The sky’s falling. It fell this time last year too. Parallels between this week and
Category: Markets
Apple Impresses. Amazon Worries With Profit Guide
Amazon topped estimates and guided ahead of the Street for current-quarter sales, but I don’t
Meta, Microsoft Deliver Blowout Quarters
Q2 2025 (it’s actually Q4 for the company’s fiscal year) was Microsoft’s 50th anniversary. The
No Surrender
A “reasonable base case” for tariffs is that their impact on US inflation is a
Fed Keeps Rates On Hold. Waller, Bowman Dissent
The Fed kept rates on hold Wednesday, as expected, and much to Donald Trump’s chagrin.
A $125 Billion Mechanical Bull
Over the past six or so weeks, I’ve been on at length about re-allocation flows
Bubble-Spotters
Everyone knows the problem with bubble pronouncements, right? If not, it’s simple: Declaring risk assets
Fundamentally Speaking…
I’m going to dwell, for another beat, on the fundamentals. How quaint, right? First thing
Gosh, It’s Good To Be A Corporate
At the risk of jinxing things (there’s no such risk; superstition’s for the mentally desperate)
Dissent(s) Ahoy!
It’s tempting to say there’s no chance of a Fed cut at what, whether anyone
From Melt-Up To Bubble Watch
It’s fair to say the melt-up materialized. That’d be the equity melt-up I spent the
Before The Fall, A Blow-Off Top?
Are US equities approaching a “blow-off” top ahead of the traditional late-summer vol expansion and
What Even Is Tesla These Days?
Remember Tesla? That’s the car company Elon Musk runs when he’s not… well, when he’s
Alphabet’s Spending Plan In Focus After Very Solid Quarter
Alphabet kicked off Magnificent 7 results with what looked like a solid beat. The company
The Fundamentals Are Sound
The fundamentals are sound. Said everyone in the days and weeks before every market crash
Stocks’ Advice On Tariff Man: Just Ignore Him
Equity investors, for better or worse, have stopped listening to Donald Trump’s tariff threats. The
What Do Trump, Bessent And Warsh Have In Mind For The Fed?
The writing’s on the wall, and it’s so large by now that Stevie Wonder could
Powell Persecution Is Martin Niemöller Moment For Wall Street
Nobody has to “explain” anything to Donald Trump. Not you, not me and certainly not
Watch Tokyo
We may have a problem in Tokyo. Last week, I contextualized another steep selloff in
‘Who’ To Thank For Stocks’ Blind Eye To Powell Drama
I try to strike a healthy balance between characterizing (“caricaturing” is probably more apt on
Sorry, Chris. He’s Still Not Going To Pick You
Poor Chris Waller. If there’s anything more pathetic than a man pandering to another man
It’s Too Early To Fade US Stock Melt-Up, Popular Strategist Says
We’re in inning seven of the current equity market melt-up, which is to say it
The End Of Fed Independence May Be Nigh
Well, it was inevitable. And even saying that’s a testament to just how far afield
It’s Raining Money In Goldman’s Equities Business
As you might imagine given the volatility on display at the beginning of the quarter,
Bank Of America Remains Going Concern, Results Suggest
Bank of America on Wednesday reported trading results that easily topped estimates, and like JPMorgan
Burning Questions
Are stocks a bubble? Is it too late to jump aboard the moving train? Did
Smart Money Hasn’t Been This Bullish Since Trump Was Good For Stocks
Fund managers haven’t been this bullish since they were under the impression that Donald Trump
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