Growling Since 1996

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Daily Market Report Page (05/20)

Weekly Market Summary Page (05/20)

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)

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Previous Week's Commentaries: Monday; Tuesday; Wednesday; Thursday; Friday

Current Links of Interest   

David Haggith: Market Loses its Hopium-Induced High, Falls Four Straight Weeks (05/20)
David Haggith: The Zombie Epocalypse: A River of Denial Floods Markets Everywhere (05/06)   
Sperandeo/Curmudgeon: 10+ Year Bull Market Continues – Dow Theory Bear Call was a FALSE SIGNAL (04/28)
David Haggith: US GDP Not All it was Cracked up to be (04/28)
David Haggith: List of 24 Points Pressing Hard Toward Recession (04/22)
David Haggith: Here is How Far Central Bankers Got in Normalizing Before the Everything Crash Began (04/17)
Sperandeo/Curmudgeon: Why Stocks Have Moved Up Despite Lower Profits and a Weakening Gobal Economy (04/15)
David Haggith: Tick, Tick, Talk, 2019 Recession Coming (04/09)
Sperandeo/Curmudgeon: Dow Theory Explained and Bull Market Signal Questioned (04/07)
Curmudgeon: DOW THEORY BULL MARKET Confirmed; Disconnect and Economic Weakness Worries Persist (04/03)
David Haggith: Two Down, One to Go, and the Fed is Stuck (03/27)
Curmudgeon/Sperandeo: BoA: No Love For Stocks Yet Higher Prices Forecast; Victor Disagrees! (03/25)
David Haggith: A Week in the Life of a Topsy-Turvy Wildly Whirling World (03/11)
David Haggith: More Evidence That the Bears Have it Dead Right (02/27)
David Haggith: The Bears Have it Right: Economy Went Polar Opposite of Bullish Predictions (02/19)
Curmudgeon/Sperandeo: Market Ignores Weak Economic Reports; Huge Fund Outflows; Victor’s Analysis (02/17)
David Haggith: Housing Market Crash 2.0: The Jury is in for 2018-2019 (02/12)
Sperandeo/Curmudgeon: Why No Commodity Inflation? The Government Changed the Laws (02/10)
David Haggith: The Fed’s Failure is a Fait Accompli, Exactly as This Blog Said it Would Be! (02/07)
David Haggith: Powell Put Sends Stocks Soaring, Recession Must be Near (01/31)
Curmudgeon/Sperandeo: Fed’s Balance Sheet Runoff is All About Bank Reserves; Who Does the Fed Represent? (01/28)
David Haggith: The Great Recovery Rewind: How the Federal Reserve’s Balance-Sheet Unwind is Unwinding Recovery (01/28)
David Haggith: Federal Reserve Confesses Sole Responsibility for All Recessions (01/17)
Curmudgeon/Sperandeo: Stock Buybacks Exposed: Record Year, Outlook and Examples; Lower Growth=Lower P/E (01/13)
Sperandeo/Curmudgeon: Fed Chair Sets New Record: 180 Degree Flip Flop in 15 Days! (01/06)
Sperandeo/Curmudgeon: Thoughts on the Decline in U.S. Productivity and Standard of Living (01/03)
David Haggith: Angry Gartman: “We Are Supposed to Believe the Bull Market is Still Intact? Utter and Complete Nonsense” (01/03)
David Haggith: The Roar of Stupidity is Now Deafening (01/02)
Sperandeo/Curmudgeon: Bear Market, Corrections and Recession Lead Times (12/30)
David Haggith: It’s Up, It’s Down, It’s Done – a Day in a Year of the Dow (12/30)
Curmudgeon: Quick Takes and Shadowstats’ Thoughts on the U.S. Stock Market (12/28)
David Haggith: Fed Med is Dead: How We Went From Fake Recovery to Freefall (12/27)
Sperandeo/Curmudgeon: Bear Market Update and New Investor Psychology (12/24)
David Haggith: Something Wicked This Way Comes. Is it the Fed? Is it the President? Is it the Treasurer? (12/24)
Sperandeo/Curmudgeon: Superior Long Term Indicators Say U.S. Stocks are in 2^nd Leg of a Bear Market (12/23)
David Haggith: Stock Market Hangs on Edge of Very Big Cliff (12/18)
Curmudgeon/Sperandeo: December 2018 Fed Meeting and the Markets (12/16)
Curmudgeon: Dow Theory Sell Signal Triggered Yesterday—Yet No One Noticed! (12/11) 
Curmudgeon: Are U.S. Stocks in a Bear Market or Just a Correction? (12/09)
Curmudgeon/Sperandeo: Post Midterms Stock Market Outlook: History vs. Fundamentals in Conflict (11/12)
Sperandeo/Curmudgeon: U.S. Financial Markets, Outlook, and the Fed (11/04)
Curmudgeon: Ready, Set, Go: Global Debt Implosion, Deleveraging, and Quantitative Tightening (09/10)
Curmudgeon: Longest S&P Bull Market with Many Bear Markets; Seaonality Fails in New Era (08/19)
Curmudgeon: U.S. Budget Deficit Rising (Should be Falling); Impact on Borrowing and Interest Rates (08/06)
David Haggith: Icarus Flies, but FAANGs Fall from the Gaping Maw of US Stock Market (08/06)
David Haggith: Fabulously Fake Facts – “G” in GDP Stands for “Gullibility” (08/01)
David Haggith: Housing Market Collapse 2.0 Accelerates Rapidly! (07/30)

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Dow Jones Industrials (05/17)

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green line - Dow 21 DMA; red line - 50 DMA
 

NASDAQ Composite (05/17)

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green line - 21 DMA; red line - 50 DMA

       S&P 500 (05/17)

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Notable Quote(s):
 

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 (05/17/19)
Fiend's Bear Encounters (1939-42, 1973-74, 1981-82) Page
DJIA, adv/dec, and momentum data from 1990 to 04/16/19
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 May 20, 2019.

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Since May 7th, 1997, this page has been accessedtimes.
 

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