The central bank has fostered an unprecedented amount of risk-taking at the expense of the long-term health of the economy.... Read More
For weeks we have been detailing the unfolding retail mania in the stock market. It seems to be going to new heights.... Read More
Worldwide COVID-19 growth is still making new highs. In the United States, Arizona is shaping up as a test case for how to deal with a second wave.... Read More
The world is not flattening the curve. The U.S. still has hotspots in the southeast and out west.... Read More
Is the bond market offering proper signals anymore? Is it a true reflection of market sentiment or a distortion from extreme Federal Reserve policy? ... Read More
*While the number of new daily infections is slowing in the U.S., that is not the case worldwide. *Deaths in the U.S. are still far surpassing the total suggested by statistical models during normal periods. *COVID is highly concentrated in large urban areas.... Read More
53% of households owning mutual funds make more than $100k per year.... Read More
Active equity funds continue to charge 10x the fees of passive equity funds.... Read More
Over a third of U.S. households own an IRA. The difference in ownership between the highest and lowest income buckets is staggering.... Read More
A look at the holdings of government-only money market funds versus prime money market funds... Read More
The Fed may be debating yield curve control, but the market is acting as though it already started. The Fed's massive purchases of bonds over the last ten weeks is shrinking the size of the bond market available to the private sector. Bond market volatility is disappearing and yields are trending sideways.... Read More
Data from the options market further supports the case that the retail crowd should be taken very seriously.... Read More
We have been chronicling the retail mania to buy stocks. This really began in March as the public looked at the historic collapse as a tremendous opportunity.... Read More
Stock and corporate bond markets have stalled in the last month. Only the six FAANMG stocks are moving forward. Is the bear market rally over?... Read More
The areas of the country with the least evidence of an infection peak seem to be moving fastest to restart. And the evidence is the re-start, to-date, has been very slow.... Read More
We believe there is little doubt the U.S. stock market is seeing a full-blown retail mania. It is possibly equal to, if not larger than, the retail mania during the peak of the tech bubble of 2000.... Read More