https://www.virtus.com/advisors/commentary/blogdetail.aspx?section=265Joe Terranovaen-us2013-05-25T09:17:19.1636670-04:002013-05-25T09:17:19.1636670-04:00acsysinteractive SiteManagervirtus/terrhttp://feedburner.google.comhttps://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9573&section=265In the wake of Wednesday’s FOMC minutes release, increased speculation regarding when the FOMC will begin tapering its monthly asset purchase program has taken center stage in the business media.2013-05-24T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9569&section=265The S&P 500® Index (SPX) traced a rather ugly intraday reversal on Wednesday. 2013-05-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9542&section=265464 out of 500 S&P 500® Index (SPX) companies have reported earnings.2013-05-20T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9536&section=265The Empire (New York) Manufacturing Index contracted in May to (-1.43) after last month’s +3.05 reading. Consensus estimates for the report were +4.00. 2013-05-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9513&section=265The S&P 500® Index (SPX) traced out another new all-time high yesterday at 1632.78. Over the past five days, leadership within the index has transitioned to year-to-date laggards: industrials, materials, and energy. I would also offer that an uptick in bullish sentiment seems far more present over the past week than at the beginning of the second quarter. 2013-05-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9492&section=265Last evening, the Reserve Bank of Australia (RBA) reduced its interest rate 0.25% to a now record 2.75%. Governor Glenn Stevens joins his central bank counterparts from the United States, Europe, and Japan in adopting easier monetary policy to carefully lower the value of his domestic currency. Keep in mind, historically the RBA favors higher rates relative to other developed economies in order to attract capital inflows to offset a 30-plus year streak of account deficits. read more....2013-05-07T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9485&section=265On Friday morning, May 3, the Department of Labor released the nonfarm payroll report for the month of April. Over the past few days, a disappointing construction spending figure and a weaker than forecast ADP private payroll report reduced consensus estimates for monthly job gains. However, the surprise this past Friday morning was to the upside as a much stronger than forecast report was released.2013-05-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9478&section=265The FOMC concluded its two-day meeting this afternoon with a 2:00 p.m. statement that it will maintain its current pace of QE purchases at $85 billion per month. However, 2013-05-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9477&section=265Throughout 2013, the investment community has looked upon the world’s second largest economy, China, to present evidence of a sharp rebound in growth. 2013-05-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9472&section=2652013-04-30T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9468&section=265As of Friday, April 26, 2013, 270 S&P 500® (SPX) companies had reported earnings for the first calendar quarter of 2013. Last week’s 170 companies reporting completed the largest earnings week of the season. 2013-04-29T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9461&section=265The first three days of May present global markets with critical economic data releases and central bank meetings. 2013-04-25T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9429&section=265As of Friday, April 19, 102 S&P 500® (SPX) companies have reported earnings for the first calendar quarter of 2013.2013-04-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9419&section=265Whether you have attended an investment conference at which I presented, or read my blogs and quarterly commentaries, you certainly understand my viewpoint on the allocation of gold in a portfolio. 2013-04-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9420&section=265Sunday evening, April 14, 2013, first quarter GDP for China (Fig 1.1) was reported at 7.7%, below consensus estimates for 8% growth and the 7.9% reported for the fourth quarter of 2012. 2013-04-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9422&section=2652013-04-12T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9403&section=265The utilities sector continues to outperform all major U.S. equity indices, as well as the majority of its sector peers except health care and consumer staples.2013-04-10T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9390&section=265The Labor Department released its March payroll data this past Friday. Let’s take a look at the data… 2013-04-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9359&section=265The second quarter begins today with much caution for a potentially similar market and economic slowdown experienced in each of the prior three years during Q2. 2013-04-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9350&section=2652013-03-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9335&section=265The late December reintroduction of the global carry trade, with the Japanese yen assuming the funding currency role, remains one of the strongest tailwinds for the current S&P 500® Index (SPX) appreciation. 2013-03-25T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9324&section=265Today and tomorrow, March 19-20, the FOMC begins a two-day meeting. 2013-03-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9322&section=2652013-03-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9302&section=265On Thursday, March 14, the weekly Initial Jobless Claims figures (Figures 1.1 & Fig 1.2) were reported as follows2013-03-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9273&section=265Friday morning, March 8, 2013, the Department of Labor released the February jobs report. Let’s take a look… 2013-03-08T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9253&section=265On Tuesday, March 5, 2013, the Dow Jones Industrial Average (INDU) (Figure 1.1) traded to an all-time intraday high of 14,286.37.2013-03-06T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9226&section=265On Friday morning, March 1, 2013, the U.S. ISM Manufacturing Index (Figure 1.1) for February activity was reported at 54.2. 