Growling Since 1996
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Daily Market Report Page (09/26)
Weekly Market Summary Page (09/26)
Year End 2010 Summary Page (12/31/10)
Year End 2009 Summary Page (12/31/09)
Year End 2008 Summary Page
(12/31/08)
Crash of 2008 Weekly Summary Page
(10/13/08)
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Previous Week's Commentaries: Monday; Tuesday; Wednesday; Thursday; Friday
Current Links of Interest
Victor
Sperandeo/Curmudgeon: Commodity Update, Fed Meeting, Citi and SoGen, US Dollar
Crash (09/25)
Christopher
Lingle: Failure of Negative Nominal Interest Rates (09/23)
Curmudgeon: Fidelity Corrals
the Largest “Unicorn Herd” – Other Mutual Funds Join the Party (09/21)
Craig
Wilson: David Stockman: Central Bank Era of Bubble Finance Leading to a Dead
End (09/20)
Curmudgeon: BoAML Survey:
Financial Markets Overvalued and Bond Shock Possible; Wage Gains? (09/19)
Curmudgeon/Victor
Sperandeo: Friday’s Stock Market Decline: Complacency vs. New Fed Policy
(09/12)
Victor
Sperandeo/Curmudgeon: What Causes Productivity Growth; Are Taxes Critical to
the Result? (09/11)
Curmudgeon: S&P 500
Earnings Continue to Decline as EPS Estimates are Lowered (09/09)
Suzanne
McGee: Trump Finally Got It Right on the Fed’s ‘False Economy’ – But Will We
Listen? (09/08)
Victor
Sperandeo/Curmudgeon: “Real” Fiscal Policy is and has been Non-Existent!
(09/05)
Victor Sperandeo/Curmudgeon: Janet Yellen’s Jackson Hole Speech: The
Set Up to Raise Rates? (08/29)
Curmudgeon/Victor
Sperandeo: The Pros and Cons of “Buy and Hold” vs. the Next Bear Market (08/22)
Curmudgeon/Victor
Sperandeo: Stock Market Analysis and Perspective On Risk vs. Reward – Part II
(08/16)
Curmudgeon/Victor
Sperandeo: Stock Market Analysis and Perspective On Risk vs. Reward – Part I
(08/15)
Curmudgeon: The
Productivity Paradox – US Economic Long Term Growth Threatened (08/10)
Curmudgeon/Victor
Sperandeo: Does July’s Strong Job Report Mean Happy Times are Here Again?
(08/08)
David Haggith:
This Graph Says It All – US 2016 Recession Already Here! (08/05)
Curmudgeon: Eurozone
Recession Could Cause Big Banks to Fail and Trigger “Bail-Ins” (08/03)
Victor Sperandeo/Curmudgeon:
Integrity of “News Reporting” Has Become Extinct! (08/01)
Curmudgeon: S&P 500
Earnings and Estimates Decline as Stock Prices Soar (07/27)
Alan Newman: Dark Legacy
(07/26)
Victor
Sperandeo/Curmudgeon: Unpubliczed Risks to Global Economy and Financial Markets
(07/25)
Victor
Sperandeo/Curmudgeon: Why Gold Is More Than a “Pet Rock” (07/18)
David
Haggith: Central Bank Wonderland is Complete and Now Open for Business – The
Epocalypse Has Fully Begun (07/14)
Curmudgeon/Victor
Sperandeo: Analysis of the Jobs Report, Record Low Yields and Stock Market
Action (07/11)
David Haggith:
Brexit Beleaguered Bankers Back to Begging for Bailouts! (07/11)
David
Stockman: Here We Go Again – August 2007 Redux (07/08)
Victor
Sperandeo/Curmudgeon: Brexit Reality or Manipulation: Stocks and Bonds Rally;
Treasury Yields at All-Time Low (07/04)
David
Haggith: Economic Predictions for Summer 2016: The Epocalypse Keeps Crashing
(06/29)
Curmudgeon/Victor
Sperandeo: Brexit Post-Mortem: Analysis, Economic Impact, Market Calls (06/27)
David
Haggith: Brexit: Brits Lead Anti-Establishment Rebellion in European Departure
(06/24)
David
Haggith: Why Janet Aint Yellin’ “Higher Interest” Anymore: Jobs Worse than
