Archive | August, 2015

Commercial Traders Have Backed Off Their Euro Hedge


Back in March, commercial traders had hedged themselves against a further decline in the Euro at any point since 1999. Since then commercial traders have reduced the number of contracts hedging against the Euro by over 55%. The euro has subsequently risen by nearly 11% over the past quarter on annualized basis.    

Did We Just See A Capitulation Low?

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Today was undeniably ugly with the S&P 500 down nearly 4%, the Nikkei down 4.6%, MSCI Europe down 4.7% (although in USD terms the Nikkei was down just 1.7% and MSCI Europe was down just 2.9%). More stunning, however, is the fact that US stocks were down by at least 3% on consecutive days. This is […]

EM Stocks Washout Update


EM stocks as measured by the MSCI EM Index are now down 23% from their April high and 26% from their August 2014 high. The last real emotional low we saw in EM stocks was back in 2011 when the MSCI EM Index fell 29% in four and a half months into September of that […]

Testing Today’s Analyst Ratings


Regular readers are familiar with the extensive fundamental screening process that we employ in our hunt for the world’s most knowledge-intensive companies, as well as the relative strength point-and-figure technical charting element of our process.  Now and then, it is interesting to ‘test’ changes in analyst ratings of various stocks that we can see in our […]