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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Apr04

Both the NASDAQ and S&P 500 are flirting with their 20 day moving averages after falling below them; the same goes with the Russell 2000 in relation to its 50 day moving average.  That said I find it remarkable the S&P 500 is down only 1% as my watch lists don't look any different then they did a few hours ago.  Perhaps it is because the Russell is down almost 2%.   But it is definitely a day where the high beta names remind you how far they can go down in very short order.  Much like many of the days in latter 2011, stock picking is out the door as nearly everything is moving together.

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Apr04

Bond king Bill Gross is right along the same line of thinking as I am on this subject.  Unfortunately, moral hazard is now the name of the game, and rather than being dissipated, it has been enhanced.  To that end the top headline on CNBC is "Why Fed is likely to Intervene if Market Falls too far" – as if "stock market management" is part of their Congressional mandated duty.

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Apr04

ISM Non Manufacturing came in a bit light at 56 but short of a blow out number like 60, I doubt it would have mattered.  Breadth is the worse I've seen it in 2012, by a long shot.  I have numerous watch lists, covering some 250-300 stocks or ETFs I'd reckon, and right now excluding the inverse ETFs, bond ETFs, and volatility ETFs there are 3 equities in the green on these lists.  That is quite amazing.

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Apr04

Looks like people had time to think about the implications of the FOMC minutes – which again to me, said very little new and are OLDER than recent statements from Bernanke – and are not that happy.  I wrote this weekend in [Is it Really That Simple as Don't Fight the Fed]

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Apr03

Ok not literally (checks self for squid like characteristics) … but I am in terms of more easing.  It is quite simple.  To replace Operation Twist, something new needs to come in.  Otherwise in Bernanke's world it is tightening.  And he has said the economy still needs help.  Remember a week ago Monday?  The market has ADD and doesn't.  So if you have a policy out there, and it ends – you are constricting / tightening.  Not going to happen from this viewpoint.   Bernanke likes his job and Obama needs to be re-elected…. ironically (as Ben is a Republican).

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