60 Minutes on the Explosion of Disability Enrollees

60 Minutes this past Sunday did a piece on a story that has been talked about in these pages for a long time – the rapid increase in disability enrollment since the recession half a decade ago.  It is quite remarkable that effectively 5% of the working population is now enrolled. [Apr 7, 2011: Nearly 1 in 20 Working Age Americans Are on Disability, a Doubling Versus 1990]  [Dec…

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WSJ's Hilsenrath on Janet Yellen

With the demise of Larry Summers, all eyes point to Janet Yellen as the next Federal Reserve head.  Frankly it is a bit surprising she was not the leading candidate all along.   Earlier this year, we posted a NY Times piece on the woman [Apr 25, 2013: NY Times Does Janet Yellen] from a more personal level and now we have one on the Fed whisperer himself, Jon Hilsenrath…

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The Most Overbought Point in 2013

Quite an explosive rally yesterday at the 2 PM mark, in fact about 70% of yesterday's gains came in a minute or so per Bespoke Investment; the power of algos.   Obviously the Fed, by surprising just about everyone with "no taper at all", lit another fire under the market but coming off a near vertical rally since late August it is still a bit surprising to see the…

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Apr30

A month ago, there were a few candidates for this question, but the shakeout of the past 3-4 weeks has punctured those companies.  However, one company has made a slow and steady ascent each and every week of 2012, and I'm not talking about some no name, illiquid small cap.  

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio.

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Apr30

We always prefer our Hugh Hendry in video format whenever possible, but lacking that we are relegated to the written word.  The acerbic hedge fund manager is back with an investment letter that has been making the rounds.  Being one of the first on the "internets" (sic) to bring Hendry to the masses, it is fun to see him on all the main sites nowadays.  Anyhow, long time readers who miss their Hugh, can take a look at the full letter below (still slowly working my way through it) – BusinessInsider does a quick summary

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio.

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Apr30

This is one of those rumors that may actually come true – the WSJ is reporting Monster Beverage (MNST) is in talks to be acquired by Coca Cola (KO).  I posted a story via Bloomberg to this angle in early March [Mar 12, 2012: Bloomberg Looks at Monster Beverage as Takeover Candidate]  At over $11B market cap, this would be the largest takeover in Coca Cola's history.

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio.

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Apr30

April Chicago PMI is 56.2 vs March's 62.2.   New orders decreased substantially from 63.3 (a very strong number in March) to 57.1.  There was some weakness in the market ahead of the official release (as subscribers get this news 3 minutes before it is announced on CNBC) and is now stabilizing.  Again the key level for the S&P 500 is to hold the top end of this April range, around 1393.

I would note Chicago has a good amount of automotive exposure and despite the action in the auto stocks, there has been a nice pickup in that business.

 

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio.

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Apr30

The action last week was quite impressive, in light of the news flow.  Market participants entered to a gap down on European worries Monday morning, but lows of upper 1350s that were reached in early April held (potential "double bottom" stuff) and the market reversed upward to finish off the lows of the day, albeit tentatively.  Tuesday's action was amongst the strangest/most confusing of the year – the "Investors Business Daily" stocks were taken out on stretchers while the rest of the market was quite benign.  Many of those stocks sold off on very heavy volume, as investors awaited Apple's earnings – it almost felt if a high beta type hedge fund was forced to liquidate that session.    

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio.

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