Considering the immense legislative successes that we’ve seen in the first eight months of the Trump administration, it is not hard to fault Wall Street’s new all-time high price reaction to the introduction of the administration’s New Tax Plan (The Unified Tax Reform framework). Wait a minute … let me see … what exactly were those accomplishments? Okay,…
Totally Blown Away, But Not Totally Confused
Over the four-plus-year history of kortsessions.com, I’ve often pointed out how totally disrespected and unloved the current eight-year-old bull market (four-year-old secular bull market) has been — ” … there’s no joy in Mudville ..” 7-31-16, “Born under a Bad Sign” 2-28-14. The lack of attention paid to its progress over the last two weeks as…
Farewell “Summers’s Last Hurrah, “Welcome the Winter of Our Discontent”
What happened to fall? … Climate change, of course! With all due respect to William Shakespeare and John Steinbeck, the inspirations for my title, reading the national news along with Barron’s, and the front page of the Wall Street Journal, one would get the opinion we are about to slip into a cold winter market…
“Gary Cohn Resignation Would ‘Crash The Market’ … ” — Really?
I was stunned to see this comment. Why? After seven full months of the Trump presidency it is stunning that anyone in the media or punditry at large would believe that anyone around the president could change the direction or ability of his administration to get anything done. Gary Cohn, Wall Street maven and head…
Dow 22,000!–The Brave New Market
You may have noticed recently a total absence of kortsession posts. The reasons are twofold: one, it is hard to argue after the run we’ve had that a correction or even a cyclical bear market market might not be in the offing (it’s even got me doubting after years of bullish thought process on this…
“Yellen’s surprise comments jolt bond market”
You could have knocked me over with a feather! (read “surprise comments” article here) Who knew? The Committee intends to gradually reduce the Federal Reserve’s securities holdings by decreasing its reinvestment of the principal payments it receives from the securities held in the System Open Market Account. Specifically, such payments will be reinvested only to…
” … Famous Last Words: No More Crises”
“Would I say there will never, ever be another financial crisis?” Federal Reserve Chair Janet Yellen said at a London conference last week. “You know probably that would be going too far, but I do think we’re much safer, and I hope it will not be in our lifetimes, and I don’t believe it will…
“A ‘Horrendous Storm’ … set to hit stocks”–a postscript
Sometimes I spend so much time in kortsessions.com outing the work and dubious wisdom of the Cassandra’s of the stock market media and punditry world that I forget to give any credence to the possibility of a real correction or bear market being on our doorstep. I don’t mean to do this. There is always…
“A ‘Horrendous Storm’ is set to hit stocks”
Thus spoke Ronald Reagan’s OMB (Office of Management and Budget) director David Stockman (6/8/2017). Stockman has been making dire pronouncements like this for years, and for years he has been absolutely wrong. Yet the talent bookers for CNBC continue to call him back for reprises of his infamously bad calls. For years Stockman has been…
Prof. Robert Shiller–Don’t Sell (Maybe)
“I can see it as a real possibility that stocks prices and house prices would both keep going up for years (maybe), but I’m not forecasting that by any means,”– Robert Shiller. Even though this is a qualified opinion it is still quite a revelation, as the good professor, co-inventor the Cyclically Adjusted Price-to-Earnings Ratio…