We’re halfway through a secular bear market in equities…. It means you can’t really be a buy and hold investor.
– David Rosenberg, Chief Economist, Gluskin Sheff & Associates, on CNBC’s Squawk Box, July 7
David Rosenberg, former Chief North American Economist at Merrill Lynch, was the guest host on CNBC’s Squawk Box this morning. Rosenberg is one of the best in the business and has been way out ahead of the rest of Wall Street on the current crisis. For the quote about a secular bear market, scroll forward to about 4:30 and the quote itself comes around the 5:00 min mark.
MOMENTUM is one of the great puzzles of finance. It is the tendency for stocks that have previously risen to keep going up. Of course, it does not square with efficient market theory, which states that past price information tells…
The market is selling off Thursday ahead of Powell’s keynote speech tomorrow morning at 10am EST at Jackson Hole. The odds of a 25 basis point cut on September 17 have decreased from 92% a week ago to 73.5% today….
The S&P broke out to new all time highs Thursday in the wake of the Fed’s 50 basis point cut to the Federal Funds Rate on Wednesday. While it is consolidating a bit today (Friday), as long as it stays…
Really there wasn’t too much to be excited about today. But that didn’t stop stocks from putting in a nice up day approaching their record highs: Dow: +100 to 13878 (July 19 record: 14000) S&P: +8 to 1525 (July 19…
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All you really need to read to understand today’s market crash is an article on the front page of The Wall Street Journal titled: “Banks Delay Sale of Chrysler Debt As Market Stalls” (subscription required). If you really want to…