Archive for category: Market Commentary

Quiet Rally Continues

Quiet Rally Continues

Friends, We had another nice jobless claims number (two weeks in a row) with the 364,000 number being the best we’ve seen in 3 ½ years. Also, the University of Michigan consumer confidence number beat expectations coming in at 69.9 vs. the 67.7 consensus estimate (the higher the number...

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Here Comes Santa Claus?

Here Comes Santa Claus?

Friends, After yesterday’s slow grinding 100 point Dow loss, stocks staged a nice rally today (dare I say the beginning of a Santa Claus rally?). Nothing like a couple of nice European bond auctions and quiet European politicians to help spark a little love here domestically. For the day,...

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Lackluster Week

Lackluster Week

Friends, The grind into the holidays continues. After a slew of economic numbers, including a flat CPI number this morning, the domestic economic picture, indeed, looks a lot better than most experts would have guessed six months ago. You remember all the calls for a double dip recession and...

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Mistaken Identity

Mistaken Identity

Friends, We were enjoying a nice 100 point plus move in the Dow today when traders decided that they did not like the Fed announcement for some reason. What changed? Well, not much. No change in rates until 2013, job market and economic activity slightly better, core inflation below...

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On Second Thought

On Second Thought

Friends, It seems that once market participants had some time to think about the “deal” that was announced last Friday in Europe, they decided that there is quite a lot of work left to do. The reality is that at least we are dealing with a continued slowdown in...

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Euro Relief

Euro Relief

Friends, European leaders reached an agreement on a new “fiscal compact” which will begin to address the structural economic problems in Europe including stricter rules on budget deficits and greater consequences for those who break those rules. The framework for the Eurozone bailout mechanism was unveiled which includes allowing...

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Headline Overload

Headline Overload

Friends, This morning ECB President Mario Draghi went from being Santa Claus to being the Grinch that stole our Holiday rally. After the expected rate cut was announced, along with news that the ECB would ease collateral criteria for loans and allow up to 3 year loans to be...

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News Driven

News Driven

Friends As we have been saying, the market’s final direction each day is determined by the last piece of news or rumor. Today as we drifted aimlessly through the afternoon, we got news that the G-20 Nations are considering a $600 billion lending facility to the IMF. The Dow...

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