We have a number of biases in terms of the markets. By ‘bias’ we mean that there a few things that we expect to happen with enough conviction that it probably colors much of our work. If, for example, one believes...
Read MoreThe markets responded to Cisco’s earnings report by gapping the stock price higher. In general this means that there is upward pressure on long-term yields as well as a reasonable trend for the dollar. Below is a...
Read MoreIn yesterday’s issue we touched on the topic (again) of Wal Mart’s relative strength. While we acknowledge that this time might be different we have noted on many occasions in the past that when the share price of...
Read MoreWe are going to do something a bit different today. Usually we make an attempt to answer the questions that we raise but in this instance it might work better if we simply focus on the question itself. Let’s see if we can...
Read MoreAt this time of year we always get the sense at the start of the day that something important might happen… but it rarely does. As we mentioned a few weeks ago there have been Augusts that have included important trend...
Read MoreOn the one hand there isn’t an obvious end in sight to the Eurozone crisis. On the other hand slowing growth in China is beginning to weigh on the market’s perception of the trend for commodity prices. If we had a...
Read MoreWe hate to get bogged down with fundamentals but every now and then it helps to show a somewhat different perspective. From Bloomberg yesterday, “The world’s largest economy expanded at a 1.5 percent annual rate in...
Read MoreIn yesterday’s issue we touched on the idea that the share price of Amgen (AMGN) rises in advance of the cyclical trend. In other words Amgen tends to push higher until economic growth has found sufficient traction to push...
Read MoreIn yesterday’s issue we sketched out an argument that suggested that the ratio between Johnson and Johnson and the price of the 30-year U.S. T-Bond futures should rise through the first quarter of 2013. The twist, of...
Read MoreIt is the final day of the Canadian long weekend and for as much as we enjoy sitting in the office hammering out the IMRA… we are going to attempt to do this as quickly as possible.The ongoing argument has been that if...
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