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An Alternative Way To View Or Print The Entire Current Issue As A Single Document
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
Risks Rising
Investech's Jim Stack Warily Eyes Aging Expansion & Bull, Raises Cash
Okay, so here’s a big admission right off the bat: It’s been more than a dozen years since the last time I asked Jim Stack, the publisher of the Investech market newsletter and founder of Stack Financial Management, both based in Whitefish, Montana, to sit still for one of my interviews. My bad. Mea Culpa. 

And here’s an even bigger admission, journalistically, if not from a financial perspective: Our last interview, in January 2007, ran under a virtually identical headline. [More]
Key Level, Breached
Anxiety Rises As Equity Investors Awaken To Bond Market’s Tune
5/31/19 8:00 AM
By Dave Rosenberg
Before we get into the overseas/overnight commentary, let’s discuss May 28th’s action and put it into some perspective.

First, the S&P 500 is at an important juncture because 2,800 is a critical source of technical support and must hold. [More]

Gentlemen Prefer Bonds
Deeper Downside Seen Before K-Spring Ultimately Prevails
5/31/19 7:00 AM
By Blaze Tankersley
The market continues to work on the a-b-c progression we have been speaking about recently and will now test this forecast against the 5/13 lows at 2801h, below which leg C is presumed underway towards ~2720. This is likely going to present as part of the heavy 52w Hi/Lo activity we had spoken about last week whereby the risk now is the winners coming down to meet the losers as the divergence is unsustainably wide. [More]

The New Economy
Home Prices Never Fall, And Inflation Is Dead
5/31/19 6:00 AM
By Eric Cinnamond
Asset bubbles are often accompanied by creative narratives or taglines. Some are descriptive and some are very clever, but most are simply another version of why “this time is different.” After ten years of relentless asset inflation, this cycle’s most important narrative and tagline finally occurred to me. [More]

Tax Cut Chimera
“Credit-Positive” Activities Prove Short-Lived Phenomenon
5/31/19 5:00 AM
By Philippa Dunne and Doug Henwood
According to a Moody’s analysis of 100 large companies, after an initial round of “credit positive activities,” notably debt reduction, following the corporate tax cuts in the 2017 overhaul, firms have shifted their attention to stock buybacks. The tax cuts increased corporate cash flow by almost $400 billion in 2018. [More]

Too Much Business Debt?
The Answer Will Be Clear When The Tide Goes Out
5/31/19 4:00 AM
By Anna Kovner and Brandon Zborowski
By many measures nonfinancial corporate debt has been increasing as a share of GDP and assets since 2010. As the May Federal Reserve Financial Stability Report explained, high business debt can be a financial stability risk because heavily indebted corporations may need to cut back spending more sharply when shocks occur. [More]

Bitcoin Revisited
Crypto Shares Only One Investment Goal With Golden Alternative
5/31/19 3:00 AM
By Trey Reik
A two month bitcoin rally has reignited the gold-versus-bitcoin debate. We view such either-or comparisons of gold and bitcoin as somewhat specious, because we see little commonality between the two assets. [More]

Technical Portents
The Chart Store Tracks Wedge Pattern To Head & Shoulders Top
5/31/19 8:20 AM
By Ron Griess
The above chart is an update of the daily S&P 500 through today’s close (May 23, 2019) with our current thoughts. The top last September also ended with the breakdown out of an ascending wedge pattern. [More]

A Picture Worth...
This Chart Shows May Highs Were Mighty Extreme
5/31/19 7:20 AM
By Woody Dorsey
A Picture may be Worth Thousands of Dollars….

I wrote to you last week about looming Black Holes in the Stock Market. [More]

Mueller Report
The Full, Searchable (Redacted) Text, Plus Guide by the FT
5/31/19 8:00 AM
By Robert Mueller and The Financial Times
Go to the source:
The Mueller Report, minus retractions, of course! [More]

How The Wealth Was Won
Factors Shares As Market Fundamentals
5/31/19 7:00 AM
Daniel L Greenwald, Martin Lettau, and Sydney C Ludvigson
We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. [More]

Curbing Corruption
Preparing For Next Downturn; Fostering Inclusive Growth
5/31/19 6:00 AM
The International Monetary Fund
This report discusses fiscal policies to prepare for the next downturn and foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration. [More]

Acute Observations, May 31, 2019
Perceptive Commentary from May 10-31, 2019
5/31/19 8:00 AM
Dave Rosenberg
I think the reason why so many people think the U.S. economy is still strong is because of the recent jobs data. But there is less than meets the eye. [More]

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