Wealth Creation Through Natural Resources
The Dow Jones Transports have been putting in a top for the last six months, ever since the parabolic rally of October/November 2014: This is at least the 6th test of the 8500-8600 support/resistance zone since last December and … Continued
A couple of noteworthy charts from the RBC technical analysis team: Dow theory non-confirmation: Despite the S&P 500 essentially sitting at all-time highs and the TSX Composite resting just below all-time highs we are seeing a lot of … Continued
The following chart tells a timeless tale of investor psychology: As equity prices trend higher investors are willing to take more risk, however, at the first sign of a market downturn investors are quick to liquidate positions and exit … Continued
When David Einhorn speaks, I listen: “Bottom-up: Short candidates are easy to find, but as noted above, the opportunity set on the long side is quite constrained. Most of the investment theses we have reviewed over the past several months … Continued
Which of these 5 charts doesn’t fit with the others?… Bloomberg Economic US Surprise Index Yardeni Global Growth Barometer & S&P 500 Monthly Core Retail Sales S&P 500 US Inflation Rate What do you guys … Continued
Non-GAAP earnings per share or “adjusted” EPS is the number that companies would like investors to focus on because it excludes so called “non-recurring” items such as restructuring charges, stock based compensation, and goodwill impairments etc. As a rule non-GAAP … Continued
As illustrated by the following 2 graphics US equity investors have gone from greed to fear in exactly one month despite a relatively small movement in the market (3% in the S&P 500): While the recent price action, flattening … Continued
US equities have come under heavy pressure this week after the small-cap Russell 2000 post yet another all-time high last week. There are more than a few signs that all is not well for equities, however, the situation is not … Continued
The main driver of the US equity bull market and the recent slew of all-time highs has undoubtedly been corporate stock buybacks. Nearly 3/4 of S&P 500 companies (72%) participated in share buybacks during the 4th quarter of 2014 and … Continued
I was chatting with renowned technician J.C. Parets a couple of days ago for an interview that will be publish next week and he mentioned the Fibonacci cluster around 2140 on the S&P 500 as an upside target for the current … Continued