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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Launch of Paladin Long Short Fund (PALFX)

Hanna Capital is proud to announce the launch of its flagship fund, the Paladin Long Short Fund (PALFX).  Available through a variety of brokers as well as direct purchase, this no-load fund seeks capital appreciation.  See the fund's prospectus here. Distributor: Capital Investment Group, Inc., Member FINRA/SIPC , 17 Glenwood Ave, Raleigh, NC 27603, (800) 773-3863.  There is no affiliation between Hanna Capital LLC, including its principals, and Capital Investment Group, Inc….

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Apr18

Intuitive Surgical (ISRG) has been basing sideways for the better part of a month, but yesterday afternoon's earnings report was the juice that finally got it going.  Both a beat on earnings and an increase in revenue guidance.  Of course buying and/or holding a large position into an earnings report is a major risk but for those who partook, it's a nice reward today.   That said, this is one of the most volatile and random stocks around earning reports that I've followed – sometimes you get the +8% and sometimes you get the -12%.  More importantly for the long term, the company continues to maintain momentum – this is the classic razor + razor blade model that is quite rare.

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Apr18

The environment has become much more harsh the past few weeks after a placid start to 2012.  I've posted a chart of the S&P 500 below using candlesticks rather than the normal high low chart I use to demonstrate it.  Notice how much longer the bars are and how they are flipping from red to green black in rapid fashion.  This market is doing a good job of whipsawing everyone.

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Apr17

On Thursday the 5th the SPY (S&P 500 ETF) had a low of 139.26.  Markets were closed on Friday for Good Friday as the monthly jobs data was released.  Those weaker than expected results led to a gap down the following Monday.  That gap has now been 'filled' to the upside, as today's intraday high is 139.36.

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Apr17

What a turn of events.  Can't imagine futures were actually down a good amount overnight.

A lot of shock and awe out there from what I am reading today based on the poor closes Friday and yesterday, and then this out of the blue.  Poor closes normally do not lead to next day surges.  Count me among those  - next time the Germany investor confidence index comes out, I guess I'll have to actually pay attention.  The S&P 500 has erased all the pain from the past few days and is now already back to highs of last week.  It will soon once more be testing that trend line from the October 2011 to April 2012 lows, which it broke through early last week.  We're now at the top end of that "white noise" zone between 1370ish and 1390ish but once again the ferociousness of these moves has me a bit shocked.

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Apr17

This morning futures are up for (insert convenient reason here).  The reason of the day is a German investor confidence report but if that's the main cause, it was a market that wanted to find an excuse to go up short term.  Futures took a U-turn overnight from down about 5 to up about 5 and have added to that gain as the morning progressed.  That's a fortunate development for the bulls as the situation looked quite dire with the break of 1370 in the overnight session.  Recall late last week I said the area between 1370ish to 1390ish is a "white noise" area and not much stock can be taken of what happens in that area.  However an open well below that level, as it looked like about 6 hours ago, would not have been a positive.

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