According to Registered Investment Advisor (RIA), Jeff Miller, they are: Making it all about Oil. This viewpoint is sufficiently prevalent that is has created excessive pessimism about economic growth and recession potential. Making it all about the Fed. It is fun for most to criticize Fed policy, but not very useful. Most of the actual predictions (hyperinflation, market…
Freedom of Speech or Aiding and Abetting The Enemy?
“Congress shall make no law respecting an establishment of religion, or prohibiting free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” …
“After You Get What You Want, You Don’t Want It”
This 1920 ditty by Irving Berlin is a perfect descriptor of the punditry corps reaction to: Janet Yellin’s post-Fed OMC (Open Market Committee) meeting comments last week; European Central Bank (ECB) policy moves the previous week; subsequent wilting of the dollar; rising oil prices and a more-measured, less-volatile tone in the market. The damsel in…
What did Mr. Draghi say?
It never ceases to amaze me how the media (specifically CNBC) seems to consistently get it wrong. And, yesterday it seemed to be almost intentional. Wednesday, March 9, all were eagerly awaiting Thursday morning’s European Central Bank (ECB) policy pronouncement. When it arrived via ECB Chair Mario Draghi, the markets in Europe and the US…
Irrational Pessimism–Throwing the baby out with the bath water
Since first publishing kortsessions.com in February of 2013, I have tried not to get into the weeds on individual stocks ideas. We are all about the media and the adverse outcomes in store for those who rest their investment policy on their pronouncements. When I did mention a name for illustrative purpose, I did my…
Selling Climax, Please!
Just when I thought we were about to see the final washout, the purge of all the excesses of the last five years, a real ‘selling climax’, they yanked the rug out from under me again last Thursday afternoon.Then, again, Wednesday and Thursday of last week may have been a feeble, but effective end to…
” … , I have it from a reliable source that the sky is falling — SELL!”
Of course, Henderson, the broker at the other end of the line, unaware of the severe consequences of passing inside information, passed this invective from Chicken Little along to ten of his best clients. Before you know it, you have real panic going. Last week’s best frightful and misleading commentary comes to us from the…
“I WENT TO CASH TODAY”
This would probably never be my call. I am an investor, not a market timer. I buy companies, not group-think. Alot of negative group-think seems to be going around these days. My title was the call of CNBC’s Fast Money contributor, Brian Kelly, last Friday (1/29/16). The theory behind this bold move was that the Fed’s tight money…
Finally, I think I get it!
I have been puzzled for many weeks over the apparent, lock-step action in the stock and oil markets. Whenever the price of oil dropped, equities would immediately follow. I questioned this, because I felt lower oil prices were a major benefit to every consumer and industrial user, even if it might create hardships for certain…
Janet, you’ve really stepped in it this time!
That was the word from a trio of experts (?) Friday on CNBC’s Closing Bell. The ‘three wise men’ were: Guy Adami trader, Art Cashin, Manager of Floor Operations for UBS and CNBC bond maven, Rick Santelli. To a man, they were blaming the current market swoon on the Fed’s move to raise the the Fed Funds…