<Click on chart for larger image> Zero Hedge – “This Has Been The Longest Selling Streak In History” – ‘Smart Money’ Sells For Record 14 Consecutive Weeks Alas, for now it is merely an indicator of precisely what it is: that the smart money still refuses to believe the rally, and following a record 13… Continue reading Smart Money Selling
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Is Too Much Index Investing A Bad Thing? A transcript of the April 28, 2016 conference call. Handout Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/042816.mp3|titles=Conference Call ] Webcast (download if flash video does not work below) [hana-flv-player video=”https://www.biancoresearch.com/bianco/SubscriberArea/042816.flv” width=”600″ height=”495″ description=”” player=”3″ autoload=”false” autoplay=”false” loop=”false” autorewind=”true” splashimage=”https://www.biancoresearch.com/bianco/wp-content/themes/twentyten/images/splash.jpg” /] [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=296″]
Fact Set – Below Average Drop in S&P 500 EPS Estimate For Q2 2016 to Date During the month of April, analysts lowered earnings estimates for companies in the S&P 500 for the quarter. The Q2 bottom-up EPS estimate (which is an aggregation of the EPS estimates for all the companies in the index) dropped… Continue reading An Earnings Update
<Click on chart for larger image> The Economist – Sweet little lies How to read between the lines of companies’ accounts AMERICA’S corporate-earnings season is always a spectacle worth watching. Every quarter, in the space of a few weeks, 500-odd big firms report their results. Together, they are a barometer of the world economy: they… Continue reading Operating vs. Reported Earnings
The Wall Street Journal – Oil Patch Relieved by Price Rebound Rally has been more powerful than most analysts and investors anticipated Oil prices finished their best month in a year on Friday and are headed back toward $50 a barrel, bringing some relief to beleaguered energy producers even though they reported some of their… Continue reading More “Oil Has Bottomed” Talk
<Click on graphic for larger image> Bloomberg.com – Fed Ponders Catchup With Economic Theory Signaling Rates Too Low Federal Reserve officials signaled last week that they expect to raise interest rates twice this year, while investors see only one move. If economic theory is any guide, even the central bank’s more hawkish outlook would still… Continue reading The Fed vs. The Markets vs. The Taylor Rule
The Wall Street Journal – Fed’s Dudley Says Giving More Firms Access to Discount Window ‘Worth Exploring’ Federal Reserve Bank of New York President William Dudley said the powers the central bank can use to step in and aid a faltering financial institution are still flawed, more than seven years after the crisis, and that… Continue reading The Fed’s Discount Window & Status As Lender Of Last Resort
<Click on graphic for larger image> MoneyBeat (WSJ Blog) – For Japanese Government Bonds, Negative Rates Mean Positive Volatility Three months after the Bank of Japan cut interest rates into negative territory, volatility in the Japanese government bond markets has spiked to the highest levels in at least 15 years. That’s bad news for the… Continue reading Negative Rates
<Click on chart for larger image> The Wall Street Journal – Sell Stocks in May? Tempting but Not Very Smart With U.S. stocks near record highs and memories of last summer’s volatility still in mind, investors could be forgiven for wondering whether this is the year to “sell in May and go away.”…There are many… Continue reading Sell In May And Go Away
Bloomberg.com – Mohamed A. El-Erian: Why Currency Markets Seem Erratic At least on paper, the Fed’s small step toward tightening monetary policy was more than offset by the policy loosening that followed by three other systemically important central banks — China, the euro zone and Japan. Deploying a combination of lower interest rates, including negative ones in Europe and… Continue reading Understanding Currencies
The Financial Times – US banks sound caution on commercial property loans Executives say they are tightening lending standards amid concerns of bubbles forming Top US bankers have sounded caution over commercial real estate lending as concerns rise that bubbles are forming in parts of the country’s property market. Lenders have helped fund a boom… Continue reading Commercial Property Warnings