“If you don’t do macro, macro will do you.” – Mitchell Julis Bear market rallies can be fierce. The hope for a bottom ignites a chase, especially when market participants are playing from behind; this only serves to increase exposure when investors should be doing the opposite. That makes this market as difficult as any… Continue Reading
Wednesday morning I wrote the following: “Another all-time high in the Dow Industrials this morning with non-confirmation from the S&P and Russell. Tomorrow we will get the Twitter IPO hooplah which might very well coincide with another all-time high for the S&P 500, a confluence which will only serve to stir the animal spirits more… Continue Reading
Good excerpt from today’s Gartman Letter: We have some concerns about the markets at the moment; they do indeed seem “frothy.” Those concerns are heightened by the fact that late last week what we shall refer to as quasi-or-semi-serious investors put $225 million into Pinterest: a website where people post online images. We think Pinterest… Continue Reading
If you are beginning to get bullish on US equities there are three things to consider: 1) You’re late; year-to-date SP500 +23.6%, Dow Jones +18.8%, Nasdaq +30.5%, Russ2K +31.6% 2) If you couldn’t recognize a bull market in January on the back of US growth accelerating, your investment process is flawed and is not going… Continue Reading
