Market Brief – Friday 3/8/19

February’s Nonfarm Payroll report was a dud. Against expectations of a +180k print, February payrolls increased by a scant +20k. The prior two months were revised higher, but only by +12k. The report gets worse when adding the birth-death model numbers in, which added +137k jobs, meaning the actual report is a -117k jobs created … Read more

Market Brief – Thursday 3/7/19

In overnight news, the European Central Bank (ECB) announced they will not raise interest rates in 2019. In addition, the ECB announced it will make stock-based loans available to banks at very low-interest rates, which is likely zero. It is concerning that the ECB is willing to make stock-based loans to member banks who are … Read more

Market Brief – Wednesday 3/6/19

Stocks were down on light volume as corporate share buybacks lose their muster when trading volumes fall. Treasury yields were also down across the board, with 5- and 10-year Treasury yields closing under their 50-day moving averages. Thirty-year Treasury yields are not far behind. The EIA reported crude inventories as Crude +7.07mm (exp +1.45mm), Cushing … Read more

Market Brief – Tuesday 3/5/19

Stocks were flat at open as the S&P 500 is staring its overhead resistance level right in the face. Treasury yields also started higher, as investors look towards higher yields to provide propellant for the equity market. While the ISM Manufacturing surveys showed the manufacturing sector slowed in February, the ISM Services sector continues to … Read more

Market Brief – Monday 3/4/19

The Trump Administration pumped stocks just before the market closed on Friday and pumped again just before the futures market opened on Sunday with the news that the trade war was almost over. The trade war has almost been over for months, but there are no laws to prohibit government officials from pumping stocks. The … Read more

Market Brief – Friday 3/1/19

In overnight news, South Korean exports, which lead S&P 500 Earnings Per Share (EPS) growth, fell -11.1% year-over-year in February. This is bad news for the global economy, yet stocks rose as investors are completely detached from the global economic slowdown. U.S. equities and Treasury yields started the day higher, as the Bulls made another … Read more