Macro

Tony is best known for the practical application of macro data.  He will use his 30 years of experience to evaluate what data matters and how you can apply it to your investment process.

No wonder Libor went haywire

Highlights • The Fed’s flow of funds data illustrates why Libor went haywire earlier this year. • The impact of repatriation on Libor seems to be easing, removing a potential…

Read More

June Macro Slide Deck

Raising our 2018 SPX estimates and target and initiating our 2019 outlook. We are raising our 2018 estimated S&P 500 Index (SPX) operating earnings per share (EPS) from $155/sh to $160/sh.…

Read More

European CDS Index indicator extreme

There is a definite risk-off feel to the markets on the back of political turmoil in Italy. The recent election and Finance Minister appointment are renewing fear that the Eurozone’s…

Read More

You ain’t seen nuttin’ yet

Taking our trusty intermediate-term oversold signal a step further. In early April, "Whooshes can become ramps" noted how our trusty 14-week stochastic indicator for the S&P 500 (SPX) index hit…

Read More

Now is NOT the time to get cautious

With the S&P 500 (SPX) down the better part of 10% over the past three months, there is a clear sense of caution in the current environment. Clearly, the proper…

Read More