Daily Research Updates
Morning Briefings
Expert market analysis delivered every morning. Stay informed with comprehensive research and data-driven insights.
VAT. Fed. IT
(1) Volcker’s VAT. (2) Bad day for Energy and Consumer Discretionary stocks. (3) European governments are in debt despite VAT. (4) A bullish monetary twilight zone. (5) S&P 500 sectors with mojo. (6) The FOMC plays Hamlet. (7) Repeat five times: “extended period.” (8) No V or U in construction. (9) It’s a bingo for semiconductors. (10) Is IT set to outperform again? NOTICE: Our Morning Briefings are now available on FactSet.
Performance. Great Boom. Fed
(1) The longest Greek drama ever. (2) Why are fund managers underperforming? (3) Will Industrials, Financials, and Consumers continue to lead? (4) IT is cheap, and should outperform. (5) Health Care is cheap, and may continue to disappoint. (6) Let the earnings season begin! (7) Purchasing managers surveys are booming. (8) Fed wants to see more job openings. (9) The Birth/Death Adjustment. NOTICE: Our Morning Briefings are now available on FactSet.
No-Show Negatives. Fed. Jobs. Autos
(1) Cherry blossoms. (2) A catchy and cheerful tune. (3) What are the bears missing? (4) Upticks for office and apartment rents. (5) Another small step in a giant leap for forward earnings. (6) Much higher to go for bond yields? (7) The Fed likely to hold its fire until business loans start rising again. (8) Employment fixes lots of problems. (9) The employment recovery mechanism is in gear. (10) Productivity suggests that real pay has plenty of upside. (11) Autos are cruising again. NOTICE: Our Morning Briefings are now available on FactSet.
Good News. Good Performance
(1) Big Bangs and Black Holes. (2) Credit and capital markets continue to improve. (3) Is low volume bearish or bullish for stocks? (4) Just one word: Platinum! (5) Steel is no longer a steal. (6) Industrials among outperformers in global bull market. (7) The global boom is booming. (8) Service-producers are hiring again, while goods-producers are not. NOTICE: Our Morning Briefings are now available on FactSet.
Bullish Indicator. Whine of the Month. Consumer Staples
(1) One of the cobblers. (2) P/E times E. (3) Our Fundamental Stock Market Indicator is back on bullish track. (4) The highest since August 2, 2008. (5) Industrial commodity price index back near record high. (6) Several S&P 500 industries at new bull market highs. (7) Is the fiscal crisis almost over for state and local governments? (8) Lack of hiring depresses consumer surveys. (9) So do depressed home prices. (10) Consumer stocks are not depressed. NOTICE: Our Morning Briefings are now available on FactSet.
Sustainable Recovery
(1) Double dips, green shoots, suckers, and sweet spots. (2) Employment data should confirm power of Profits Cycle. (3) A very brief history of the recovery to date. (4) Bernanke as superhero. (5) Mortgage resets in 2010 not as bad as expected. (6) Cov-Lite is back. (7) Virtuous cycle. (8) A very bullish economic indicator. (9) Consumers should soon have more purchasing power. (10) Health Care is expensive, but the stocks are cheap. NOTICE: Our Morning Briefings are now available on FactSet.
ObamaCare. Hearings. Wall of Worry. Earnings
(1) Companies taking charges for healthcare, and from Democrats. (2) More IRS agents. (3) Is Big Brother bearish for stocks? (4) The next tax increase, after the one on tanning salons, may be another jump in health insurance premiums. (5) Still bullish despite high Wall of Worry--until November 2. (6) IT is it. (7) The Bond Vigilantes are stirring. (8) Bernanke’s latest exit strategy speech. (9) How Grandma bailed out Goldman. (10) Profits cycle boosting capital spending cycle. (11) Earnings Month has plenty of winners. NOTICE: Our Morning Briefings are now available on FactSet.
It's Earnings!
(1) Vacationing on the border of a failed narco-state. (2) Why Californians are no longer moving to Arizona. (3) While the bears are growling, earnings are growing. (4) Rejoice, oh Bulls! More good employment news. (5) New World oil demand at another record high, as Old World demand continues to sink. (6) Energy is lagging. NOTICE: Our Morning Briefings are now available on FactSet.
