Growling Since 1996
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Daily Market Report Page (01/26)
Weekly Market Summary Page (01/26)
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: Europe and the New World Order; Gold Has Bottomed! (01/26)
David Theroux: C.S Lewis
on Mere Liberty and the Evils of Statism [Video] (01/21)
Victor
Sperandeo/Curmudgeon: Financial Markets Roiled as SNB Ends Three-Year-Old Cap
Against Euro (01/20)
John
Hussman: The Line Between Rational Speculation and Market Collapse (01/16)
Curmudgeon/Victor
Sperandeo: High Valuations for IPOs and Private Tech Firms Imply This Time is
Different (01/10)
Victor
Sperandeo/Curmudgeon: 2014 Recap and a Look Ahead to 2015 (01/06)
Adam
Hamilton: Has the Fed Abandoned the Stock Market? (01/05)
Comstock
Partners: This is Why the Fed Is Between a Rock and a Hard Place (01/02)
Curmudgeon/Victor
Sperandeo: Cyber-attacks and Data Breaches Pose Huge Threat to U.S. Economy (12/29)
Stephen
Roach: The Fed Sets Another Trap (12/24)
Bill
Bonner: How the US Federal Reserve Makes Counterfeit Money (12/23)
Curmudgeon/Victor
Sperandeo: Analysis and Economic Impact of U.S. and Cuba Rapproachement (12/22)
Berikan
Komentar: Fed Caused Oil Crash, Stocks Next – Top Analyst (12/18)
Michael
Snyder: Is This the Start of the Next Major Financial Crisis? (12/16)
Victor Sperandeo/Curmudgeon:
How Long Can Global Equities Continue to Ignore Deteriorating Economic
Fundamentals? (12/15)
Bill
Holter: Loss of Control: The Current Financial Bubble is Busting? (12/11)
Curmudgeon/Victor
Sperandeo: Strong U.S. Jobs Report Masks Deeper Economic Problems (12/09)
Michael
Pollaro: Does the Oil Price Collapse Put the High Yield Market at Risk? (12/02)
Curmudgeon/Victor
Sperandeo: Oil Price Crash is a Double-Edged Sword (12/01)
Thomas Meyer: The Last Days of Pompeii (12/01)
Tyler
Durden: Veteran S&P Futures Trader: I am 100% Confident That Central Banks
Are Buying S&P Futures (11/25)
Curmudgeon/Victor
Sperandeo: Disappointing Global Growth and Illusion of an Infinite Economy
(11/24)
Charles
Hugh Smith: The Astonishing Rise of Central Bank Fear (11/24)
Greg
Hunter: Peter Schiff: Confusing a Bubble For a Genuine Recovery (11/18)
Curmudgeon/Victor
Sperandeo: The Silence is Deafening: U.S. Stock Market Doesn’t Have a Care in
the World? (11/17)
Michael
Pollaro: The U.S. Money Supply Decelerates in October, the Risk of an Economic
Bust Just Went Up (11/17)
Alan Newman: A Recipe For
Disaster (11/13)
Michael
Snyder: If Everything Is Just Fine, Why Are So Many Smart People Forecasting
Economic Disaster? (11/12)
Victor
Sperandeo/Curmudgeon: The Politics of the Economy – After the Election (11/10)
Curmudgeon/Victor
Sperandeo: Revisiting Dow Theory and Bank of Japan’s Shock and Awe (11/03)
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Weekly Charts
Dow
Jones Industrials (01/23)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE adv/dec
green line - Dow 21 DMA; red line - 50 DMA
NASDAQ
Composite (01/23)
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green line - 21 DMA; red line - 50 DMA
S&P 500 (01/23)
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 (01/26/15)
Fiend's Bear Encounters (1939-42, 1973-74,
1981-82) Page
DJIA, adv/dec, and momentum data
from 1990 to 01/15/15
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 26, 2015.
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