They’re, um, still struggling to buy the homes. “They” is any American who wants a
Category: Duly Noted
AI Bubble Tail Risk Rises Sharply Among Fund Managers
It feels like this should go without saying by now, which is why I relegated
Are Traders Front-Running The Leveraged ETF Rebalance?
Way back last week (time flies when you’re over 40), I casually mentioned that leveraged
Tech Downside Likely Amplified By Leveraged Stock ETFs
Earlier this week, I highlighted (or re-highlighted is more apt given the number of times
In US Housing, Turnover’s Never Been Lower
America’s resale housing market remains woefully — perennially, even– beset. Closings have managed just a
Lower Mortgage Rates Fail To Revive Moribund US Housing
Flat. That was contract activity in the US housing market last month. Wednesday’s sole, lonely
America’s Inflation-Adjusted Housing Wealth Shrinks Again
Don’t look now, but America’s housing wealth declined a third straight month in inflation-adjusted terms.
‘If This Was A Normal Cycle’
In “This Time Was Different” I talked at some length about the uniqueness of the
Rich But Not Crazy
Rich but not crazy. That’s global equities. Bubble coverage took a backseat to cockroach coverage
Risk Taking And Sell Signals
Strange as this sounds, a fixture of the equity melt-up to a succession of new
Trading Short, Playing Catch-Up
“Why have equities been trading short?” That’s what JPMorgan’s Nikolaos Panigirtzoglou wants to know. Whenever
US Home Purchases Are Still Falling Through At Record Rates
US housing. It’s — what word should I use? — complicated. That’s a (very) polite
Wall Street Versus Main Street: It’s Complicated
True or false: The stock market = the economy. True or false: Wall Street =
Can De-Globalization Be Good For Corporate Profits?
Maybe globalization wasn’t such a great idea after all. That’s been the rallying cry for
Kindling Present: No Matches Allowed
Trivia time: How many daily SPX moves of +/- 1% have we seen since the
Why ‘You Cannot Take Your Hedges Off Now’
Grinding, low-vol melt-ups are painful when you’re hedged for downside. And the summer just ended
Froth! Record Share Of Money Managers Say Stocks Overvalued
Do you suspect the S&P might be overvalued, trading as it does on a 23x
How The Cost Of Labor Impacts US Corporate Profits
Were you curious as to the sector-by-sector breakdown on labor costs as a share of
There’s An ‘Invisible Hand’ Keeping Stocks At Records
There’s an “invisible hand” at work and I don’t mean Adam Smith’s thoroughly exhausted metaphor
Acrophobia
It’s a good thing valuations and market concentration aren’t reliable predictors of near-term equity market
Don’t Say It Out Loud
Wall Street’s beginning to think the unthinkable. And to say it aloud, just not always
In US Housing: An Emergency
As a general rule, you don’t want to be spending more than a third of
‘The Ultimate Dip-Buyer’
I remind readers of this whenever the opportunity presents itself: The biggest source of demand
The Deals Are Falling Through
“We also agreed to increase the one-time membership fee from $—- to $—-,” read the
How Realistic Are Wall Street’s 2026 S&P Margin Forecasts?
If I told you corporate profit margins were likely to hold up better than feared
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