Taxes. Earnings. Inflation
(1) When will ObamaCare’s taxes hit economy? (2) Gridlock is down, but not out. (3) Rams are the biggest threat to bulls. (4) Weekly forward earnings still on winning streak. (5) Forward P/E making a comeback. (6) The 2010 leaders and laggards in S&P 500 earnings growth. (7) Inflation is a problem over there, not over here. NOTICE: Our Morning Briefings are now available on FactSet.
ObamaCare. Financial Reform. Profit Margins
(1) Obama is the One. (2) Will the Supreme Court have the Five to reverse the One? (3) Larry and Jim’s not-so-excellent adventure. (4) Fooled by unpredictable randomness or by predictable fraud? (5) The Maestro blames foreign savers for “The Crisis.” (6) Greenspan vs. Taylor. (7) Partnoy’s complaint about Lehman. (8) Another Plunge Protection Committee. (9) Rebounding profit margins. (10) Are leading indicators misleading? NOTICE: Our Morning Briefings are now available on FactSet.
More Bull. New Mix. Housing
(1) Another year for the bull market? (2) Baby steps. (3) Broad Bull: Lots of sectors and industries at new bull market highs. (4) New Normal vs. New Mix. (5) El-Erian vs. Carson. (6) Obama’s economics troika. (7) The Fed’s housing obsession. (8) Housing-related stocks. NOTICE: Our Morning Briefings are now available on FactSet.
Gold. ZIRP. Industrials
(1) Gold rallies on ObamaCare, ZIRP, and Iran. (2) The case for Platinum and MidCap Energy stocks. (3) Bunker Buster Bombs heading towards Diego Garcia? (4) More than a third of American taxpayers don’t pay taxes. (5) FOMC statement extends ZIRP and the bull markets in stocks and commodities. (6) Fundamental Stock Market Indicator turning bullish again. (7) Lots of V-shaped production indexes in the world. (8) Industrials outperforming. NOTICE: Our Morning Briefings are now available on FactSet.
ObamaCare. China. Transportation
(1) A day of political infamy before the end of the week? (2) Is a nation divided bad for P/Es? (3) The risks for earnings in a socialist power grab. (4) The bull market in forward earnings has another good week. (5) The first Chinese led global recovery. (6) Upsetting the Dragon. (7) What’s the big deal? (8) S&P 500 Transportation Index near record high. NOTICE: Our Morning Briefings are now available on FactSet.
Financial Reform. Shadow Banking. Retailers
(1) Rip-Off 101 and Repo 105. (2) Lehman’s shell game. (3) Jamie Dimon tells his daughter scams happen. (4) The incriminating evidence is in the Fed’s FOF data file. (5) Cabin fever behind shopping frenzy. (6) When the going gets tough, the tough go to the mall. (7) Consumer-related stocks are remarkably durable. (8) Retail stocks are among 2010 rally leaders. (9) “A Prophet” (+++). NOTICE: Our Morning Briefings are now available on FactSet.
LSD and Deficit Spending
(1) What does Congress have in common with Tiger Woods? (2) Everything. (3) What do Paul Krugman and Timothy Leary have in common? (4) Can governments go cold turkey? (5) Krugman’s hallucination. (6) A shocking CBO report shows Obama budget will boost debt to 90% of GDP. (7) Meet Andy Stern, the Joker in the White House debt pack. (8) Has China been discounted? (9) What’s good for Financials is good for the country, and vice-a-versa. NOTICE: Our Morning Briefings are now available on FactSet.
Fabians. Healthcare
(1) George Bernard Shaw and Barack Obama. (2) ObamaCare includes price controls. (3) Making a dysfunctional system more so. (4) State insurance commissioners see a fatal flaw. (5) Killing private health insurance companies would bring public option back to life! (6) Fabians know best what’s good for us. (7) A few immediate concerns holding back stocks. (8) Growth vs. Value. (9) LargeCaps vs. SMidCaps. (10) Focus on S&P 500 Health Care. NOTICE: Our Morning Briefings are now available on FactSet.
Chinese Puzzle. Manpower Survey
(1) Americans building apartments in China. (2) Chris Wood is bullish on China and India. (3) Another good week for forward earnings. (4) Feddie about to exit mortgage market. (5) A smooth transition? (6) FAQ about the global recovery. (7) Manpower hiring survey shows improving trend around the world. (8) The winners and the losers. (9) Factory orders on uptrends in US and Germany. (10) Industrials are leading the pack. NOTICE: Our Morning Briefings are now available on FactSet.
