March Sadness

“Show me someone who has done something worthwhile, and I’ll show you someone who has overcome adversity.”                      — Lou Holtz The Japanese disaster, as sadly horrific as any, is not anything that a seasoned veteran of California’s earthquakes could come... [more]

A Go-Slow Market

 “Whenever you find yourself on the side of the majority, it is time to pause and reflect.” — Mark Twain         Shares remain firmly under the trance of rotation out of bonds and EM, with a dash of good data here and a pinch of good earnings there. The disappointing January jobs data was explained... [more]

The Wild Card

“I use technical analysis a great deal and it is terrific, but I can’t hold a position unless I understand why the market should move.”         –Bruce Kovner, Market Wizards: Interviews with Top Traders Shares are being driven by an economic expansion that until recently was not taken seriously by many market participants.... [more]

The Consistent Bid

“Failure is not falling down but refusing to get up.”                     –– Chinese Proverb Shares advance in stair-step fashion, perhaps the healthiest way for a market to rise, if not the most instantly gratifying. Markets like these, with fervent breadth and leadership, usually end... [more]

The Kashmir Market

“The whole inspiration came from the fact that the road went on and on and on… there was seemingly no end to it…” — Robert Plant, on the Page/Plant/Bonham composition “Kashmir” A market advance that has reminded one of the classic-rock radio staple “Kashmir,” and its seeming inability to end, is faced with... [more]

The Santa Claus Rally Sleepwalk

“The only thing that I know for certain is that I know that I know nothing.” — Descartes The big picture is that of a market discounting a transition from economic recovery to expansion into 2011H2. Fundamentally, the twin drivers have been the extension of the Bush tax cuts and QE2. Technically, this... [more]

A Watched Pot Never Boils

“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”                                          — George Soros Like a dog with a bone, institutional participants have been persistent... [more]

Sold on Gold

Sold on Gold “After the printing press, the guillotine.”                 –French Revolution anecdote Given the extent of the advance, 14% in four weeks, prices could come off well more, down to the vicinity of the 50MA in... [more]

Here Comes The Sun

“Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.” — Michael Carr The takeaway of the past fortnight has been the accumulation seen in the liquid glamours, those must-own names that institutions have to traffic... [more]


“Risk more than you can afford to lose, and you will understand the game.” — Sir Winston Churchill The major averages’ digestive activity of the past three days is desirable following the 5.7% the three days’ previous. Of note are the three major accumulation days in the Nasdaq out of... [more]