BANK FAILURES… MORE TO COME? The “higher for longer” narrative was erased last week in the blink of an eye with the collapse of Silicon Valley Bank (SVB). Systemic risk to the financial system is one thing that will stop the Federal Reserve’s current rate hike...
THE WAR AGAINST INFLATION HITS A SPEED BUMP Six weeks ago we wrote in the January mid-month commentary that the Fed was winning the war against inflation. If we look at their progress since last year’s peak inflation that is still true. But January hit a snag. ...
2023’S DASH FOR TRASH The market has turned upside down in early 2023. This year has been about huge gains in stocks that got destroyed in 2022. The stocks that were down the most last year are some of this year’s best performers. For example, busted IPOs, SPACs,...
An old adage on Wall Street is “don’t fight the Fed.” Another one is “don’t fight the tape.” The second rule seems to be a winning out in January. Bulls and bears can argue about fundamentals (they always do) but both would agree that market technicals are turning...
Equity investors do not have a lot to like, but that is always the case closer to market bottoms than tops. That doesn’t mean we have to rally in 2023, but just because positives are limited doesn’t mean we have to keep going lower either. The end of a bear market...
