Just to confirm reality for a second…
Yesterday: Yellen sees global turmoil if no Greece deal.
Today: Greece deal falls apart, ECB hints at bank runs; -> stocks hit record
Confused? Don’t be… Only one clip seems appropriate for a day like this…As long as you ignore Greek contagion, economic downgrades, weak earnings, and that general sense that none of this makes any […]
It is no secret that in recent weeks Goldman has been particular bearish (if only to the outside world), with statements such as the following by chief equity strategist David Kostin:
… by almost any measure, US equity valuations look expensive. The typical stock in the S&P 500 trades at 18.1x forward earnings, ranking at the 98th percentile of historical valuation […]
China growth slashed, more epically dismal US data, lack of clarity from Draghi, slumping oil prices, dropping yields, surging USD… now if that isn’t a recipe for buying US equities at record highs, we don’t know what is…Stocks close unchanged from ECB…And on the day only Trannies closed red (even as oil tumbled) thanks to an aftenoon push higher…On the […]
Dear Reader,Did the US stock market correction(I forecast a fall of more than 20%) start this week? It is possible. I expect a fall of circa 30% for the major indices in 2015 or 2016 at the latest. Tech and biotech stocks should decline more than 30%. Energy and metals and mining stocks should also post large losses. Financials seem […]
“People are a bit more cautious as we head into the beginning of 2015; the 10-year and 30-year, these levels are taking everybody by surprise, after all this talk in the third week of December that we’re going to see rising rates,” Kinahan said of falling Treasury yields.”Financials are always key, with these rates down, these companies have become incredibly […]
REUTERSStocks are in the red in the U.S. And once again, the momentum names of the Nasdaq are leading the way down.
The Dow is down 153 points, or 0.9%.The S&P 500 is down 22 points, or 1.1%.The Nasdaq is down 70 points or 1.7%.This extends the big sell-off we saw on Friday.Amazon.com, Google, and Facebook are among the underperformers.According to […]
Asset bubbles are notoriously difficult to identify as they are happening. Often times, they only become clear in hindsight.Having said that, Goldman Sachs’ David Kostin offers an interesting stock market chart in his team’s new US Quarterly Chartbook.It shows the sector composition of the S&P 500 by market cap since 1974. As you can see, sector bubbles manifest when […]