A Dozen Good Reasons To Be Bullish
(1) A happy anniversary. (2) Sentiment, liquidity, and cash flows are bullish. (3) ZIRP is bullish. (4) Earnings are bullish, and valuation is cheap. (5) The upturn in the Profits Cycle should boost employment and capital spending. (6) The global boom is making a comeback. (7) What's hot and what's not? (8) An old normal employment recovery? (9) "The Ghost Writer" (+). NOTICE: Our Morning Briefings are now available on FactSet.
Governance. Bubbles. Jobs
(1) Consent of the governed. (2) Democrats ignoring the Will of the People, according to Gallup. (3) The summit was a setup. (4) Candidate Obama’s sound bite in 2007. (5) Bernanke can’t see bubbles. (6) Fed data showed massive bubble in bonds issued by financial corporations. (7) The bubble is now in government bonds. (8) Challenger data on mass layoffs show less of them. (9) Monster gain in hiring. (10) Companies have a fist full of dollars. NOTICE: Our Morning Briefings are now available on FactSet.
Worry & Winner Lists
(1) A handy guide for worriers. (2) The pound gets pounded. (3) Gridlock in London. (4) Making money while marking time. (5) Investors aren’t worrying about consumer spending. (6) The 2010 ytd winners are in Consumer Discretionary, Health Care, and Industrials. (7) Lots of positive earnings surprises. (8) Record high real pay per (employed) worker explains resilience of consumer spending. (9) Auto stocks cruising along. NOTICE: Our Morning Briefings are now available on FactSet.
Prince Charming. Semiconductors
(1) Geithner is in Vogue. (2) The Christmas Eve Conspiracy. (3) Fannie and Freddie have been ordered to lose lots more money. (4) The only thing we have to fear is FDR himself. (5) Pushy unions. (6) Legislation without representation. (7) Semiconductors are hot in the New World. (8) The capital spending cycle is turning up. (9) Forward earnings moving forward. (10) Chips are very cheap. (11) IT is it. NOTICE: Our Morning Briefings are now available on FactSet.
Rogue Nations. Global Earnings. Home Prices
(1) Nations on edge. (2) Mahmoud and Bashar’s excellent adventure. (3) Is a happy ending possible for Greek tragedy? (4) Euro will remain troubled. (5) Are the Chinese just pretending to sell their US Treasuries? (6) Lots of vacant buildings in China. (7) Global Earnings Month has lots of V’s. (8) Another huge year for bond funds? (9) Home price recovery is faltering. (10) HAMP is a failure, so White House wants to use it more. (11) “The Last Station” (++). NOTICE: Our Morning Briefings are now available on FactSet.
Smooth Transition
(1) Functioning capital markets offset dysfunctional banks. (2) The power of zero. (3) The Fed finds five exit doors. (4) Treasury helping Fed to drain reserves. (5) “Feddie” wants out of the mortgage business. (6) New home sales relapsing despite government life support. (7) Earnings Month. (8) Industries with record high forward earnings. (9) Earnings clunkers. NOTICE: Our Morning Briefings are now available on FactSet.
Dopamine. Acquisitions. Valuation
(1) The shopping rush. (2) Olympics in consumption. (3) A weird divergence between two surveys of confidence. (4) Are consumers suffering from depression or schizophrenia? (5) Is the present situation getting better or worse? (6) Extended jobless benefits at record high. (7) So why are Retail stocks rallying? (8) Battered Investors Syndrome. (9) Corporate cash flow likely to recharge M&A, and bullishness. (10) Tech continues to outperform in latest Earnings Olympics. NOTICE: Our Morning Briefings are now available on FactSet.
The Wish List. Earnings. Inflation
(1) Topping the list is regime change. (2) Thursday’s healthcare circus. (3) A better idea than Volcker’s Rule. (4) Rooting for happy surprises for earnings, employment, and the price of oil. (5) Earnings Month shows analysts revising their earnings estimates upward with more confidence. (6) Is the Comfort Zone uncomfortable? (7) The reflation solution. NOTICE: Our Morning Briefings are now available on FactSet.