It’s nine years and counting since the Keystone pipeline was first proposed and TransCanada is still waiting for Presidential approval to build the line. An environmental assessment report from the US State Department that landed last week would seem to move TransCanada’s hopes forward, but the pipeline’s ultimate fate is still very much in limbo.
The latest issue of the NFIB Small Business Economic Trends is out today. The February update for January came in at 94.1, up 0.2 points from the previous month's 93.9 and the third month of improvement.
Overnight markets were essentially a sea of green and the recent stock market rally continued here as well, with the testimony by Fed governor Janet Yellen merely reiterating the status quo, i.e., the Fed will continue to taper if the data support it...
Bitcoin attracts political idealists from the right, political idealists from the left, Silicon Valley technologists, social science academics, philosophers, capitalists, socialists, and even apolitical speculators.
The markets plunged early this week on a disappointing ISM reading with a retest of Monday’s lows on Wednesday before rallying the rest of the week with the S&P 500 up 0.70% on the week. In last week’s report I stated we should expect a bounce this week as all of my intermediate timing indicators had reached oversold territory...
For those rich in assets, 2013 was a good year. Equity markets, especially in the US, rose substantially. Property markets continued their recovery. Even bonds, which lose value when interest rates rise, did well overall due to spread compression and the generous ‘roll-yield’ associated with steep yield curves.
Looking at fund flows out of the SPY shows a record outflow this week and indicates we likely have seen selling capitulation. That said, we need to get past tomorrow's big jobs report, which could swing the markets strongly in either direction.
Currently the market is at an oversold condition similar to what we’ve seen at all of the significant bottoms over the last few years. However, we’ve yet to see clear evidence of exhaustion in selling followed by a surge in enthusiastic buying, which is the final evidence of a market bottom.