Morning Comment: Very Simply, Follow the (Smart) Money


Well, we can add another billionaire investor to the list of those who believe the stock market is going to see another decline. Stan Druckenmiller says the risk/reward for equities is the worst he’s seen in his career. To repeat, “The risk/reward for equities is the worst he’s seen in his career.” Mr. Drunkenmiller’s long-term investment performance is (at the very least) right on par with those of Paul Singer, Carl Icahn, Jeff Gundlach, Warren Buffett and Sam Zell…and all of these people are bearish about the short-to-intermediate-term prospects for the stock market. No matter what they think about the very-long-term prospects for stocks, they’re not buying them in any meaningful way at all right now……..What more does the average investor need to know????

In fact, we believe this evidence is so compelling, were not going to add anything else today. We jotted down several comments about the very-short-term condition of the market, but as thought about it further, we decided to leave it there this morning! (When it comes to politics, “Deep Throat” once said, “Follow the money.”…..However when it comes to the markets, the better saying is, “Follow the smart money.”)



Matthew J. Maley

Managing Director

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

TheMaleyReport.com

275 Grove St. Suite 2-400

Newton, MA 02466

617-663-5381

mmaley@millertabak.com


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. ...

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Morning Comment: Can the Fed Solve the Economic Problems With Liquidity This Time?


The golf courses here in the People’s Republic of Massachusetts finally re-opened this past weekend. It was funny. For the first time in history, husbands played golf with their friends on Mother’s Day. Previously, in order to preserve domestic tranquility, ...

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Morning Comment.....BABA: A leading indicator for future global growth?


The markets seem to come to a stand still yesterday…as the volume was even lower than Friday’s and the average volume of the past two days has been more than 25% below it two month average. The fact that the ...

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Morning Comment: Follow the (smart) money


The stock market got rocked pretty hard on Friday after several key companies reported earnings and tensions between the U.S. and China began to rise again. The 2.8% decline in the S&P 500 came on horrible breadth (17 to 1 ...

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Morning Comment: Beware of the "Rising Bearish Wedge"


The stock market saw a pull-back yesterday…which was not a big surprise given how much it had rallied over the previous five week…and how much it had shot-up on Wednesday. In other words, the market was getting extended on both ...

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QQQ's....An


After the close yesterday we highlighted how Amazon had seen an “outside-down” day….and that this kind of development is frequently a signal of exhaustion of a rally…especially when it comes after a strong/sharp rally. AMZN did fall another 2.6% today…and ...

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Amazon (AMZN): Ripe for a pull-back???


The stock market had another very nice rally today, but we just want to point out that Amazon (AMZN) actually finished the day in negative territory. In fact, all five of the big cap names that have accounted for large ...

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THE WEEKLY TOP 10


THE WEEKLY TOP 10


Table of Contents:

1) By far the most best item on the bullish side of the ledger? “Don’t fight the Fed.”

1a) If things turn down again, don’t blame the Fed.

2) So far, the stock ...

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Morning Comment: Suddenly Range-Bound


  • After retracing 50% of its decline, the S&P 500 index has suddenly become range-bound
  • Can Chevron (CVX) finally see a sustainable rally?
  • What does Invesco’s (IVZ) dividend cut tell us about the future?


After retracing 50% of its decline, the ...

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Morning Comment: More Holes in the Dike (Think Italy)


The S&P 500 has fallen almost 5% over the past two days and the DJIA has lost over 1,200 points, but after a 28% rally in less than a month, these are not the kind of numbers that will scare ...

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Morning Comment: So Many Holes in the Dike


We all know that the big story in the market place yesterday was the crash in WTI crude oil for May delivery. There is no question that there were some key technical issues that were involved, but the move into ...

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Morning Comment: Narrow Rallies Rarely Last Very Long.


Some very negative news on the economic front got most of the blame for yesterday’s 2% decline in the stock market yesterday, but given that the market had rallied 27% over just three weeks, it was getting ripe for a ...

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