March 30, 2020 | Daily JAM, Mid Term, Morning Briefing, You Might Have Missed |
As of noon New York time, today March 30, U.S. benchmark West Texas Intermediate fell another 5.67% to $20.29 a barrel. International benchmark Brent dropped 9.83% to $22.45 a barrel. That's an 18-year low for oil. And worse is yet to come. The world has run out of...
March 29, 2020 | Daily JAM |
On Tuesday past, to take a random recent date, 279,018 people passed through security at a U.S. airport. That compares to 2.2 million on the same day a year ago. The recent coronavirus rescue bill allocates $50 billion to U.S. passenger airlines, half in loans and...
March 29, 2020 | Daily JAM |
Some tough news that's likely to produce startling volatility again. Wednesday, April 1, brings the Purchasing Managers' Index from the Institute for Supply Management for the manufacturing sector. Economists are expecting further contraction in the index for March....
March 28, 2020 | Daily JAM, Friday Trick or Trend |
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Saturday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. Did you...
March 28, 2020 | Daily JAM |
A mortgage crisis again? Yep. As part of a credit crunch ignited by the coronavirus recession. On top of the $2.2 billion that the Coronavirus rescue bill now in front of the House of Representatives allocated to checks to individuals, loans and grants to companies,...
March 27, 2020 | Daily JAM |
We won't know until March 31 when he purchasing managers' indexes for China are released but it looks like China will see its first quarterly contraction of its economy in decades and the weakest year since 1976. The problem is that just as Chinese factories are going...
March 27, 2020 | Daily JAM, Short Term, Volatility, You Might Have Missed |
For a while it looked like bullish investors and traders would manage to pull the market even into the close. That would have been quite a positive feat after a huge 3-ay rally and going into a weekend. At 3:27 p.m.New York time today the Standard & Poor's 500 was...
March 27, 2020 | Daily JAM |
The U.S. oil and natural gas industry idled 40 more drilling rigs this week. That brings the U.S. total to 59 rigs idled in the last two weeks, almost 9% of the rig total. Worse yet, more than half of the idled rigs were in the Permian basin of West Texas. That...
March 27, 2020 | Daily JAM, Morning Briefing |
The House of Representatives jumped one last procedural hurdle and sent the $2.2 trillion coronavirus bill to President Trump for his signature. Meanwhile... Italy reported 919 coronavirus deaths in one day, the largest single-day toll reported by any country. The...
March 26, 2020 | Daily JAM |
On top of the $2.2 billion that the Coronavirus rescue bill now in front of the House of Representatives allocated to checks to individuals, loans and grants to companies, extra unemployment insurance and more, the bill also gave the Treasury the go ahead to backstop...
March 26, 2020 | Daily JAM |
It's my contention that the economy and the financial markets won't get back to normal until 1) we can see an actual decline in coronavirus cases and deaths in the United States, and 2) companies, seeing at least a stabilization in the pandemic call their employees...
March 26, 2020 | Daily JAM, Short Term |
Okay, you knew the punchline was coming. After dropping 11.9% in 1929 as the Crash and Great Depression got rolling, the Standard & Poor's 500 fell 28.5% in 1930. And then, in 1931, it staged that big short-term rally that we've just surpassed. After starting the...