Growling Since 1996
Current Date and Time: ;
Daily Market Report Page (01/27)
Weekly Market Summary Page (01/25)
Year End 2020 Summary Page (12/31/20)
Year End 2019 Summary Page
(12/31/19)
Year End 2018 Summary Page
(12/31/18)
Year End 2010 Summary Page
(12/31/10)
Year End 2009 Summary Page
(12/31/09)
Year End 2008 Summary Page
(12/31/08)
Crash of 2008 Weekly Summary Page
(10/13/08)
Crash of 2020 Weekly Summary Page
(03/13/20)
Crash of 2020 Weekly Summary Page
(03/20/20)
Click here for latest
quotes for the week
Previous Week's Commentaries: Monday;
Tuesday; Wednesday; Thursday; Friday
Current Links of
Interest
Curmudgeon/Sperandeo:
Europe’s Economy Won’t Recover Anytime Soon (01/25)
Curmudgeon: China’s
Economy Outpaces All Other Developed Countries in 2020 (01/18)
Curmudgeon: Will $4 Trillion Deficits
Cure the US Economy, but Tank the Dollar? (01/11)
Curmudgeon: U.S. – China
Trade Agreements; Will a New Administration Have Better Luck? (01/04)
Curmudgeon: Euphoric U.S.
Stock Market and Pandemic Plagued Economy in Total Opposition (12/28)
Sperandeo/Curmudgeon: A
Perspective on Monetarism, Valuations and Manias (12/28)
Sperandeo/Curmudgeon:
The Constitution vs. the Coronavirus Lockdowns (12/21)
Curmudgeon: Will
Another Huge IPO Bubble Lead to Another Huge Crash? (12/14)
Curmudgeon/Sperandeo: U.S.
Stocks at Record Highs but is There a Disconnect from the Economy? (12/07)
Curmudgeon/Sperandeo:
Assessment of Global Economy Amidst New Coronavirus Lockdowns (11/30)
Curmudgeon/Sperandeo: New
Asia-Pacific Trade Pact Poses Challenges (11/16)
Curmudgeon/Sperandeo: Gold
Review and Outlook after Biden “Elected” U.S. President (11/09)
Curmudgeon: All Bets Are
Off in a Contested Presidential Election (11/02)
Curmudgeon: China’s
Economy Now the World’s Largest; CCP 5 Year Plan Outlook (10/26)
Curmudgeon: Tech Companies
Dominate the Stock Market but For How Long? (10/19)
Sperandeo/Curmudgeon: How
Does America Keep Functioning While It Sinks Into Depravity and Corruption?
(10/12)
Curmudgeon: Sept 2020
U.S. Jobs Report; Recent Layoffs; Labor Participation Rate Decline; GDP
Forecasts (10/05)
Curmudgeon: Analysis of
September 2020 OECD Economic Report: Living with Uncertainty (09/20)
Curmudgeon/Sperandeo:
Global Economies Rebound, but Won’t Reach Pre-Coronavirus Levels Till (09/14)
Sperandeo/Curmudgeon: U.S.
Government Economic Numbers Are Not What You Think They Are! (09/14)
Curmudgeon/Sperandeo:
Detailed Look at August Jobs Report Reveals BLS Disinformation Campaign (09/07)
Sperandeo/Curmudgeon: Will
the Fed’s New Monetary Policy Stimulate the Economy and Inflation? (08/31)
Curmudgeon/Sperandeo:
Magnificent Six Stocks Up Mightly; Rest of Market Down in L Shaped Economic
Recovery (08/21)
Sperandeo/Curmudgeon: End
Game for U.S. Debt Spiral: Hyperinflation, MMT, and Minimum Basic Income
(08/20)
Sperandeo/Curmudgeon: A
Historical Review of Money and Gold in the U.S. (08/14)
Curmudgeon: Gold Makes
All-Time High as U.S. Dollar Debasement Continues (08/09)
Curmudgeon: Rhetoric vs
Reality: PPP Loans went to China Owned Companies (08/02)
Sperandeo/Curmudgeon: U.S.
vs China Cold war, Economic Comparison, Gold Holdings (07/27)
Curmudgeon: Heightened
Tensions in the South China Sea; Flashpoint for Global Trade (07/22)
Sperandeo/Curmudgeon:
Goodbye Hong Kong! China Trade Deals Can’t be Trusted (07/19)
Curmudgeon: Is the
U.S. – China Deal a Relic of History? (07/13)
Curmudgeon/Sperandeo: The
Fed Creates Another Moral Hazard and Ends Free Markets (07/06)
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Weekly Charts
Dow
Jones Industrials (01/22)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE adv/dec
green line - Dow 21 DMA; red line - 50 DMA
NASDAQ
Composite (01/22)
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green line - 21 DMA; red line - 50 DMA
S&P 500 (01/22)
red line - 50 DMA; green line - 200 DMA; pink line - NYSE VIX
The Fed with its Keynesian vision believes it can hold off a correction forever. In the history of the stock market, that’s never been done.
Confidence and complacency are more acute
now than any time I’ve seen before. All expressions of overvaluation are at historical
extremes. Despite this, most money managers remain in the market. The thesis is
“if it’s going up, regardless of anything else, I want to be in it.” Perhaps
the best indicator of complacency is the VIX which at its current level of 13
tells us that investors see no reason to protect their positions. Every minor
decline is seen as a buying opportunity. The rationale is that the Fed would
not allow anything worse than a 10% decline. If the stock market starts sinking
between now and October 1st, I will be most interested to see if the Fed
eliminates QE.
Richard Russell,
90-year-old publisher of the Dow Theory since 1958.
Archives
The Magic Wand of Liquidity Page (01/25/20)
Fiend's Bear Encounters (1939-42, 1973-74,
1981-82) Page
DJIA, adv/dec, and momentum data
from 1990 to 01/15/21
Market Top of 1968 Revisited
Business Week's The Death of Equities Revisited
Tj's Financial Cartoon Gallery
Miki's Portraits of Some
Bulls of the Millennium
This page was last updated on January 27, 2021.
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Since May 7th, 1997, this page has
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