September 23, 2020 | Daily JAM, Short Term, Volatility, You Might Have Missed |
I've argued that there are two giant bets that support stock prices at recent historic levels. One is the Vaccine Put, the belief in the delivery--and relatively soon too--of a safe and effective coronavirus vaccine that will let economies around the world return to...
September 2, 2020 | Daily JAM |
On September 1 Â I argued that "Now there are two Puts supporting the market as the Vaccine Put joins the Powell Put." Those two bets--that the Federal Reserve will continue to flood the financial markets with cash and will increase the flow if the markets start to...
September 1, 2020 | Daily JAM, Mid Term, Volatility |
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August 27, 2020 | Daily JAM, Mid Term, You Might Have Missed |
As anticipated in Wednesday's rally--the Standard & Poor's 500 climbed 1.02% and the NASDAQ Composite was up 1.73%--Federal Reserve Chair Jerome Powell on Thursday announced that going forward the Fed would let inflation rise to above its current target of 2% from...
August 26, 2020 | Daily JAM, Morning Briefing |
On Monday the Standard & Poor's 500 and the NASDAQ Composite hit new all-time highs on what I'm calling the Vaccine Put, the hope that we'll see the announcement of an approved coronavirus vaccine by early in 2021 or maybe even the end of 2020 or perhaps before...
August 16, 2020 | Daily JAM |
...more attention on reports of delays in the clinical trials of new drugs to treat patients infected with the coronavirus. We're starting to hear stories o delays out of the drug companies working on treatments that would enable those stricken with the coronavirus to...
July 10, 2020 | Daily JAM, Morning Briefing |
Let's count the Puts that are keeping any Bad News Bear from biting this market. Of course, first and foremost there's the Federal Reserve Put (or Powell Put for lovers of alliteration). The Fed has told investors they can expect the current near 0% interest regime to...
May 29, 2020 | Daily JAM, Morning Briefing, Short Term, Volatility, You Might Have Missed |
I think we witnessed the birth of a Trump Put on the stock market in today's Rose Garden press event that investors and traders can pin beside their terminals along with the Powell Put from the Federal Reserve. Ahead of what had been billed as an announcement from...
November 21, 2019 | Daily JAM, Mid Term, Morning Briefing |
You're aware, I hope, of the idea that there's an implicit Federal Reserve put that undergirds a stock market trading near record highs. The idea is that Fed chair Jerome Powell, would move to cut interest rates to support stocks if the market looked like it was about...
August 17, 2019 | Daily JAM |
...an important test of the central bank put. On Friday, I think what we saw was a rally in global stocks lead by European markets on speculation that the European Central Bank would provide substantial new stimulus through a cut in already negative interest rates, a...
August 16, 2019 | Daily JAM, Morning Briefing |
We've seen this play before: Financial markets start to tumble and central banks step in--not with actual stimulus quite yet but certainly with talk of stimulus. The European Central Bank and the German government took a turn today. Germany's Der Spiegel magazine...
August 2, 2019 | Daily JAM, Friday Trick or Trend |
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Friday 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. Today,...