Expected and Far Worse than Reported (06/22)
John Hussman, Ph. D.:
Imagine (06/21)
Curmudgeon/Victor
Sperandeo: Brexit Explained: Overview, UK Newspaper Positions/Analysis, Market
and Economic Impact (06/19)
Curmudgeon/Victor Sperandeo:
Federal Reserve Bank “Magic Profits” Exaggerates US Corporate Profits (06/14)
Curmudgeon/Victor
Sperandeo: Shockingly Weak Jobs Report Shows Fed is in Another Dimension
(06/06)
Curmudgeon/Victor
Sperandeo: G7 Meeting Highlights and Opinion on Abe’s Economic Distress Call
(05/29)
Victor
Sperandeo/Curmudgeon: China Update: South China Sea Expansion, Economic War,
Market Reaction and Failures of Communism (05/23)
Curmudgeon/Victor
Sperandeo: Dallas Fed: Stock Market Disconnected from Real U.S. Economy (05/16)
Victor
Sperandeo/Curmudgeon/Fiendbear: Potpourrii of Observations on Economy, Markets,
and Politics (05/10)
Curmudgeon/Victor Sperandeo:
Weak Productivity: The Untold Story of the U.S. “Economic Recovery” (05/05)
Victor
Sperandeo/Curmudgeon: Gold – “The Barbarous Relic” – Now in a Bull Market!
(05/02)
Curmudgeon: Disappointing
U.S. GDP is Actually Worse Than Reported! (04/29)
Victor
Sperandeo/Curmudgeon: “Free Trade” – A Fraudulent Name for Trade Bills U.S.
Government Wants to Pass (04/25)
Victor
Sperandeo/Curmudgeon: Trump Assessment and Corruption of the U.S. Presidential
Election Process [Politics] (04/18)
Victor
Sperandeo/Curmudgeon: Yellen and Fed Leaders: No Bubble and U.S. Economy on
Solid Course (Really?) (04/11)
Curmudgeon: Global
Earnings Recession and a Grinding Bear Market (04/06)
Victor
Sperandeo/Curmudgeon: Is the Stock Market Rally Based on Improving
Fundamentals? (04/04)
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Weekly Charts
Dow
Jones Industrials (09/23)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE adv/dec
green line - Dow 21 DMA; red line - 50 DMA
NASDAQ
Composite (09/23)
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green line - 21 DMA; red line - 50 DMA
S&P 500 (09/23)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE VIX
The Fed with its Keynesian vision believes it can hold off a correction forever. In the history of the stock market, that’s never been done.
Confidence and complacency are more acute
now than any time I’ve seen before. All expressions of overvaluation are at historical
extremes. Despite this, most money managers remain in the market. The thesis is
“if it’s going up, regardless of anything else, I want to be in it.” Perhaps
the best indicator of complacency is the VIX which at its current level of 13
tells us that investors see no reason to protect their positions. Every minor
decline is seen as a buying opportunity. The rationale is that the Fed would
not allow anything worse than a 10% decline. If the stock market starts sinking
between now and October 1st, I will be most interested to see if the Fed
eliminates QE.
Richard Russell, 90
year-old publisher of the Dow Theory since 1958.
Archives
The Magic Wand of Liquidity Page (09/26/16)
Fiend's Bear Encounters (1939-42, 1973-74,
1981-82) Page
DJIA, adv/dec, and momentum data
from 1990 to 09/15/16
Market Top of 1968 Revisited
Business Week's The Death of Equities Revisited
Tj's Financial Cartoon Gallery
Miki's Portraits of Some
Bulls of the Millennium
This page was last updated on September 26, 2016.
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