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About Jeffrey P. Snider

Give us a call at 1-888-777-0970 or via email at info@alhambrapartners.com to discuss how his unique approach informs our investment decisions. We'd be happy to discuss our investment strategies and provide a complimentary portfolio review.

COT Blue: Biggest Warning Yet

By |2018-12-19T11:38:49-05:00December 19th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The problem, or one of them anyway, with so many glaring market warnings is that it becomes difficult to keep up with all of them. You tend to focus on those right in front of you, the more immediate and visible. Oil is everything for reflation, and therefore its untimely end, so naturally the WTI curve gets all the unlovable [...]

A Far Simpler, Much More Effective Model

By |2018-12-18T18:15:56-05:00December 18th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The week is only two days so far, but the oil crash in it has now been taken into elite company. The WTI benchmark is now down about 40% from its high set just a month and a half ago. As noted yesterday, this isn’t normal, healthy behavior. Crude isn’t exactly fickle, so a crash like this should be appreciated [...]

Xi Jinping’s Pretty Consistent Message

By |2018-12-18T16:38:03-05:00December 18th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It seems many were disappointed by the speech delivered by Xi Jinping. China’s supreme leader spoke at the Great Hall of the People in Beijing today on the 40th anniversary of his country’s first embrace of economic reform. Commentators had been expecting Xi to use the occasion to recommit to liberalization, further opening China to free market forces. Some others, [...]

Eurodollar University: Inputs, Outputs, and Proxies

By |2018-12-18T13:17:07-05:00December 18th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The US Treasury Department’s update of its Treasury International Capital (TIC) report for October contained no surprises. In many ways, it was ironically uninteresting given the constant excitement that had happened during that particular month. It was, in a word, a mess for global markets. Liquidations struck throughout the world and more than a month later we are still struggling [...]

FOMC Preview: Desperate RHINO’s (Again)

By |2018-12-17T17:57:42-05:00December 17th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The FOMC had voted to taper the final purchasing levels of its third and fourth QE programs at the end of October 2014. Just two days later, the Bank of Japan’s policy committee would vote to expand theirs (already with the extra “Q”). The diverging outlooks punctuated a period of high uncertainty. No more so than global asset markets. When [...]

The Relevant Word Is ‘Decline’

By |2018-12-14T16:44:35-05:00December 14th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The English language headline for China’s National Bureau of Statistics’ press release on November 2018’s Big 3 was, National Economy Maintained Stable and Sound Momentum of Development in November. For those who, as noted yesterday, are wishing China’s economy bad news so as to lead to the supposed good news of a coordinated “stimulus” response this was itself a bad [...]

Just In Time For The Circus

By |2018-12-14T15:35:32-05:00December 14th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Just in time to follow closely upon yesterday’s European circus, IHS Markit piles on with more of the same forward-looking indications looking forward the wrong way. Mario Draghi says the ECB is ending QE, good for him. The central bank will do this despite balanced risks rebalancing in a different place. The more bad news and numbers stack up the [...]

Retail Sales, The More Immediate Problem

By |2018-12-14T11:59:09-05:00December 14th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

How quickly hope can sour. That is, if it is based on suspect assumptions and a misreading of the general situation. It would then be more like irrational pleading than derived from solid analysis. One year ago, thereabouts, President Trump delivered upon one campaign pledge. He pushed a tax reform bill through Congress aiming to offer benefits to both the [...]

Sometimes Bad News Is Just Right

By |2018-12-13T18:47:32-05:00December 13th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There is some hope among those viewing bad news as good news. In China, where alarms are currently sounding the loudest, next week begins the plenary session for the State Council and its working groups. For several days, Communist authorities will weigh all the relevant factors, as they see them, and will then come up with the broad strokes for [...]

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