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Weekly Market Pulse: Look Up In The Sky! It’s A UFO! Or Not!

By |2023-02-13T07:51:25-05:00February 12th, 2023|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

As I sit here writing this Sunday afternoon, the US has just shot down a third UFO in the last 3 days in addition to the Chinese "weather" balloon last week. I have no insight into what these things might be but I do wonder if we haven't declared war on the National Weather Service. The federal government has become [...]

Manufacturing Cross-Currents

By |2019-06-26T12:49:37-04:00June 26th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

ACT Research, the leading publisher of commercial vehicle industry data in North America, reported last week that freight rates in for-hire trucking had declined in May. It was the fourth month in row when prices had been pressured. More and more, there is a downturn growing in the transportation sector. Commenting on freight rates, Tim Denoyer, ACT’s VP and Senior [...]

Comprehensive Doubts

By |2016-05-05T19:07:25-04:00May 5th, 2016|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

The underlying fundamentals of oil and energy remain highly negative. Oil prices have been supported by sentiment for some time now, but that hasn’t changed much from between under $30 to over $40 at the front end. In the latest weekly update from the US EIA, domestic oil production fell rather sharply in the last week of April. It was [...]

Let’s Get This Over With: Factory Orders More Toward Finality

By |2016-02-04T16:07:17-05:00February 4th, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

Factory orders declined for the fourteenth consecutive month. At -4.3%, the year-over-year drop wasn’t huge but we are now into comparing consecutive yearly contractions. In other words, factory orders in December 2015 were 4.3% less than December 2014 which were 2.4% less than December 2013. It isn’t so much the magnitude as the time now in that consistency. In seasonally-adjusted [...]

Worried Spectrum of Altered Risks

By |2015-12-14T17:34:47-05:00December 14th, 2015|Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Any ideas about junk bonds outperforming because of the booming economy confirmed by a monetary policy rate hike has been killed and buried. Conventionally, it was assumed that interest rates are not the primary “risk” parameter for high yield corporates of all flavors, and that is correct. Junk issues and lower tier obligors are creatures of the credit cycle, thus [...]

Consumers Borrow But Ports Grow Quiet, A Combination That Does Not Lead Anywhere Good

By |2015-11-19T13:44:13-05:00November 19th, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

The Fed has many problems with its attempt to convince the world that it has itself fulfilled its recovery mission. That self-reflected “mandate” is meant to include a masterful revisit to prior American infatuation with debt and credit. There was no more visible and visceral demonstration of those terms than the middle 2000’s, and it is the intent of monetary [...]

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