Growling Since 1996

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Daily Market Report Page (01/22)

Weekly Market Summary Page (01/21)

Year End 2018 Summary Page (12/31/18)
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)

Click here for latest quotes for the week

Previous Week's Commentaries: Monday; Tuesday; Wednesday; Thursday; Friday

Current Links of Interest   

David Haggith: Federal Reserve Confesses Sole Responsibility for All Recessions (01/17)
Curmudgeon/Sperandeo: Stock Buybacks Exposed: Record Year, Outlook and Examples; Lower Growth=Lower P/E (01/13)
Sperandeo/Curmudgeon: Fed Chair Sets New Record: 180 Degree Flip Flop in 15 Days! (01/06)
Sperandeo/Curmudgeon: Thoughts on the Decline in U.S. Productivity and Standard of Living (01/03)
David Haggith: Angry Gartman: “We Are Supposed to Believe the Bull Market is Still Intact? Utter and Complete Nonsense” (01/03)
David Haggith: The Roar of Stupidity is Now Deafening (01/02)
Sperandeo/Curmudgeon: Bear Market, Corrections and Recession Lead Times (12/30)
David Haggith: It’s Up, It’s Down, It’s Done – a Day in a Year of the Dow (12/30)
Curmudgeon: Quick Takes and Shadowstats’ Thoughts on the U.S. Stock Market (12/28)
David Haggith: Fed Med is Dead: How We Went From Fake Recovery to Freefall (12/27)
Sperandeo/Curmudgeon: Bear Market Update and New Investor Psychology (12/24)
David Haggith: Something Wicked This Way Comes. Is it the Fed? Is it the President? Is it the Treasurer? (12/24)
Sperandeo/Curmudgeon: Superior Long Term Indicators Say U.S. Stocks are in 2^nd Leg of a Bear Market (12/23)
David Haggith: Stock Market Hangs on Edge of Very Big Cliff (12/18)
Curmudgeon/Sperandeo: December 2018 Fed Meeting and the Markets (12/16)
Curmudgeon: Dow Theory Sell Signal Triggered Yesterday—Yet No One Noticed! (12/11) 
Curmudgeon: Are U.S. Stocks in a Bear Market or Just a Correction? (12/09)
Curmudgeon/Sperandeo: Post Midterms Stock Market Outlook: History vs. Fundamentals in Conflict (11/12)
Sperandeo/Curmudgeon: U.S. Financial Markets, Outlook, and the Fed (11/04)
Curmudgeon: Ready, Set, Go: Global Debt Implosion, Deleveraging, and Quantitative Tightening (09/10)
Curmudgeon: Longest S&P Bull Market with Many Bear Markets; Seaonality Fails in New Era (08/19)
Curmudgeon: U.S. Budget Deficit Rising (Should be Falling); Impact on Borrowing and Interest Rates (08/06)
David Haggith: Icarus Flies, but FAANGs Fall from the Gaping Maw of US Stock Market (08/06)
David Haggith: Fabulously Fake Facts – “G” in GDP Stands for “Gullibility” (08/01)
David Haggith: Housing Market Collapse 2.0 Accelerates Rapidly! (07/30)
David Haggith: The Economy is Cracking Up. Are You? (07/23)
David Haggith: Epocalypse Ahead On Highway to Hell For Global Economy and US Stock Market (07/02)
Curmudgeon: Mega Tech Stock Weighting and Outsized Gains Makes Nasdaq and S&P 500 Dangerously Undiversified (07/01)
MarketWatch: This 501-day Trading Streak for the Dow Just Came to a Screeching Halt (06/26)
Sperandeo/Curmudgeon: New Era Economy and Financial Markets Explained—Part II (06/20)
Sperandeo/Curmudgeon: New Era Economy and Financial Markets Explained—Part I (06/18)
David Haggith: Death of the Great Recovery Part 3: Housing Collapse 2.0 Has Begun (05/30)
David Haggith: Death of the Great Recovery Part 2: The Second Coming of Carmageddon (05/07)
David Haggith: Stocks Perfectly Poised to Plummet Past Point of No Return (05/04)
