ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
Housing Market Intro and Summary June’s housing market showed some evidence of slight cooling with the Spring selling season in its late stages. July’s housing data showed a widening divergence in fortunes between an on-going decline in existing single-family home sales and resilient activity for new single-family homes. Enveloping both markets are elevated pricing pressures. … Read more
Stock Market Commentary Jackson Hole did not provide the market moving spark that I expected. Instead, soft economic news delivered the decisive interpretation of future monetary policy required to provide a fresh catalyst for stocks. The bullish spark caught me flat-footed as I was leaning into imminent oversold trading conditions. Fortunately, the sentiment shift was … Read more
Stock Market Commentary Stocks stumbled their way through a week fraught with hopes and fears for Fed Chair Jerome Powell’s speech at Jackson Hole. With looming oversold conditions, the most significant technical event occurred with a bearish engulfing right under important resistance levels for both the S&P 500 and the NASDAQ. The relief buying that … Read more
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