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.
Highlights The junk bond market has been shrinking for nearly three years as issuers and investors opt for different structures Overall credit growth continues to outpace economic growth as…
Read MoreAlthough there are plenty of fundamental excuses for the retest of the October low last week, we continue to believe it is all part of the bottoming process playbook we…
Read MoreThis is how the painful retesting process works. It currently seems like nothing can go right for the market, yet this is what typically happens in the intermediate-term bottoming process…
Read MoreHighlights The credit market is about to close for a few weeks for the annual Thanksgiving siesta The seasonal lack of liquidity may make stocks more volatile, and possibly produce a…
Read MoreEvery investor is wondering how the flattening of the US Treasury Yield Curve has affected lending, and what would happen if the yield curve inverts.
Read MoreLate October tactical backdrop suggests bottoming process. While there are many real macro themes and geopolitical risks that could help explain the October correction, we believe it came from excessive…
Read MoreThe extreme intermediate-term oversold condition highlighted in our oversold playbook suggested the initiation of a difficult bottoming process driven by a sharp oversold rally, followed by a retest of the…
Read MoreHighlights The government is beginning a long-awaited transition toward issuing more longer-term debt to pay for last year’s federal tax cut There is little correlation between deficits and yields,…
Read MoreHighlights • This month’s stock price drop is similar to others in this bull market • This stock price drop is not similar to the start of the 2007-2009 financial…
Read MoreOversold can get more oversold even when it hits an extreme. Over the past few weeks, it has become very apparent there are only three catalysts that could lift stocks…
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Canaccord Genuity Sr. Managing Director / Macroeconomist / Chief Market Strategist
Tony Dwyer joined Canaccord Genuity following the acquisition of Collins Stewart in March 2012, and currently serves as the Head of U.S. Macro Group, Chief Market Strategist, and member of the Firm’s U.S. Operating Committee.
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The views expressed in this commentary are the views of Tony Dwyer and are subject to change based on market and other conditions.
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