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2016: The Year in Charts

These are the charts and themes that tell the story of 2016… I. The Worst Start in History (January) The year started off with a bang as the S&P 500 declined 4.9% in its first 4 trading days, the worst start to a year in history. I cautioned at the time: “predicting bad things for the […]

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Embracing Panic

“I tend to stay with the panic. I embrace the panic.” – Larry David The stock market was down today. That fact alone is not at all unusual (47% of all days are negative historically). What was somewhat unusual is the aggressiveness of the selling in today’s session, what some would refer to as “panic […]

Is the Bond Bear Market Finally Here?

“Arriving at one goal is the starting point to another.” – John Dewey No one has been more wrong about the future than bond bears.  That may be about to change. For years, talking heads, analysts, and market prognosticators have been calling for higher rates.  I can’t begin to tell you how many conferences I’ve […]

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Coming Crisis or Opportunity?

“There cannot be a crisis next week. My schedule is already full.” – Henry A. Kissinger One of the most underappreciated market dynamics over the last several years has been the fact that the bull market in US stocks has largely been led by all the wrong stuff.  Bull markets tend to be led by […]

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Winners Average Losers

“Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations that you don’t have control.” – Paul Tudor Jones Paul Tudor Jones is one of the greatest traders of our time. So when he says don’t average losers (don’t add […]