Is This 1929?
From August 24, 1921 through September 3, 1929, the Dow Jones Industrial Average surged from 63.90 to 381.17 (+497%). From March 9, 2009 through November 19, 2021, the NASDAQ Composite surged from 1,268.64 to 16,057.44 (+1166%). In terms of the…
The Technical Case For A NASDAQ Bear Market
The NASDAQ appears to me to be in serious technical trouble. For a while now, I’ve been writing about the “stealth bear market”. That is, important but not leading stocks have been breaking down beneath the surface without doing much…
PG Earnings And The Inevitable Regime Change
Wednesday morning, storied consumer goods company Procter & Gamble (PG) reported 4Q21 earnings. PG is a $400 billion behemoth and you likely use many of its products everyday like Crest toothpaste, Charmin toilet paper, Tide laundry detergent and Head and…
QQQ < $380, NASDAQ Closes At 3-Month Low
On Thursday, the bears got to the generals, breaking many of them down below key support levels. The QQQ closed below the crucial $380 for the first time since late October 2021. Microsoft (MSFT) – the 2nd largest stock in…
The New Age Metaphysics Of Contemporary Investing
2021 was a year that will be long-remembered for retail investors’ flash-mobbing of “meme stocks” thanks to social media sites like Reddit and online trading platforms like Robinhood. The rocket ship emojis and popular trends that included trading in non-fungible…
Bears Get To The Big 7 – And It May Not Be Over
Up until this point, we have experienced what I have termed a “stealth bear market”. That is, many of the important but not leading stocks have been beaten down. For example, as Willie Delwiche tweeted yesterday in the chart above,…
From Whatever It Takes To Retiring Transitory – The End of the Post-COVID Bubble
On Monday March 23, 2020 before the market opened – in the midst of the COVID panic – Chairman Powell essentially told financial markets that he would do whatever it took to support financial markets: The Federal Reserve will continue…
Santa Comes Early
Stocks had a furious rally the last three days of the holiday shortened week. On Thursday, the S&P was +0.62% to 4,726 (a new all time high), the NASDAQ was +0.85% and the Russell +0.89%. I don’t want to be…
CarMax As Microcosm
$20 billion used car retailer CarMax (KMX) reported earnings for the quarter ended November 30 Wednesday morning. While the top line was on fire at +65% this didn’t translate to the bottom line with EPS up only 15%. Why? Similar…
Stocks Fall Again On Omicron And Manchin
Stocks fell again Monday on concerns about Omicron and Senator Manchin blocking the Build Back Better stimulus bill. The S&P was -1.14%, the NASDAQ -1.24% and the Russell -1.57%. NYSE + NASDAQ Advancers to Decliners were 1,933 to 6,121 on…