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Beginning in autumn 2013 and continuing through spring 2014, the housing market stalled in response to higher interest rates. Because of that, I anticipated an economic slowdown at about the end of 2014. More signs are emerging that the slowdown has occurred. Read more
EUR-USD came under some pressure during the European AM session, giving up a narrow oscillation around the 1.1200 level and dipping below 1.1170. Yesterday's five-week low at 1.1160 remained untested at the time of writing. The talk in the interbank market is that the dollar will likely remain bid into Friday's U.S. Read more
EUR-USD has continued to oscillate around the 1.1200 level, which seems to be evolving into an anchor level. Yesterday's five-week low at 1.1160 is now a support point ahead of the major-trend low 1.1098, which was logged on Jan-25 and is the lowest level traded since Jan-2003. Read more
The dollar rallied broadly on Monday in N.Y. trade, taking EUR-USD back under 1.1200, and USD-JPY over the key 120.00 level. The firmer greenback came despite softer income and consumption data, a manufacturing ISM report that missed the mark, and weaker construction spending. Read more
EUR-USD recovered the 1.1200 handle after declining below Friday's low at 1.1176 during the Asian session. leaving a low of 1.1160, the lowest level seen in five weeks. USD-JPY broke above recent highs at 119.79-84 on route to an 18-day high at 119.95. Read more
EUR-USD declined below Friday's low at 1.1176 to a low of 1.1160, which is the lowest level seen in five weeks. This draws the major-trend low 1.1098, seen on Jan-25 and the lowest level traded since Jan-2003, a little closer. USD-JPY broke above recent highs at 119.79-84 on route to an 18-day high at 119.95. Read more
In the rear view mirror, 4th quarter GDP was revised down slightly, mainly due to less inventory accumulation than initially reported. Monthly January reports included CPI, down big, two consumer confidence measures, one up and one down, but both down slightly from their highs last month (presumably due to increasing gas prices). Read more
The easy money is gone from the market. While 5-6 years ago (and even 2-3 year ago) you could find bargains (companies with strong earnings potential that were also cheap from a PE perspective), none really exist anymore. In fact, the market is actually pretty expensive by standard valuation metrics. Read more
The dollar was mostly firmer through the N.Y. session on Friday, as a lowered, but better than forecast Q4 GDP revision helped the greenback, while a soft Chicago PMI print was partially offset by better Michigan sentiment and pending home sales data. Read more
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 you could find bargains (companies with strong earnings potential that were also cheap from a PE perspective), none really exist anymore. In fact, the market is actually pretty expensive by standard valuation metrics.&p[images][0]=//xecommunityassets.s3.amazonaws.com/PEs.png){kind=link}