Friends Despite constant turmoil stocks had a pretty good first quarter of 2023. The S&P 500 finished up nearly 7% while the Nasdaq was up a whopping 16%. Given the circumstances and the wild ride that the bond market was on in the first quarter, to me the performance...
Friends The bulls continue to hold the high ground with one day left before the end of the quarter. We suspected that this would be a quiet week, at least data wise, and for the most part it has been. We have noted the market’s resilience this month...
Friends Once again, as we wait for the coming recession to unfold, stocks continue to drift higher. Volume has been light the last few trading sessions, but that doesn’t take away from the fact that stocks continue to defy the common narrative. It is a quiet week where economic...
Friends As the banking industry appears to be calming, stocks mainly moved higher again today. The calls for recession are deafening at this point, and understandably so, but stocks have been stubbornly resilient (for the bears taste) over the past few weeks. Bond yields moved back up some after...
Friends Another day and another bank in the news. Today it was Deutsche Bank the giant German Bank. But interestingly the market that is seeing the most volatility these days is the bond market not the stock market. Bonds continue to move all over the place with the 2-year...
Friends Not surprisingly the Fed raised the Fed Funds rate a quarter of a point today. The range now stands at 4.75%-5%. Also, not surprisingly the Fed is hinting that they will be watching closely the consequences of the bank tremors we have felt in the last couple of...
Friends I have been asked several times in the last couple of days what I think the Fed will do tomorrow with regards to rates and messaging. I have felt since last week that the Fed “should” pause here simply because in my mind the banking/financial system is...
Friends Last weekend, government officials “implied” that deposits in U. S. banks, whatever amount, will be backed by the government. This weekend in the soap opera that is the banking industry we saw the shotgun wedding of Swiss giants UBS and Credit Suisse. In the meantime, First Republic Bank...
Friends As we mentioned earlier in the week, after an event like we had with a couple of bank failures it is very likely that we will see heightened volatility in the markets. I mentioned that at least for a day market participants seemed to be calmed just a...
Friends Stocks tumbled at the open once again despite the Swiss “helping out” Credit Suisse overnight. The ECB raising key interest rates by a half of a point added to the anxiety in early trading. But after the bank stocks took another leg down in the morning, news...
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