Stock Market Breadth: Warning Or Opportunity?
The S&P 500 is down roughly 7% from its January 27 all-time high. Unsurprisingly, the media is full of “red” headlines discussing the seemingly “endless” correction we are in. Unsurprisingly, previously complacent investors are now anxious, as nothing seems to […]
Will AI Trigger The Next Great Depression?
Our article title is certainly scary. The question we pose has become a hot topic following the release of “The 2028 Global Intelligence Crisis,” by Citrini Research. While evaluating the impact of AI on the labor market is complex, we […]
The 200-DMA Just Broke: What Every Investor Should Know
There are hundreds of technical indicators that market analysts track, but only one gets a live television chyron the moment it breaks. The 200-day moving average (200-DMA) is the single most widely followed technical level in global financial markets, and […]
Private Credit Stress: Will The Fed Backstop Exuberance Again?
The Fed is governed by its dual Congressional mandates of price stability and maximum employment. At times, however, the Fed throws these mandates out the window to protect the financial system. With liquidity and credit stress in the private credit […]
Treasury Bond Yields Don’t Lie: But Wars Don’t Drive Them
This past weekend, Adam Taggart and I discussed what happens to Treasury bond yields when the United States enters a military conflict. The conventional wisdom is reflexive and tidy. A conflict triggers a flight to safety, money floods into U.S. […]
True Value: Looking Through The Value Rotation Illusion
In our recent article, The Value Rotation Illusion, we explained that in the recent rotation from growth to “value”, passive investors, in actuality, are selling value stocks to buy expensive stocks. Confused? In this follow-up, we take our three-tier earnings […]
Technical Deterioration: Risk Management Is Key
The S&P 500 closed at 6,740 on Friday, its lowest level since mid-December, as technical deterioration, collapsing payrolls, and $100 oil converged on the charts. Every major moving average has broken. Here’s what comes next. The S&P 500 closed at […]
The Passive Aggressive Market: Bogle’s Warning Came True
Since the pandemic, the line between passive investing and aggressive speculation has blurred. The current bout of speculative fervor extends beyond financial markets. For instance, we see the same impulse in the explosion of sports betting and the surge in […]
SaaS: Is There Opportunity In The Destruction?
A specter is haunting Wall Street—the specter of the “SaaSpocalypse.” Since the iShares Expanded Tech-Software Sector ETF (IGV) peaked on September 19, 2025, it has fallen roughly 30%. For context, the broad technology indexes like XLK and QQQ are essentially […]