ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
After Turkish President Recep Tayyip Erdoğan’s “war of economic independence” came to an official end, I waited for evidence that the Central Bank of the Republic of Turkey (CBRT) would get serious about fighting inflation. The monetary evidence may have arrived on August 24th in the form of a monster rate hike from 17% to 25%. In … Read more
Stock Market Commentary The annual Jackson Hole confab of central bankers starts this coming Thursday. Almost like technical poetry, the S&P 500 and the NASDAQ are back to the highs directly preceding Jackson Hole 2022. Depending on your perspective, this Jackson Hole redux either represents a bullish confirmation of the market’s resilience after 18 months … Read more
Stock Market Commentary The summer of stocks looks like it is winding down as trading dynamics transition into the stock market’s most dangerous months. The complete reversal of July’s gains on the major indices represents the most ominous sign of the transition. Technology stocks in particular have flipped from rocketships to anchors weighing on the … Read more
Stock Market Commentary A week ago, buyers did their best to push against topping stock indices by restarting overbought conditions. That overbought period lasted just 3 days as a Fitch downgrade of U.S. Treasury debt freshly cooled the summer of loving stocks. The resulting selling confirmed topping conditions and greased the skids of the stock … Read more
Housing Market Intro and Summary May’s housing market was remarkably strong and represented the peak velocity of the spring selling season. June followed up with more relative strength but a slight sequential cooling as mortgage rates continued a march back to the top of the recent range. Housing starts, new home sales, and existing home … Read more