David Haggith: The Dumb Money is Helping the Smart Money Exit the Stock Market (03/12)
David Haggith: All Fed up on Peak Debt (03/05)
David Haggith: As a Matter of INTEREST, Talk of Inflation Fear, the Fed’s Perfect Unwind, Concern about Wages is ALL Economic Denial (03/02)
Curmudgeon: Results of GOP Tax Bill: Big Surprise in 4thQ 2017 DJIA GAAP Earnings while Stock Buybacks Accelerate as Predicted (02/27)
Sperandeo/Curmudgeon: Market Risks, Problems and Positions – Part II (02/15)
Sperandeo/Curmudgeon: Stock Market Volatility vs. U.S. Budget Deficits and Debt at a Tipping Point? [revised] (02/14)
David Haggith: Stock Market’s Massive Moves Not Seen Since Great Recession (02/12)
David Haggith: Groundhog Day Drives Market 666 Points Below Ground (02/05)
Curmudgeon: Does the U.S. Government Want a Strong or Weak Dollar? (01/29)
Curmudgeon: Ray Dalio from Davos: Cash is STUPID + Chart of the Century (01/26)
David Haggith: I Bet My Blog on a 2018 Economic Collapse – 2018 Economic Predictions (01/23)
Curmudgeon: Strong Earnings Power Stocks Rapid Rise in 2018…or Maybe Not? (01/22)
Curmudgeon: Implications of Surging Momentum and Highlights of BoAML Fund Manager Survey (01/17)
Curmudgeon: Investors Intelligence Bull/Bear Ratio at All Time High! [Chart] (01/16)
Curmudgeon: U.S. Equity Market Celebrates the New Year; Champagne Sparkles Till Time is Up (01/08)
Curmudgeon/Sperandeo: Global Stocks Defying Skeptics; 2018 Outlook and Bull Market Tops (01/03)
David Haggith: The Ghosts of Crashes Past, Recent, and Future as they Appeared on this Blog (12/29)
Curmudgeon: U.S. Corporate Tax Cuts Boost a Market Dominated by New Era Thinking (12/26)
Curmudgeon: Charts Indicate That Central Banks Must Tighten Monetary Policy: Part II (12/11)
Curmudgeon: Charts Indicate That Central Banks Must Tighten Monetary Policy: Part I (12/09)
John Maudlin: There’s Overwhelming Evidence That the U.S. Stock Market Is Heading For Disaster (12/06)
David Haggith: Stock and Awe, Bears in Bondage (11/08)
David Haggith: US Stock Market Whistles Past the Graveyard (10/11)
David Haggith: Graphic Anatomy of a Stock Market Crash (08/09)
David Haggith: US Economy Keeps Moving Into Summer Storm (07/14)

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Past Links of Interest

    Current Market Data

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Current Market Data: Dow averages, S&P 500, Nasdaq, and bonds
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Inflation Calculator From DollarTimes$

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   Weekly Charts

Dow Jones Industrials (01/18)

red line - 50 DMA; green line - 200 DMA; pink line - NYSE adv/dec

green line - Dow 21 DMA; red line - 50 DMA
 

NASDAQ Composite (01/18)

red line - 50 DMA; green line - 200 DMA

green line - 21 DMA; red line - 50 DMA

       S&P 500 (01/18)

red line - 50 DMA; green line - 200 DMA; pink line - NYSE VIX

Notable Quote(s):
 

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 (01/18/19)
Fiend's Bear Encounters (1939-42, 1973-74, 1981-82) Page
DJIA, adv/dec, and momentum data from 1990 to 12/17/18
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 January 21, 2019.

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Since May 7th, 1997, this page has been accessedtimes.
 

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