The melt-up continues in U.S. equities. Nothing seems to go wrong (or rather be interpreted negatively by markets). Trade war negotiations between the U.S. and China broke off without a resolution. But Fed Chair Powell signaled on Friday that the central bank has no intention of accelerating the pace of
Trade War or not to Trade War, that is the question. With the central banksters taking a secondary role in the determination of the direction of financial markets, traders (and the financial media) have needed to find other reasons this year to explain why the equity market does what it
The big story this week was the Turkish currency meltdown and potential contagion to the Eurozone. The lira fell at one point -35% against the U.S. dollar. Can we blame Trump for this also? There has been escalating tension over the detention of an American pastor, with Trump ordering some
More trade war threats filled financial media headlines this week. Trump’s team this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10% rate. The move was intended to bring China back to the negotiating table for talks
Yet another week when a “Trump news event” moves markets. In the backdrop of a burgeoning trade war with Europe, Jean-Claude Juncker, European Commission President made a trip to the White House. Concessions were made (as if the leaders had a choice) and risk assets rejoiced. We can’t imagine that
New highs again this past week for the Nasdaq, as broad U.S. indexes all drifted higher. Not much in the way of economic news this past week as U.S. companies move into the earnings reporting period. Thus far, companies are almost unanimously beating consensus estimates. But this is to be
Another blow out week for U.S. mega-cap stocks. Of the Big 5 (Apple, Microsoft, Google, Amazon, and Facebook), all but Apple traded at all-time record highs this week (Apple remained a scant 1% below its June record high). Second-quarter earnings season for the FANG stocks is about to get started,
As the Trump’s trade tariffs went into effect Friday at midnight, one might have thought that financial markets would suffer on fears of a slowdown in trade and world economic growth. However that would be falling into the “logic trap” in a market that has repeatedly, over the past couple
The past week’s trade brought more market volatility from the ongoing Trump trade war saga. The S&P 500 finished down -1.3% for the week, the second consecutive week of losses, although the Natural Resources benchmark index eked out a +0.48% gain for the month. Recent trade war fears have weighed
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