2013-03-04T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9220&section=265The China Purchasing Managers’ Index (Figure 1.1) for February recorded a 50.1, below last month’s 50.4 and consensus estimates for 50.5.2013-03-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9219&section=265Joe Terranova March 2013 Economic Calendar2013-02-28T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9213&section=265Last Wednesday, February 20, the S&P 500® Index (SPX) traced out an intraday reversal lower (Figure 1.1) that ever so faintly rang the “pause in appreciation” bell. 2013-02-26T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9208&section=265As of the close of business Friday February 22, 2013 here are some meaningful performance and earnings tables.2013-02-25T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9192&section=265The S&P 500® Index (SPX) traded down (-1.24%) to close at 1511.95 on Wednesday, February 20, 2013.2013-02-21T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9171&section=265The most obvious observation for any money manager currently is the possibility for an S&P 500® Index (SPX) correction.2013-02-14T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9156&section=265Not a day passes that the counter argument to the current S&P 500® Index (SPX) rally isn’t presented. 2013-02-08T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9147&section=265This morning, European Central Bank President Mario Draghi acknowledged exactly what I have recently grown concerned over, sharp euro currency appreciation.2013-02-07T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9142&section=2652013-02-06T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9116&section=265Three weeks of Q4 2012 earnings have now been recorded.2013-02-04T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9117&section=265Over the past few days, it seems the conversation is intensifying on whether the FOMC will shift monetary policy faster than previously expected.2013-02-04T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9111&section=2652013-01-31T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9106&section=265Tomorrow’s first Federal Open Market Committee (FOMC) meeting of 2013 will conclude with an afternoon statement release.2013-01-29T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9100&section=265The second week of the earnings season is set to close out. Below is the reported EPS and revenue growth by sector as well as....2013-01-25T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9080&section=265The greatest challenge to investors right now is to remain committed to a portfolio strategy that is working well year to date. Unfortunately...2013-01-23T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9056&section=265Yesterday, the Energy Information Administration reported that stockpiles (Figure 1.1) of domestic natural gas fell 148 billion cubic feet to 3.168 trillion.2013-01-18T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9051&section=265Over the past month, I have often stated that it works in favor of further S&P 500® Index (SPX) (Figure 1.1) appreciation to...2013-01-17T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9031&section=265Overnight markets have a strong bid, potentially positioning the S&P 500® Index (SPX) to challenge the current high for the year from January 4 at 1467.94. The catalyst is the China...2013-01-10T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9002&section=265Pessimists generally flip the calendar into January with trepidation.2013-01-07T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=9003&section=265This Tuesday, January 8, earnings results from the calendar fourth quarter of 2012 will begin to be reported.2013-01-07T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8996&section=265As expected, D.C. policy makers passed legislation to avoid a fiscal drag of $600 billion due to the expiring Bush era tax cuts and pending automatic spending cuts.2013-01-03T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8987&section=265n preparation for the markets’ opening in 2013, below is a summary and charts of 2012 performance for select world equity indices, treasuries, currencies, commodities, and sector ETFs. 2013-01-02T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8982&section=2652012-12-31T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8981&section=265With just two trading days remaining in 2012, the S&P 500 Index (SPX) looks positioned to...2012-12-28T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8974&section=265Last evening House Speaker John Boehner cancelled a vote for his “Plan B,” which would have allowed for an extension of the Bush era tax cuts for all those making $1,000,000 or less.2012-12-21T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8967&section=265It was exactly this time last year that multiple investment banks presented their 2012 market and economic outlook.2012-12-19T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8949&section=265Early Monday morning investors awakened to what was being presented as a new market headwind – the resignation of Italian Prime Minister Mario Monti.2012-12-12T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8952&section=265Joe Terranova’s first quarter playbook is available2012-12-12T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8937&section=265This morning’s U.S. Labor report for November is a positive surprise on the surface..2012-12-07T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8902&section=265The first day of trading for the month of December greeted investors with...2012-12-03T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8900&section=2652012-12-03T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8896&section=2652012-11-30T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8881&section=265Over the past few days Americans have had the opportunity to spend holiday time with family and friends.2012-11-26T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8850&section=265The S&P 500® Index (SPX) declined 1.45% last week, placing its current 2012 year-to-date performance at +8.13%.2012-11-19T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8851&section=265One of the problems for global capital markets has been the loss of the “carry trade.” 