By David Moenning: Publishing Note: I am traveling on Friday morning and will not publish a report. Daily State of the Markets reports will return on Monday.Good morning. To be honest, I have a love/hate relationship with the current stock market environment. On the negative side, I hate the "feel" of the last fourteen days.
By David Moenning: Much to the chagrin of those residing in the glass-is-half-empty camp (who, by the way, felt that May was definitely going to be their time), stocks have embarked on a new leg higher. The breakout to the upside, and then more importantly, the follow-through and confirmation by multiple indices, was a surprise to just about everyone in the game (well, to those that are honest about their prognostications anyway).
By David Moenning: Spending copious amounts of time in cars, airports, and airplanes generally provides the opportunity to take a step (or three) back from the blinking screens (although to be honest it is pretty easy to check in on the market via an iPhone these days) and regain a feel for the big picture.
By David Moenning: The title of yesterday's missive was, "Is There Really a Crisis in Emerging Markets? Or..." The primary point made was that although stocks are off their recent highs and things have become much more volatile this year, the charts of the greenback, gold and bonds did not seem to confirm that the U.S. stock market is currently in all-out crisis mode.
By David Moenning: Good Morning. I will need to apologize upfront for this morning's missive, because I feel a rant coming on and try as I might, I don't think I'm going to be able to avoid it. To be honest, I had every intention of penning (er, typing) a well-documented piece on the state of the market. In short, since yesterday's joyride to the upside came out of the blue and there wasn't any obvious catalyst associated with the buying binge, I figured some "esplainin" might be in order.
By David Moenning: Good morning. To be honest, making sense of the stock market action (which is the primary objective of my oftentimes meandering morning market missive) can be challenging at times. For example, one minute the focus is on the economy and the next it's on the Fed. On the subject of Bernanke's Bunch, one day the worry is that the Fed is going to pull the punch bowl from the QE party and the next, well, the data indicates that QEinfinity is still the name of the game.
By David Moenning: Good morning. As long-time readers know, I am a card-carrying member of the-glass-is-half-full club when it comes to the big-picture outlook for both the U.S. economy and stock market. This is due to the fact that in 1995 I had a revelation that changed the way I looked at things from that point on. And to be honest, I am very thankful that I learned what turned out to be a fairly painful, yet important, lesson at the time.
By David Moenning: Good morning. To be honest, I am not a terribly political person and I try my best to keep my political views out of my writing. I generally vote for the presidential candidate that I believe is best for the country. As such, I will admit to having voted for both teams over the years. However, since there about a zillion places to get biased political commentary, I figure the world doesn't need one more.
By David Moenning: Good morning. Sell in May and go away. It appears that is just about everything an investor needs to know these days. You see, selling in May certainly worked well in 2006, it eventually saved you some pain in 2007, was prophetic in 2008, modestly profitable in 2009, very helpful in 2010, a life saver in 2011, and a darned good idea this year as the S&P 500 fell -6.27% last month.