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05 13 22 WOWS FULL ISSUE An Alternative Way To View Or Print The Entire Current Issue As A Single Document 5/13/22 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]
Are we having fun yet? In case anyone still hasn’t figured it out, there’s a nasty beast on the prowl, doing his ursine best to crush rabid speculators and innocent waifs alike. A noxious stew of inflation, higher rates and QT aroused him from his long hibernation, PDQ.
All that — undeniable after the harrowing market week that just was — was pretty darned evident even at the end of last week. That's when Simeon Hyman, the global investment strategist and head of investment strategy at ETF powerhouse ProShares Advisors graciously spent an hour sharing his perspectives and best ideas for coping mechanisms — and winning strategies — in today’s inhospitable investment landscape.
By Albert Edwards If GMO’s ‘premier league’ investor Jeremy Grantham is right and we’ve just ‘enjoyed’ the fifth great bubble of the modern era, the coming bust will surely be devastating.
Following the market turmoil of the past few weeks, this might be a good time to revisit my end-2021 key predictions of ‘surprises for 2022’, which I summarise here in a few lines.
By Andrew Lapthorne Global equity markets continue to struggle as bond yields jump higher. The MSCI World was down 1.2% last week, with Europe and Asia seeing the worst of the returns last week and with MSCI Europe losing 4.4% in euros and Hong Kong’s Hang Seng off 5.2%.
By Doug Ramsey The Major Trend Index remained negative for the week ended May 6th, and the movements within the four factor categories did not yield any changes to their respective composite scores. Net equity exposure in the Leuthold Core portfolio is at 42%; the Leuthold Global portfolio stands at 45%.
By Tim Quast “The market structure is a disaster.”
That’s what Lee Cooperman said in a CNBC conversation yesterday (May 10) with “Overtime” host Scott Wapner.
What he thinks is wrong is the amount of trading occurring off the exchanges in so-called dark pools and the amount of shorting and short-term trading by machines.
By Paul Kasriel Treasury Inflation-Protected Securities (TIPS), which are marketable securities, compensate the investor for inflation by marking up/down the principal of the outstanding security every six months by the six-month CPI inflation/deflation rate. The fixed coupon rate on the originally-issued TIPS is applied to the adjusted principal every six months.
90% Down Days An Internal “Bottom” But Unlikely The Bear’s Final Curtain 5/13/22 8:20 AM By Blaze Tankersley I had a lot of questions about the internal/external low sequence we have been talking about. An internal low is said to occur when the majority of single stocks have washed out and made their local lows, the external low is when the index itself bottoms. [More]
Countertrend Drop? 10-Year Yields Looking Vulnerable To Nasty Decline 5/13/22 7:20 AM By John Kosar The yield of the benchmark US 10-Year Treasury Note is now testing the 3.05% to 3.35% area, a formidable historical benchmark levels for these yields that is unlikely to be appreciable broken, if at all, without at least a significant corrective move back below 3.00% our Strategic (quarterly) outlook is for benchmark long-term U.S. interest rates to correct lower from here, our work does not yet indicate a Tactical (monthly) buying opportunity in long term Treasury prices proxies like the CBOE Treasury Yield 10 Year Note Index (TNX). [More]
AI and Fund Managers Sorting Out Best Predictors Of Future Performance 5/13/22 7:00 AM By Ron Kaniel, Zihan Lin, Markus Pelger and Stijn Van Nieuwerburgh We show, using machine learning, that fund characteristics can consistently differentiate high from low-performing mutual funds, as well as identify funds with net-of-fees abnormal returns. [More]
Rise Of The Engineer Inventing The Professional Inventor During The Industrial Revolution 5/13/22 5:00 AM By W Walker Hanlon Why was the Industrial Revolution successful at generating sustained growth? Some have argued that there was a fundamental change in the way that new technology was developed during this period, but evidence for this argument remains largely anecdotal. [More]
Winding Down Mortgage Refinance Boom Cooling As Rates Heat Up 5/13/22 4:00 AM By Liberty Street Economics Total household debt balances continued their upward climb in the first quarter of 2022 with an increase of $266 billion; this rise was primarily driven by a $250 billion increase in mortgage balances, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. [More]
Matt Levine In one sense, there is nothing surprising about a public-company CEO telling employees that (1) they should try to make money and (2) if they are doing things that lose money, they should do less of them rather than more. In another sense, this is the CEO of Uber. “It’s clear that the market is experiencing a seismic shift,” says Khosrowshahi, “and we need to react accordingly.”
Anyway stocks were down last week; the S&P 500 index has gone down each of the last five weeks, and things seem especially rough in the tech industry.
