Bears Still Fleeing Bonds et al
It’s been a relentless assault on the bond market and other interest rate sensitive instruments of late. Treasury bonds, mortgage backed securities, high quality corporate bonds, junk bonds, utilities, REITs have seen intense selling pressure that has only paused for a day here and there since late April. Telecom, REITs and high yield bond mutual funds all hit our sell triggers last month and it certainly feels like consumer staples mutual funds and a few more bond ETFs aren’t too far behind. […]
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Date: June 5, 2013
Apple Is Still Vulnerable, Could Test $250 in Bear Market
A familiar and often controversial topic over the past year or so has been my very negative forecast for Apple. As you know, we do not buy or sell individual stocks as part of our investment strategies but used to view Apple as THE market leader and now a bellwether stock. Long-term, nothing has changed in my view, but I do think a potential rally is setting up that could take the shares into the mid $500s. I will discuss […]
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Date: June 5, 2013
Why Bernanke Can’t Be Fully Transparent
After being interviewed by Melissa Francis for so many years both at Fox Business and CNBC, it was great to finally meet her in person on set. She definitely does not lob softball questions! Here is the segment from the other day. http://video.foxbusiness.com/v/2404884981001/why-bernanke-cant-be-fully-transparent/ Action in the stock market on Thursday and Friday was positive enough to indicate at least one more run to all time highs sooner than later. It was be interesting to what leads and lags if that […]
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Date: May 30, 2013
Bond Market Sending Warning Sign
Tuesday’s stock market rally looked better in the media than in reality. Early strength was sold and there was not much conviction from the buyers. Unless we see the bulls step up and close above Tuesday’s high, stocks look like they need a pause or pullback here. Closing below Dow 15,175 should set off even more selling while closing above 15,550 should entice more buyers back in. I am concerned here that high yield bonds have taken it on the […]
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Date: May 30, 2013
Gold Skeptics Have Peaked but Gold Prices Haven’t
The other day I spent some time with my friends at Yahoo Finance recording several segments. Here is the one I did on why I have become more bullish on gold recently after watching the metal fall from $1900 to $1320. http://finance.yahoo.com/blogs/breakout/gold-skeptics-peaked-gold-prices-haven-t-paul-155320270.html
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Date: May 28, 2013
Big Ben Pours Cold Water on Bulls
The stock market saw a very dramatic and emotional reversal today as fresh all time highs were seen in the morning followed by a vicious selling wave from the highs until 3:30. The hardest hit sectors all focused on dividends that would become less attractive if interest rates rose. Utilities, telecom, REITs and financials. Pundits were quick to compare today’s action to that seen at THE peak in 2007 and 2000, but I believe that is misplaced. While the price behavior […]
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Date: May 24, 2013
Fox Business and Yahoo Finance
I head to New York in the morning (Thursday) to spend some time with my friends at Yahoo Finance. As usual, you can expect another controversial segment or two from my interview with Jeff Mackey. Yahoo Finance was the first media outlet I began to warn about Apple’s stock price heading for a 50%+ decline and that long-term forecast remains the same. However, something may be changing over the short-term… Besides visiting Yahoo and meeting with clients, I am also […]
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Date: May 22, 2013
Stocks Surge Higher With Authority
All of the major stock market indices saw more all time highs but this time it looked like a serious bull rush with the market opening flatish and pushing higher and higher all day. Some of the “old” defensive leaders came back to life like healthcare, consumer staples and utilities. This market is beginning to feel like a melt up which usually sees even more vertical gains, but which also ends in ruins. In my 2013 forecast, I called for […]
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Date: May 16, 2013
With Trepidation, Onwards and Upwards
Here is the segment from this morning’s (May 8) Squawk Box with a really good discussion on the stock market, economy, employment numbers and the Fed. http://video.cnbc.com/gallery/?video=3000166972&play=1 Many of the small cracks I saw in the markets a month ago have repaired themselves with sideways action instead an outright correction. The canaries of liquidity, high yield bonds, small cap stocks and the New York Stock Exchange advance/decline line are all seeing all time highs. The Dow Jones Transportation Index has played […]
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Date: May 8, 2013
Squawk Box at 6:30am
I am going to be on CNBC’s Squawk Box at 6:30am on Wednesday discussing the market’s recent surge to new highs along with some areas of concern and which sectors may be poised for more gains. And no, I do not believe the bear market in Apple is over. It recently hit my second downside target at $400 and is bouncing as it should. More weakness should await the one time darling on it way to $300.
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Date: May 7, 2013
