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Weekly Market Review – 12/4/2018

Two of three (oil, China, Fed) key drivers of market volatility over the past several weeks worked to soothe markets last week.  A market friendly Fed narrative (Fed pause?) and rising hopes of a deescalating trade conflict (trade truce?) drove the S&P 500 and NASDAQ to their best week in seven years, yet both remain…
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Weekly Market Review – 11/26/2018

The holiday shortened Thanksgiving week left more than a little room for ‘thanks’ as U.S. equity markets traded right back down toward the late October lows.  Energy (-5%) and technology (-6%) stocks were hit hard. Oil plummeted 10.8% on heavy U.S. production, slowing global growth, and uncertain OPEC production levels pending the upcoming OPEC meetings…
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Weekly Market Review – 11/19/2018

In a nod to real economy versus the financial economy, last week saw equity markets lose ground despite an unquestionably strong corporate earnings season.  Fed resolve on rate increases, U.S. Congressional investigations, Italy’s budget standoff with the EU, falling oil prices, Brexit negotiations, and U.S.-Sino trade conflict all factored into the volatility.   Interest rates, oil,…
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Weekly Market Review – 11/12/2018

Midterm elections largely produced the expected result and equity markets rallied on the diminished likelihood of market-adverse legislation like tax cut and regulatory rollbacks.  The yield curve flattened slightly while the 10-year U.S. Treasury yield touched its highest levels since 2011. Beyond the elections, markets absorbed a modest economic calendar and it seemed apparent that…
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Weekly Market Review – 11/5/2018

The last week of October saw global equity markets claw back over 3% in what was a very difficult month overall for risk assets.  Strong corporate earnings and a continued robust job market drove equity markets higher. Rates moved higher off the midweek flight to quality lows and the curve steepened.  It was a roller…
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Weekly Market Review – 10/29/2018

The prospect of peak earnings, some cooling economic indicators, high valuation pockets, and a more hawkish/tightening Fed drove U.S. equity markets into correction territory last week which, as we’ve stated many times, happens every 18 months on average.  While the volatility is likely to continue, we do feel this this is more likely a healthy…
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Weekly Market Review – 10/22/2018

Last week started with a good amount of encouraging market action but ultimately surrendered to the troublesome geopolitical situation with Saudi Arabia and more consternation about the course of Fed rate hikes.  From a bottom up perspective, we saw a healthy start to third quarter earnings season and mixed results on the economy with continued…
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Weekly Market Review – 10/15/2018

As BCA so eloquently stated, ‘bond bears just mauled goldilocks.’  A disparity between the financial markets view of ‘high’ rates and what rates the economy may be able to withstand resulted in quite a ride for financial markets last week.  A disappointing U.S. Treasury auction Wednesday and rising Italian yields sent global equity volatility sharply…
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Weekly Market Review – 10/8/2018

The first week in October began with great news of a tri-party North American trade deal but sovereign checkbooks in Europe and a hawkish U.S. turned things south as the week progressed.  Italy’s push of the ECB envelope on budget deficit thresholds drove volatility higher, reminding us that European growth and political situation remain tenuous.…
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Weekly Market Review – 10/1/2018

Last week brought a full economic calendar, FOMC meetings, trade conflict, oil market turmoil, and difficult to watch partisan rancor in Washington.  U.S. equity markets traded down, finally seeming to acknowledge escalating trade conflict while European market volatility climbed on the rising populist tide in Italy.  Russia and Saudi Arabia decided to maintain production levels…
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