Growling Since 1996
Current Date and Time: ;
Daily Market Report Page (01/20)
Weekly Market Summary Page (01/17)
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
Curmudgeon: SoGEN “Bruised
Bears” Shows US Most Overvalued Market (01/12)
EconMatters:
Capital Destruction is a Fascinating Concept (01/09)
Moe
Zulfiqar: Stock Market Crash: 3 Factors Say Big Declines Ahead for Stocks in
2017 (01/05)
David
Haggith: If 2016 Wasn’t the Epocalypse, What the Heck Was It? (01/04)
Curmudgeon: 2016 Market
Review, Fund Flows and Bid Adieu (12/31)
Curmudgeon/Victor
Sperandeo: Trump Viewed Thru Rose Colored Glasses; Victor’s Market Updates
(12/27)
Victor
Sperandeo/Curmudgeon: Short Term Interest Rates, Unemployment, the CPI and
ANIMAL SPIRITS (12/19)
Curmudgeon/Victor Sperandeo:
Ecstatic U.S. Stock Market Defies History and Ignores Increased International
Risk (12/12)
Curmudgeon/Victor
Sperandeo: Italian Referendum Fails, PM Resigns; Possible EU Breakup? (12/05)
Curmudgeon: Russell 2000
Breaks Out to All Time High With a 15-day Winning Streak (11/30)
Victor
Sperandeo/Curmudgeon: The Equity Markets and U.S. Dollar Continue Their Bull
Runs (11/28)
Victor
Sperandeo/Curmudgeon: Effect of Trunp’s Fiscal Policies on Stocks, Bonds, Gold
and U.S. Dollar (11/21)
Victor
Sperandeo/Curmudgeon: A Requiem of the 2016 Election and Market Reaction
(11/14)
Victor
Sperandeo/Curmudgeon: 2016 Election – Impact on Politics, the Economy, and
Markets (11/06)
Curmudgeon/Victor
Sperandeo: GDP Growth Not Likely to Last; Victor’s Market Outlook (10/31)
Curmudgeon: US Debt and
Delinquencies Way Up After 7.75 Years of “Economic Recovery” (10/27)
David Haggith:
Is the Fed Fix in for the Election? (10/27)
Victor Sperandeo/Curmudgeon:
“Helicopter Money” is Coming: Will it Work or Add to the World’s Death Spiral
(10/24)
David
Haggith: Federal Reserve Admits it Never Knew What it was Doing (10/21)
Victor
Sperandeo/Curmudgeon: US Recession Coming Soon; Equities Bull Market Ending and
Bear Growling (10/16)
Curmudgeon: Earnings vs.
Stock Prices and Will a Trio of Warnings Fall on Deaf Ears? (10/10)
Victor
Sperandeo/Curmudgeon: Easy Money Policies Encourage Financial Risk
Taking; NOT Capital Investment (10/10)
Curmudgeon/Victor
Sperandeo: Is Deutsche Bank a Serious Threat to the Financial and Monetary
System? (10/04)
Curmudgeon: Bull Market
Top Checklist (09/28)
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)
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Weekly Charts
Dow
Jones Industrials (01/13)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE adv/dec
green line - Dow 21 DMA; red line - 50 DMA
NASDAQ
Composite (01/13)
red line - 50 DMA; green line - 200 DMA
green line - 21 DMA; red line - 50 DMA
S&P 500 (01/13)
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 (01/17/17)
Fiend's Bear Encounters (1939-42, 1973-74,
1981-82) Page
DJIA, adv/dec, and momentum data
from 1990 to 01/17/17
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 20, 2017.
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Since May 7th, 1997, this page has
been accessedtimes.