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Nov 28
Nov 16
Nov 15

Markets move based on the rate of change

Similar to last week’s CPI inflation data, this morning’s PPI inflation (producer price index) data noted similar softness. Markets like softness. Bad now equals good. PPI estimates for October were +.4% and the actual data came in at +.2%. Doesn’t seem like a big difference but it is, and the... read more →
Nov 11

What a day for equities

How historic was the move in equities yesterday? The chart below shows the distribution of returns for the S&P 500 going back to 1962. The S&P 500 gain of 5.54% was only eclipsed 14 times in history which is .09% of daily returns. You don’t get many days like that!... read more →
Nov 10

Flash note: CPI slipping, market goes ripping

This morning’s long-awaited CPI inflation data came in softer than expected and the market loves it. SP500 futures were positive +6pts heading into the 8:30am EST CPI inflation announcement – quickly traded at +94pts post inflation data release. In a market starved for good news, softer inflation is clearly being... read more →
Nov 09
Nov 08
Nov 08

Q3 Earnings results coming to a close

As of Friday, November 4th 83.5% of S&P 500 companies have reported Q3 earnings. How did the quarter go, and what have we learned? Let’s look at a few charts. Companies announcing earnings for Q3 2022 had a beat rate of 73% which seems like a solid number. But as... read more →
Nov 04
Nov 03

Harry Truman said it best

Perhaps one way to try and digest yesterday’s Fed announcement and the subsequent Powell press conference is to quote President Harry Truman. When speaking about his own economic advisors, Truman said he only wanted one-armed advisors, because the economists he had on staff were always saying “on one hand…but on... read more →