A Journal of Independent Research, Analysis, Opinion and Insight
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06 03 22 WOWS FULL ISSUE An Alternative Way To View Or Print The Entire Current Issue As A Single Document 6/03/22 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]
When I interviewed Tim Quast in these pages almost a decade ago, he was quite evidently a data man on a mission. “Fighting Fire with Fire,” as the headline put it, Tim and ModernIR, his then-8-year-old Denver-based investor relations consulting shop were trying to demystify and level a hyperkinetic market playing field for the companies whose shares were erratically levitating and crashing, seemingly without reason — and using algos and data analytics to do it.
What’s changed, besides the fashionable stubble on Tim’s chin? Well, the depth and size of his data resources, of course, and the power and sophistication of his algorithms. And with that, Tim and company’s ability to decipher and sort out mathematically the forces besieging the markets.
By Dave Rosenberg With inflation mania dominating the news cycle, it’s easy to miss key developments that portend to an easing in price pressures ahead. And here we’re talking about slowing demand which, on its own, is deflationary, but is also leaving firms with excess inventories at both wholesale and retail levels — a recipe for some aggressive discounting over the coming quarters.
By John P Hussman A fascinating aspect of the financial markets is that long-term returns are driven almost entirely by math, while short-term returns are driven almost entirely by psychology. It’s useful to consider both.
By Louis-Vincent Gave Most of what Russia exports — coal, oil, natural gas, fertilizer — has been shooting up in price. Not so long ago, the revenues generated by such a surge in commodity prices would have been recycled into Mercedes cars, St Tropez holidays, Gucci loafers, London real estate, eurozone government bonds or US treasuries.
By Doug Ramsey The Major Trend Index remained in its negative zone for the week ended May 27th, supporting a continued cautious stance toward equities. We expect the market to slide to new lows as the summer progresses.
By Joe Saluzzi How can more displayed liquidity be encouraged? This question has been asked for years by regulators and market participants but still has yet to be answered. The major stock exchanges continue to think that paying for order flow with liquidity rebates is the answer.
Headwinds Growth Investors Facing Resistance Every Which Way 6/03/22 8:20 AM By Andrew Lapthorne Global equity markets were extremely volatile in May. MSCI World dropped 5.6%, only to recover those losses in the second half of the month and finish largely flat for the month. [More]
Holding Patterns? Consolidation Likely To Frustrate Bulls And Bears 6/03/22 6:20 AM By Blaze Tankersley The market moves generally as forecast, I want to follow up on the market note of 5/24 where I had listed a bunch of positive divergences and see how those indicators are progressing. Best to keep an eye on how the market handles this ~4198 level. [More]
Cautious But Nimble The Lows Most Likely Are Yet To Be Registered 6/03/22 5:20 AM By Gail Dudack Stay Nimble We do not believe the lows of the current bear market cycle have been found; however, technical indicators suggest a rebound in prices is likely in the near term. Supporting a short-term rally scenario is the fact that both the Nasdaq Composite and the Russell 2000 traded more than 20% below their 200-day moving averages in mid-May. [More]
Racial Disparities Not Hard To Find In PPP Lending In Florida 6/03/22 4:00 AM By Sergey Chernenko and David S Scharfstein Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. [More]
Joe Weisenthal You never hear about fast-growing tech companies referred to as zombies. But I think we should start referring to them as such for two reasons.
1) It’s clear that a lot of these companies only exist due to abundant investment capital.
