Market Brief — Thursday 9/20/18

Who is buying stocks at their all-time highs? Corporations. Margin debt growth has dramatically slowed due to higher interest rates. Retail and foreign fund flows have also slowed significantly. Corporations continue to repurchase their stock to allow their executives to cash in on their lucrative stock options. When the last marginal buyers are corporations, investors … Read more

Market Brief — Monday 9/17/18

After months of ignoring President Trump’s intent to escalate the trade war, stocks finally reacted as President Trump is expected to enact an additional $200 billion of tariffs later today. Treasury yields fell most of the day and for the fifth time in the past nine months, 10-year Treasury yields closed below 3%. It is … Read more