Douglas R Terry, CFA

Liquidity is an Endangered Species

Manipulated, Controlled markets with a sparse number of large, speculative participants are not deep, liquid, healthy markets. Cash Hard to Raise as Fed Jars Credit Markets Click here to sign up for our free weekly e-newsletter. For information on Alhambra Investment Partners’ money management services and global portfolio approach, Douglas R. Terry, CFA is reachable at: dterry@alhambrapartners.com

On June 25th, 2013, posted in: Markets by

Tactical Update

Better growth for the US economy is right around the corner, we can sustain higher interest rates, we don’t need artificial assistance.  Oh shit, sell everything.  The US stock market was off 4% from Wed announcement to Thu close.  In fact every major asset class was down during this period, including short term US treasuries. .. read more

On June 23rd, 2013, posted in: Markets by

Tactical Update

As reported last week, we added some companies from our watch list.  The expectation is that these buys will eventually be offset with sales of companies which we don’t feel offer the upside potential. The market did not start the week strong.  It headed south and tested the 50 day technical line again; support did .. read more

On June 16th, 2013, posted in: Global Opportunities, Stocks by

Tactical Update

As we’ve been reporting, the economic data has been showing weak performance.  But, the market hasn’t seemed to mind.  QE is in high gear.  It is supporting asset prices as the over-leveraged sectors of the economy heal themselves.  The banking and household sector received bailouts and a slow healing process puts them in a better .. read more

Tactical Update

The Nikkei moved down over 7% in one day this week.  The S&P put out a potentially bearish technical sign, A Key Reversal.  The market experienced flash crashes toward the end of the week. Despite the out-sized monetary support, there is still plenty to find concerning. Global Opportunities: Rebalance the small Vix hedge.   We have recently added .. read more

Tactical Update

One of the top story lines of the past 6 months has been the BOJ, Abenomics, and the dramatic repricing of the Yen.  To date, we are looking at about a 25% drop in the value of the Yen.  This is a transparent initiative to double the monetary base over the course of 2 years and .. read more

Tactical Update

Global Opportunities Initiate CHK Our portfolio has recently been focused on technology and healthcare and underweight energy.  There is room to add a value energy stock and we think natural gas has more room to run.  Rig counts are down.  We are seeing steady price increases in the physical.  Natural gas is a clean fuel .. read more

On May 5th, 2013, posted in: Markets by 1 Comment

Tactical Update

Here is a list of things that concern us. Fed incentivized risk seeking  A recent surge in risk asset prices Continued global rebalancing Continued global deleveraging Bail-ins as much or more than bail-outs Continued excess leverage in the banking sector Technical indicators rolling over and flashing orange Tired fiscal houses Tired fundamentals Experimental Monetary Policy .. read more