Category Archives: Technical Analysis

Chasing the Dragon

Written by Michael Lebowitz | Sep, 20, 2017

“There is no other agency of government which can overrule actions that we take.”  – Alan Greenspan The Federal Reserve (Fed) currently expects real economic growth for the foreseeable future…

> Read More

#FedGibberish

Written by Michael Lebowitz | Sep, 13, 2017

Recently on our Twitter feed, @michaellebowitz, we introduced the hashtag #fedgibberish. The purpose was to tag Federal Reserve members’ comments that highlight desperate efforts to rationalize their inane monetary policy…

> Read More

Consumption Exhaustion

Written by Michael Lebowitz | Sep, 6, 2017

When people use the word catalyst to describe an event that may prick the stock market bubble, they usually discuss something singular, unexpected and potentially shocking. The term “black swan”…

> Read More

How Much Is Too Much?

Written by Michael Lebowitz | Aug, 30, 2017

The amount of monetary stimulus increasingly imposed on the financial system creates false signals about the economy’s true growth rate, causing a vast misallocation of capital, impaired productivity and weakened…

> Read More

A Peak Above All Others

Written by Michael Lebowitz | Aug, 23, 2017

“Valuations are still well below the peak of 1999” say the bulls. They are certainly correct from an absolute basis but we caution that the current level of market euphoria…

> Read More

Technically Speaking: BTFD Or Is This Time Different?

Written by Lance Roberts | Aug, 22, 2017

Since the end of the financial crisis, each market decline has been met with support by the Federal Reserve either through “verbal accommodation” or directly through “monetary interventions.” Not surprisingly, investors have…

> Read More

Technically Speaking: COT Positioning Back To Extremes

Written by Lance Roberts | Aug, 15, 2017

In this past weekend’s missive I wrote: “So…Should I “Buy The F*$(@!# NOKO?” My best guess currently is – probably. But not yet.” “In our portfolios, we will wait for confirmation the current sell-off…

> Read More

An Indicator of Peril

Written by Michael Lebowitz | Aug, 9, 2017

Thanks to Jesse Felder, we recently stumbled upon a measure of economic conditions that has reliably signaled every recession since 1948. The data point, Real Value Added, is currently in…

> Read More

13-Truths About How Money Really Works

Written by Lance Roberts | Jul, 31, 2017

There is an increasing amount of commentary which suggests this time is different. Active management of portfolios is no longer needed, as Central Banks continue to be supportive of the markets,…

> Read More

High Yield IED

Written by Michael Lebowitz | Jul, 19, 2017

“What we’re seeing is an increase in the evolutionary pace of IED (improvised explosive device) design. It’s increasing at a pace we previously haven’t seen.”  – Ben Venzke The traditional…

> Read More