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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Apr12

While the market is down for the week it is now flat with the gap down open Monday morning.  Considering the news backdrop (we were down this morning premarket) that's a big win for bulls.   Even the QQQs have a chance for a 15th (!!) consecutive up week, if things continue.   Friday's lows were near 1393 which would "fill the gap" to the upside.

Yesterday's action was not that surprising – today's much more.  Especially with the action premarket.  Thought if we drifted back up it would take until early next week to reach these levels, but not in the bipolar "student body left" market.

Apparently, Monday and Tuesday were like a Bobby Ewing dream – they didn't happen.

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Apr12

Tractor Supply (TSCO) is one of those names which is under the radar but having a very good year.  This is a play on the agricultural side of things and unlike a company like Deere (DE) which has struggled since January, IT IS *not* a global play – which in the current market, has been an advantage.

Tractor Supply Company operates retail farm and ranch stores in the United States. Its stores offer a selection of merchandise, including equine, pet, and animal products, such as items required for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, including lawn and garden items, power equipment, gifts, and toys; maintenance products for agricultural and rural use; and work/recreational clothing and footwear. The company operates its retail stores under the Tractor Supply Company and Del?s Farm Supply names, as well as a Website under the TractorSupply.com name. As of December 31, 2011, it operated 1,085 retail farm and ranch stores in 44 states. 

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Apr12

After falling to negative in premarket on weekly claims, the market is now up sharply with a lot of the pro cyclical stocks leading the charge (metals and global companies).  Those were the hardest hit of late.  While I was expecting dovish commentary out of lieutenant #1 Yellen last nite, it instead was some dovish commentary by lieutenant #2 NY Fed Prez Dudley which seems to be stoking markets.  (Along with hopes of good Chinese GDP tonight)  Nothing direct mind you, but the market is "reading between the lines" here on bearish commentary on the economy from the all important NY Fed head (this is where Geithner was once stationed).  Again it stinks that this entire market now is predicated on reading tea leaves from Fed officials, but this is what we're stuck with in a market drunk on liquidity injections.

The spasm upward we just had this morning now has the S&P 500 within sniffing distance of that long term trend line I mentioned this morning

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Apr12

As the unofficial mouthpiece of the Fed, the Wall Street Journal's Jon Hilsenrath is must read theater.  After Yellen's speech last night he says:

Against that backdrop, officials seem unlikely to want to veer from the low-rates-to-2014 forecast that the central bank has been making since January. At the same time, it appears unlikely that the Fed is anywhere near being prepared to launch additional easing efforts.

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Apr12

(note: facetious financial website hyperbole intended)

Yesterday began the "obvious" oversold bounce.  By obvious I simply mean it was due after a pretty hectic selloff, but with the poor close Tuesday it was not necessarily obvious that it would begin in the overnight futures session.  A negative open yesterday would have created a low risk 'trade' – unfortunately the market did not give that opportunity.  This morning futures continue the bounce.  

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