December 4, 2017 | Daily JAM, Morning Briefing |
Technology shares continue to sell off today and bank shares continue to climb as the financial markets react with optimism to the Senate’s vote to pass a Republican tax cut. Today everyone is looking for a sector that might benefit from the legislation. Car dealerships are up on a favorable bit of tax treatment in the bill, for example. But even restaurant shares are soaring on a vague belief that the sector will benefit from faster economic growth
November 29, 2017 | Daily JAM, Morning Briefing, Short Term |
The Standard & Poor’s 500 was off 0.04% today. That’s a remarkably good performance given the rout in technology stocks. The Technology Select Sector SPDR ETF (XLK) was down 2.21%. If not for bank stocks, the entire market would have been sent reeling today. But bank stocks shouldn’t be rallying on a flattening yield curve. What’s up?
November 28, 2017 | Daily JAM, HDB, Stock Alerts |
It's only sensible to worry about numbers like these--they're just so deliciously good. For the last 10 years, India's HDFC Bank has been able to grow its loan portfolio by 31% annually. It's deposit base has expanded at almost the same rate, 29% annually. That...
November 6, 2017 | Daily JAM, Uncategorized |
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October 17, 2017 | Daily JAM |
Wall Street–and especially JPMorgan Chase CEO Jamie Dimon–may hate the crypto currency bitcoin. Dimon has promised to stop talking about bitcoin but he just can’t seem to help himself. Bitcoin is a “fraud” and people who buy Bitcoin are “stupid.” But that isn’t stopping Wall Street and big tech giants rom buying whole companies working on blockchain, the technology behind bitcoin
October 15, 2017 | Daily JAM |
Last week, the Standard & Poor’s 500 went just about no where. We started the week at 2549 on the S&P 500 (that was the October 6 close) and ended at 2553 at the close on October 13. Check my math but that’s 4 points on the week for an index at 2550. That qualifies as massive sideways. Which can be a good thing.
October 13, 2017 | Daily JAM, Morning Briefing |
What came as a genuine surprise to me–and what has far bigger negative implications for the U.S. economy than any continued slump in trading revenue–was news that Citigroup and JPMorgan, two of the biggest banks in consumer finance (read credit cards) had taken big new hits in their consumer lending businesses. Citigroup, for example, booked $252 million in credit losses. JPMorgan Chase’s credit costs rose by $200 million from last year because of higher charge offs in its credit card business.
October 8, 2017 | Daily JAM |
Earnings season heads for serious territory this week with reports from Citigroup (C) and JPMorgan (JPM) before the market open on Thursday October 12, and from Wells Fargo (WFC) and Bank of America (BAC) before the market open on Friday October 13. Bank earnings are especially important because the financial sector has been the key support for the continued rally in stocks over the last month
October 5, 2017 | Daily JAM, KBWB, Perfect Five-ETFs |
Now we get to a really, really hard pick. It’s so hard because our rules, assumptions, and portfolio allocations for fixed income assets is so heavily influenced by a fifteen year period that’s now over. Done with. Gone.
September 16, 2017 | Uncategorized |
Expect the Federal Reserve to stand pat on interest rates at the Wednesday, September 20, meeting of its rate-setting Open Market Committee. And for the Fed to announce the schedule for implementing the first stage of its plan to reduce the size of its $4.5 trillion balance sheet. Unless the Fed wants to toss a bomb into global financial markets–which would be totally out of character with the Janet Yellen Fed–the U.S. central bank will leave its benchmark interest rate in the current range.
September 12, 2017 | Daily JAM, Morning Briefing |
Yesterday forecasts of lower than expected damage from Hurricane Irma were enough to light a fire under shares of insurance companies, the Financial Select Sector SPDR and the market as a whole. Today even a warning from Citigroup that trading revenue would fall 15% in the third quarter has been enough to derail the upward trend in financials.
August 10, 2017 | Daily JAM, Morning Briefing |
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...
