A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Monthly Archives: July 2009
Fumes and False Premises
The gang in Washington and on Liberty Street is either very good or very lucky. The Treasury managed to dump $71 billion in new paper on the market this week, including $62 billion in intermediate and long term paper, without crushing either the Treasury market or stocks. It was truly a bravura performance. But...
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Putting Money into the Fire
Mutual fund cash level data is out and they have worked through a bit more of their cash reserves, bringing the number down to 4.6%. From AMG: flows into equity funds jumped to $5.1 billion from the previous week of about 193 million.
Interestingly very little margin fresh margin borrowing has been used in...
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Ambiguous Signals – Professional Edition
Short term indicators are signaling a down phase, but early indications suggest it will go sideways as the 6 month cycle remains in a weak up phase. The centered moving average projection on the 13 week cycle continues to rise. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the...
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Radio Free Wall Street 7/30/09
Lee Adler and Russ Winter discuss why it may be a bull market built on a false foundation and address the issues of how to play it.
Not a subscriber? Click here to hear a free preview.
Listen to any podcast prior to April 22, 2009. Click here for archive. Be surprised!
Also, a rare opportunity to...
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Livin? the Dream
The economic recovery story continues to prattle on, as does the “livin’ the dream” stock market. Going through my list of non-Ministry of Truth indicators however, we see more of the same. Although this may no longer look like a free fall, that is not the point, especially when the market is already up...
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The Juggernaut Wobbles – Professional Edition
We got more vague hints today that maybe this bull move isn’t the juggernaut that it appeared to be just a few days ago. True, maybe this is just a pause that refreshes, but a few ominous little cracks are appearing in the façade. Click here to download complete report in pdf format (Professional...
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Another One Just Like The Other One – Professional Edition
For the second day in a row, the Treasury benefited early from a “coincidental” selloff in the stock market that was accompanied by a sharp drop in Treasury yields. The 5 year note auction results were ominous. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk...
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Coincidentally- Professional Edition
Today’s minimal pullback in the market averages actually left bears with some grasping straws. If I were a bull, I would not be all that confident, although the weight of the technical evidence puts the onus on the bears to prove something. Click here to download complete report in pdf format (Professional Edition Subscribers)....
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Between Rock and Hard Place – Professional Edition Fed Report
The Treasury benefited from a “coincidental” selloff in the stock market that was accompanied by a sharp drop in Treasury yields this morning, lasting, “coincidentally”, until the exact moment that the $42 billion two year note auction was completed. Once that little piece of work was accomplished, surprise, surprise, the stock market rallied and...
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Oversized
There is an assortment of charts collected here (at Zero Hedge) from David Rosenberg and other sources that is worth some study. The ones on pages 9 and 11 stand out to my eye. I would characterize these as “maladjusted” or “imbalanced” economy charts. You can judge for yourself the extent of this maladjustment,...
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1000 or Bust – Professional Edition
The market continues its drive toward 1000 on the SPX. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for...
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Mr. Green Shoots The Dead Cat
The BLS announced its estimate for June new home sales today, and the results were much ballyhooed as more evidence of green shoots. To me it looks more like a dead cat bouncing. One thing that isn’t bouncing is prices. I’ve included a couple of charts in the body of the report for your...
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Bullish and Bullisher – Professional Edition
Cycle based stock screening data was mixed, with a slight tilt to the plus side on Friday. The most important change was that 6 month cycle status now has a majority on the buy side, confirmation of an up phase in that cycle. Click here to download complete report in pdf format (Professional Edition...
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Theology
Teleology is the study of final causes, and lessons learned. It can be called the deterministic theory of cause and effect. In my view this approach tends to often focus on both wrong causes and the wrong solutions. Deterministic teleology is running amok in governmental circles right now, and is once again being dutifully...
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Our universal fast-food chain
I hope that the global fast-food franchises is the American invention. Just to be proud about something. And I’m inviting to check the health of our biggest and most important franchise – the dollar.
Please keep in mind that United States is the only country in the world, which is not trying to push its...
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Bernanke’s Dogs – Professional Edition Fed Report
We have seen for years that when the Fed conducts Primary Dealer pumping operations—let’s stop kidding ourselves by calling them “Open Market Operations”—that the stock market rallies. I was beginning to wonder recently if that stimulus/response relationship still held as the Fed kept pumping but the stock market stalled. This week we got an...
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Take These Dice From My Cold Dead Hands, The Sequel
There is more evidence that “the take these dice from my cold dead hands” theme I spoke of in yesterday’s post and podcast has reemerged, as Calpers has brought in a new investment manager who is intent on “taking greater risks” at this time. This in a (desperate?) attempt to get that institutions pensions...
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Bears’ Jonestown – Professional Edition
The massive base breakout is complete. Now it’s a question of whether they can hold it or not. If you ignore the news after the bell—and it’s always a good idea to ignore the news—and just look at the technical indicators it would be difficult not to conclude that the market is ultimately headed...
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Radio Free Wall Street 7/23/09
Lee Adler and Russ Winter discuss the market built on a mirage.
Not a subscriber? Click here to hear a free preview.
Listen to any podcast prior to April 22, 2009. Click here for archive. Be surprised!
Also, a rare opportunity to hear last week’s podcast in its entirety for free.
To subscribe and hear this podcast right...
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Dire Straits
The 1st half report from the PBGC illustrates in spades the fallout from Weekend at Bennie’s low interest rate subsidy, I mean stimulus. Seems pensions are losing billions, not from investment losses so far in 2009, but from the lack of interest income. Whodathunk.
The increase in the PBGCâs deficit is driven primarily...
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Momentum Wanes – Professional Edition
Upside momentum continues to wane as the market battles several major and intermediate resistance lines. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s...
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Setting A Trap- Professional Edition
The market took another stutter step toward short term and intermediate price projections just above current levels. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full...
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