Retail Sales Slump Back; Auto Sales In Particular
As with other economic accounts, retail sales dropped back in May after the temporary rebound coincident to calendar effects. Overall sales, including autos, grew just 1.9% over May 2015, well below the 3% level that [...]
Illiquidity, Safe Havens, and the Search For The Trigger
If there seems to be more safe haven demand of late, the increasing odds of British exit from the EU is being blamed. According to Yahoo!Finance, Goldman Sachs sees “kinks” in the option structure, an [...]
Global Asset Allocation Update
The risk budgets are unchanged again this month. For the moderate risk investor, the allocation between risk assets and bonds remains at 40/60. I struggled more with this decision than any in recent memory but [...]
Giving Up on China’s Consumers
As always, there is the attempt to put a brave face on what is shaping up to be the worst year yet. China’s “big 3” economic data were all disappointing in the context of what [...]
A Closer Look: Market Cap
This past week, the S&P 500 Cap-Weighted Index ((IVV)) tested resistance at the 2120-25 level, close to the all-time highs for the market, after a remarkable rebound from its crushing meltdown in January. At least [...]
CNH Stands In
With stocks down for a second day, attention has been focused on the UK vote potentially in favor of leaving the EU. It seems like a naturally disruptive event, or at least in theory, an [...]
More ‘Dollar’ Warning
In August 2013, the Treasury Department through its Treasury International Capital data (TIC) put a scale on that summer’s disruption. With a two month delay, the TIC figures gave us some insight as to why [...]
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