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At Close: Jun 03, 2026

COVID-19 Drives Record Write-Downs In 1H 2020

03:12pm, Monday, 31'st Aug 2020
Corporate managers appear to be using COVID-19 as a justification for writing down assets in unusually large amounts.

Either Lumber Is Wrong, Or Small Caps Are

11:07am, Monday, 31'st Aug 2020
Lumber is screaming that small caps should be outperforming, consistent with my 2015 NAAIM award white paper.

He Passed

08:36am, Monday, 31'st Aug 2020
Chair Powell did not disappoint markets as he has made it clear that the government will let inflation run to make sure that the economy keeps humming along.

No, We're Not All In This Together

08:26am, Monday, 31'st Aug 2020
In the economic sense - we're not at all in this together. The fallout of COVID-19 has been far harsher for some Americans than for others.

The Virus, The Elections, And The Fed

08:13am, Monday, 31'st Aug 2020
The Federal Reserve's recent decision to adopt a radical change in its policy focus. Equity prices are making new all-time highs and interest rates are marking all-time lows.

Falling Down The Jackson Hole

07:58am, Monday, 31'st Aug 2020
A Pyrrhic victory for stocks. The Fed delivers more of the same at Jackson Hole.
Industry group trends expanding; sector-level trends still supportive. Lack of new highs can make strength difficult to sustain.

... But Valuations Remain Compelling

04:40pm, Sunday, 30'th Aug 2020
The signs of excesses are too much to ignore. Don't pick a top, but reduce downside exposure in equity index products.
Drawing parallels between the Mississippi Bubble and today's volatility. We enter the second half of 2020 in an economic contraction, leading us to wonder if we have entered a real recovery or just a

The 1-Minute Market Report - August 28, 2020

03:55pm, Sunday, 30'th Aug 2020
The stock market is climbing a wall of worry. Earnings are improving, but they're based on lowered expectations.
One factor about the equity market is its movements are often influenced by expectations. Economic news that is reported better than those expectations can impact broad equity market prices and earnin
Real personal income rose less than 0.1% in July. Real disposable and per capita income show similar trajectories.

Weekly Commentary: It's About Jobs, Jobs, Jobs

10:55am, Sunday, 30'th Aug 2020
The S&P 500 jumped 3.3% (up 8.6% y-t-d), and the Dow rose 2.6% (up 0.4%). Three-month Treasury bill rates ended the week at 0.095%.
A couple of weeks ago, I wrote a wildly unpopular article laying out why, if the bulls could push the markets to new all-time highs, the next target would be 3,750.

Will A Contentious U.S. Election Rock Markets?

08:14am, Sunday, 30'th Aug 2020
COVID-19 continues to set to tone for the U.S. economy.
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