariff nonsense and let’s get back to business. Farmers have soybeans to plant and Campbell’s urgently needs cheaper can prices. The steel workers will be upset, but from the looks of their stock prices they were about to lose volumes to imported finished goods anyway, as end customers shifted to cheaper solutions.

    READ NOW >
  • Thinner Air

    May 14, 2018

    This was a tough quarter to get paid on earnings reports. One can often make extra returns with good earnings beats in a normal market. And in a great stock market, even your ugliest earnings misses can go up as the market looks forward to future opportunities. But today isn’t a great stock market. It was great only if you owned big earnings beats…

    READ NOW >
  • The Good, the Bad and the Ugly

    May 7, 2018

    This was a tough quarter to get paid on earnings reports. One can often make extra returns with good earnings beats in a normal market. And in a great stock market, even your ugliest earnings misses can go up as the market looks forward to future opportunities. But today isn’t a great stock market. It was great only if you owned big earnings beats…

    READ NOW >
  • Enter Sandman

    April 30, 2018

    Visibility of future market returns continues to decrease. While some companies posted exceptional profits last week, their stocks were surprisingly unrewarded. And if your company missed numbers, you received two handfuls of sand in your eyes. On the earnings calls, signs of top-line growth continued…

    READ NOW >
  • A Dirty Rally

    April 23, 2018

    If you know me, or have worked with me, then you know that I love volume. Both in the financial markets and on my amplifier dial (yes, it does go to eleven). Show me a market with volume and I will believe the price. Show me a market without volume and I will picture three traders sitting on a curb pushing around prices.

    READ NOW >