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September 22, 2017

Stocks slipped yesterday as the Dow broke a 9-session winning streak. Some simply attributed the decline to profit taking. Others linked it to Wednesday’s well advertised decision to begin to reduce the size of its balance sheet. The Fed isn’t about to sell any securities. Simply allowing maturing debt issues to roll off without replacing […]

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September 20, 2017

Stocks once again set new highs, although gains were disappointing. While most front pages discussed President Trump’s U.N. speech, the stock market was more focused on the two-day FOMC meeting that commenced yesterday, and the possibility that the Senate may yet pass a form of Obamacare Repeal and Replace. I discussed the Fed’s meeting on […]

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September 18, 2017

Stocks continued their gains on Friday amid optimism of a sustained economic recovery and good third quarter earnings. This week’s calendar has two big highlights. The first is political, the annual opening of the U.N. General Assembly in New York. President Trump is scheduled to speak. While the media will dissect his comments endlessly no […]

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September 15, 2017

Stocks closed mixed once again. The high flying FANG stocks were the big losers as they continue to fight against elevated valuations. On the other hand, the depressed energy group was the star of the day as WTI oil prices crossed over $50 per barrel. After the close, North Korea launched another missile over Japan. […]

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September 13, 2017

Stocks moved into new high ground yesterday, building on Monday’s large rally after Hurricane Irma was less destructive than expected. Bond prices fell and interest rates rose. The next focus will be next week’s FOMC meeting. While no one expects interest rates to be changed, the key focus will be the expected rollout of details […]

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September 11, 2017

Markets were quiet on Friday as more traders were focused on Irma rather than stocks or bonds. Irma certainly packed a wallop.  As many as 8 million people lost power.  Storm damage costs to private insurers will range into the tens of billions of dollars.  Total storm costs may approach or exceed $100 billion.  Yet […]

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September 8, 2017

Stocks fell yesterday afternoon, led by Disney#, after it disclosed at a conference that earnings would be below previous expectations mostly due to business interruptions at Disney World and for its cruise ship business as a result of the impact of Hurricane Irma. With investors already in a somewhat agitated state as a result of […]

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September 6, 2017

Stocks fell over 1% yesterday. While the headline story was elevated tensions vis a vis North Korea after a successful hydrogen bomb test, there were other factors that added to the selling pressure. September is a notoriously nervous month for equities. Congress is just getting back to work without a clear path to successfully getting […]

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September 1, 2017

I noted on Wednesday that I was impressed with the leadership in Tuesday’s rebound. After sharp morning losses related to a North Korea missile launch and the aftermath of Hurricane Harvey, stocks staged an impressive rebound led by the risk-on NASDAQ names, especially Amazon and Alphabet#, which have been weak in recent weeks. I pointed […]

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August 30, 2017

Stocks fell sharply yesterday morning after North Korea launched a missile that flew over Japan, but rebounded in the afternoon, after measured responses by the U.S. and others lessened any immediate threat of military reaction. Still, gold achieved a 2017 high, and 10-year Treasury yields fell to their lowest levels of the year. Normally, one […]

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