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Traders' Insight
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Recycling The Playbook
When offering my opinions about the market, whether solicited or not, I’ve found myself utilizing a phrase all too often: investors are using the 2020-2021 playbook. 
Rate Of Change Vs. Value, CPI Edition
Depending upon your viewpoint, Wednesday’s CPI report was either a continuation of hot inflation, though at a lower level of heat than before, or a welcome relief from rising prices.
When 0.2% Becomes Worth 2%
Today’s CPI report was a good one. Traders of all stripes should be encouraged. But whether the modest improvement is sufficient to cause a change in Fed policy remains a very open question.
Tiny Bubbles Abound
The signature song by the late Hawaiian singer Don Ho, offers an apt soundtrack for the latest rerun of the market sitcom that is “Meme Stocks”. Tiny Bubbles abound once again.
Return Of The Nihilists?
It is one thing to observe a phenomenon, another to explain it. We keep coming back to two familiar themes: FOMO and nihilism. 
The Bond Market Is Sending A Message That Stocks Ignore
This morning’s payroll number was certainly a shocker. It was a great result if you’re employed or looking for a job, but far less so if you’re concerned about the Federal Reserve’s policymaking.
History Doesn’t Repeat, But It Often Rhymes
From the 15th through the 31st the S&P 500 rallied about 10% after failing to take out the lows set a few weeks earlier. But which month?
QED: All News Is Apparently Good News For Now
It appears that investors are questioning the Fed’s resolve. Is “Don’t Play Chicken with the Fed” a thing?
Yay, We Might Be In A Recession
Goldilocks in a Suit struck again yesterday. Using his particular skill at moderating his comments, he dished out economic porridge that was just right.
Volatility Considerations Around The FOMC Meeting
We’ve frequently referred to the Chair as “Goldilocks in a Suit” for his ability to thread the needle between investors’ conflicting market opinions. Besides, investors appear to be in a charitable mood.
What The Options Market's Expecting For Microsoft And Alphabet Earnings
This afternoon we hear from Microsoft and Alphabet, which alone represent just under 10% of the weight of the S&P 500 Index and about 17.5% of the Nasdaq 100.
Socially Acceptable Volatility Strikes Again
If you’ve invested in stocks, by definition you want and expect them to rise. And over time they do rise. But not always.
What The Options Market Is Telling Us About Tesla's Earnings
It appears that traders are not particularly fearful about a major move in TSLA over the coming two days and beyond.
Cocktail Hour Is Ending, Please Join Us In The Main Dining Room
Stuff happens, and an earnings season that is punctuated by a Fed meeting certainly can take an odd turn. But for now, we hope you’ve enjoyed our appetizers, and please take your seats in the main dining room.
Quantitative Tightening, Or Plateauing?
Thus far this year, the Federal Reserve has been aggressive about utilizing interest rate hikes to combat inflation. We can question whether the Fed’s response was belated, but we can’t question its current sincerity.
Been Down So Long It Looks Like Up To Me
This week, investors had several good reasons to push equities sharply lower. Yet it feels as though we have reached a point where the bearish sentiment is so pervasive that traders can take relatively bad news in stride.
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