January 2023
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The Week Behind The early-year rally continued as all the majors closed last week in the green. The U.S. Dollar and treasury yields continued to behave near cycle lows as the case for 25 bps grew stronger behind Core PCE Inflation printing its third consecutive monthly decline. The NASDAQ outperformed, adding 4.32%. The S&P 500…
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With Microsoft (MSFT) reporting after the bell, now is a good time to talk mega-cap earnings. Recently, mega-cap layoffs have been in vogue. The market has embraced these announcements, bidding up shares of the associated company 3-5% and creating a spark of positive momentum. Investors are interpreting layoffs as a sign that mega-caps have found…
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The Week Behind Courtesy of Fed Governor Waller backing 25bps at the next meeting, the major indices enjoyed a comfortable rally to end the week. Last week showcased the tale of two markets that has been developing since late last year. On one side, the tech-heavy, soft landing NASDAQ ended the week 0.55% higher. On…
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In the first two weeks of the year, each major has rallied between 3-5%. Select individual names are up 15-30%. There is no debate: 2023 has been a great start for equities, especially for stock pickers. It is important to keep your greed in check. Bears and bulls may not get along, but they both…
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The Week Behind The bull thesis continued to pick up steam. CPI came in as expected, marking the third consecutive MoM decrease in core inflation. Alongside December Payrolls showing wage-inflation may be rolling-over, the data is making a case for the Fed to only hike 25 bps at their next meeting, which would be bullish…
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The Week Behind Behind a bullish embrace of December Payrolls and Services ISM, the majors turned what was looking like a negative week into a positive one. Payrolls showed wage inflation had slowed. For the first time since the COVID-recession, Services ISM revealed contraction. Both suggest services inflation is coming under control. These perceived wins…
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The Week Behind Without any news or headlines, the majors ended last week flat to slightly negative. The DOW lost 0.17%; the S&P 500 skimmed ~0.14%; the NASDAQ stumbled ~0.30%. Highlights Perspective: The New Hurdle Rate The US 1-Year Treasury (US1Y) closed the year with a yield of ~4.7%. In other words, the short-term, risk-free…
Gorilla With Glasses 