Since the beginning of the year, the S&P 500 Index (IVV) has been trading within a range of 150 or so points; just bouncing from one end of the range to the other, sometimes in dramatic fashion. Last week it did more of the same, bouncing off the 200-day MA before hitting resistance at the 2115 level. The S&P 500 is up 3.43% year-to-date. The [...]
Headlines a few years back were about China's need to re-balance their economy away from a heavy reliance on exports and toward domestic demand. The thesis says that self-reliance will lead to a less volatile economy and lower cost of capital. China is succeeding with this goal, but the path is initially a very bumpy road. The MSCI China index [...]
7-26-15
Tail risks have eased following the end to the current Greek crisis. The world now looks to move toward economic normalization. Bonds performed well during the flight to safety coinciding with the referendum and emergency meeting circuit in Europe during the first half of this month. Now that investors are collectively exhaling and eyes move toward the timing of the signaled, Fed [...]
The S&P 500 Index ((IVV)) zig-zagged with no certain direction for the first part of the year, gaining just over 2% during this somewhat volatile period. After the past week's action, the index sits below support at the 50-day moving average and is certain to retest the 200-day MA at the 2070 level. We might finally be in the midst of the long-talked about [...]
Who Owns Greek Debt?
July 2015: Austrian Investment Monthly
Wow what a recovery. The S&P 500 Cap-Weighted Index ((IVV)) held support at the 200-day moving average and bounced right back to the top end of the range it has been trading within since February. The index has been straddling the 50-day moving average for some time now. If it can’t blast through the 2120 level, look for the index [...]
The Greek government, EU, IMF and ECB agreed to new terms for a third bailout. As I see it, there are two very important items for markets today. The Greek government will be selling assets to pay down debt and re-capitalize the banking sector. Creditors essentially accessed the Greek collateral they were seeking. In return, the European Commission will provide Euro [...]
7-19-15
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