We’ve been highlighting how S&P 500 futures and the YEN/USD cross have basically been moving tick for tick recently, so we thought it prudent to point out that the relationship has basically dissolved over the last two days, and in fact has started to reverse.
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After a short reprieve in which fundamental factors drove market returns, the last week has been all about the macro. Macro factors (and specifically stocks’ correlation with the euro) filled 4 out of the top 5 spots in our factor scoring work.
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One unfortunate reality of market cap weighted indices is that statistics derived from these indices are inherently skewed by a handful of megacap companies. The P/E ratio is no exception.
Read MoreNovember’s retail sales posted a strong 0.7% month-over-month gain which was slightly above consensus expectations (0.6%). This is even more impressive when we consider that October’s 0.4% gain was revised up to 0.6%. Auto’s contributed to the strong retail number as they gained 1.8% month-over-month to an all-time high.
Read MoreMonthly retail sales of building materials have been unchanged since April of this year. This is just another piece of evidence suggesting a real lack of strength in housing related activity.
Read MoreContrary to an upbeat PMI Manufacturing report earlier last week and expectations for a 1%+ gain, Industrial Production in the Eurozone fell more than 1% compared to the previous month and remained barely positive when compared to last October: The decline was broad-based, affecting all sectors of use (except intermediate goods) as well as Europe’s
Read MoreA common theme off the bear market low of 3/9/2009 has been the relative outperformance of small-cap stocks vs large-cap stocks. This latest advance since October 1st has actually seen large cap stocks outperforming small cap stocks.
Read MoreIn an almost perfect ”taper on” sort of manner, stocks had their worst day since November 7th, the 10-year treasury bond sold off by 4bps, gold finished down $9.00, and the euro rose to the highest level since mid-October, and November 2011 before that.
Read MoreThe advance-decline ratio is a market breadth indicator that compares the number of stocks that closed higher with the number of stocks that closed lower than their previous day’s closing prices.
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Everyday we tally a measure called 1 quarter cumulative weekly net advances. Here is how it works. Each week we calculate the number of stocks that advanced and the number of stocks that declined, and then we net out the result.
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