coronavirus

Uncategorized, Weekly Update

The Coming Recession


Published March 13, 2020

timingcube_cartoon031320

This week the stock market made it crystal clear that it is fully expecting a recession in the coming months. Markets have delivered the second fastest decline in history, second only to a drop during the Great Depression. (more…)

Uncategorized, Weekly Update

The Market’s Narrative Goes ‘Pop’


Published March 6, 2020

timingcube_cartoon030620

The stock market runs on narratives. The story of the 4th quarter was one of a Fed on hold while corporate earnings recovered and the trade tiff with China was mostly cleared up. Stocks pushed higher on that story until mid-January. The coronavirus upended the notion of a global economic recovery but initially had little impact on U.S. markets. (more…)

Uncategorized, Weekly Update

The Fear Trade


Published February 28, 2020

timingcube_cartoon022820

The old market adage that stocks take the stairs up and an elevator down was on full display this week. After months of marching ever-higher, with investors becoming more and more complacent about ANY risk, stocks finally found something to be truly concerned about. (more…)

Uncategorized, Weekly Update

All Hail the Central Banks!


Published February 7, 2020

timingcube_cartoon020720

We were reminded again this week of the psychological power of central banks over today’s market participants. An announcement early in the week of new money(!) pushed into Chinese markets by the Chinese central bank (PBOC) made stock investors forget all about the potential global economic hurdle that is the coronavirus (with investor enthusiasm aided by a reduction in the spread of the virus). (more…)