Research & News
Daily Comment (December 10, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning! The ECB met today and decided to increase its long-term bond purchases; the market’s initial reaction is hawkish. The EUR has rallied, and rates have lifted (albeit modestly). U.S. equity futures are mostly sideways this morning. There is… Read More »
Weekly Energy Update (December 10, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are consolidating after the late November rally. Commercial crude oil inventories unexpectedly jumped 15.2 mb when a 1.0 mb draw was expected. The SPR fell 0.1 mb; there is still 3.1 mb of storage in… Read More »
Daily Comment (December 9, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with the latest coronavirus news. Importantly, the U.K. vaccinations yesterday turned up two negative reactions in people with allergy issues, but the news doesn’t seem to be undermining vaccine euphoria yet. There’s also a new… Read More »
Daily Comment (December 8, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with a discussion of the latest coronavirus developments. The near-term bad news of worsening infections and continued hurdles to a new U.S. pandemic relief bill continue to present headwinds to risk markets. However, that is,… Read More »
Weekly Geopolitical Report – The Disputed Territory of Nagorno-Karabakh: Part II (December 7, 2020)
by Thomas Wash | PDF After a six-week war, Armenia regretfully conceded some of the disputed region of Nagorno-Karabakh to its longtime rival Azerbaijan. Making matters worse, Armenian President Armen Sarkisyan admitted that he wasn’t even involved in discussions regarding his country’s surrender. As of today, ethnic Armenians have evacuated the conceded regions, while Russian… Read More »
Daily Comment (December 7, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Monday. It’s the 79th anniversary of Pearl Harbor. Equity markets are lower this morning. Our coverage starts with Brexit; negotiations are coming to an end, and the “level playing field” issue appears to be the final… Read More »
Daily Comment (December 4, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Employment Friday! We examine the data in detail below, but the quick take is that the data was weaker than expected. U.S. equity futures are moving higher this morning. We lead off with pandemic news. OPEC… Read More »
Asset Allocation Weekly (December 4, 2020)
by Asset Allocation Committee | PDF Over the decades, keen observers of the financial markets have developed a number of theories and strategies that serve as useful tools for understanding market dynamics. One of the most famous such tools is the Dow Theory, which explains longer-term market movements based on the writings of Wall Street… Read More »
Daily Comment (December 3, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. U.S. equity futures are steady this morning in front of tomorrow’s employment data. There is a lot of news this morning. We lead off with China news, as the House passes the Senate bill on the issue of… Read More »