2012-11-19T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8852&section=265Over the past six months the strength in the U.S economy has clearly shifted away from manufacturing toward the consumer.2012-11-19T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8842&section=265The S&P 500® Index (SPX) quarterly earnings season is readying to close.2012-11-13T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8797&section=265Throughout much of 2012, I offered both within blogs and quarterly commentary that I expected President Obama to win a second term.2012-11-07T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8781&section=265For those expecting this morning’s U.S. jobs report to provide the markets with some form of clarity – you must be disappointed.2012-11-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8777&section=265As the calendar flips into November, multiple global economic data reports have been released.2012-11-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8767&section=265Interactive Economic Indicator Calendar2012-10-31T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8746&section=265The U.S. presidential election is quickly approaching, and for the first time since the campaign began, the outcome is impacting capital markets.2012-10-29T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8728&section=265Last Friday, I posted a blog highlighting my concern over the lousy earnings reported so far this season, in particular for technology.2012-10-24T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8712&section=265As of Friday, October 19, 2012, earnings have been reported for 116 of the 500 corporations that make up the S&P 500® Index (SPX). 2012-10-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8697&section=265Whether or not the beginning of a larger reallocation out of Treasuries is unfolding at this point is mere speculation.2012-10-17T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8677&section=265On Friday, October 12, 2012, the S&P 500® Index (SPX) (Figure 1.1) closed down 2.21% for the week, capping a week of lower corrective trade targeting the all-important 1422.38 SPX technical support level.2012-10-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8673&section=265Over the past few days I have received a few inquiries regarding the absence of any commentary within the Q4 playbook on refiners.2012-10-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8670&section=265Third quarter earnings and revenue will be reported over the next few weeks.2012-10-10T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8651&section=265This morning the Labor Department released its monthly jobs report.2012-10-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8654&section=265Joe Terranova's Q4 Market Commentary2012-10-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8610&section=265The fourth quarter of 2012 began with global manufacturing readings.2012-10-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8611&section=265Last week we offered a blog highlighting the positive turn for the Richmond Fed Manufacturing Index.2012-10-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8609&section=2652012-09-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8599&section=265For most of the summer, domestic and global manufacturing figures have disappointed the markets and provided evidence that the sector’s growth has stalled.2012-09-25T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8592&section=265Roughly one week has passed since the FOMC surprised the capital markets with an extremely aggressive new round of asset purchases.2012-09-20T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8593&section=265This morning the Labor Department released weekly jobless figures for the week ending September 15.2012-09-20T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8564&section=265Throughout the third quarter, the pristine technical formation for the S&P 500® Index (SPX) (Figure 1.1) has most accurately guided investors.2012-09-14T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8553&section=265The spot price of gold has risen nearly 8% during the third quarter of 2012, while the more volatile and less liquid precious metal silver has risen over 21%.2012-09-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8543&section=265August U.S. Labor Report released this morning… 2012-09-07T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8545&section=265In the wake of this morning’s disappointing labor figures, multiple economists have suggested that QE3 is certified when the FOMC meets next Wednesday and Thursday, September 12-13, for the sixth time this year.2012-09-07T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8538&section=265U.S. markets returned from the Labor Day holiday with the release of the first major economic report for the month of September.2012-09-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8515&section=265The month of September begins with investors digesting another disappointing economic data point from China. 2012-09-04T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8508&section=265Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events. 2012-08-31T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8501&section=265On Monday evening, August 27, John Hilsenrath, chief economic correspondent for the Wall Street Journal, appeared on CNBC’s Fast Money to discuss the September 12-13 FOMC meeting.2012-08-29T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8492&section=265Yesterday afternoon the FOMC released the minutes from its two-day meeting on July 31-August 1.2012-08-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8475&section=265Since late July we have highlighted the near-term bullish technical structure of the S&P 500® Index (SPX) from the June 4, 2012 low of 1266.74.2012-08-17T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8476&section=265As of Friday, August 17, earnings have been reported for 477 out of 500 S&P 500® Index (SPX) companies.2012-08-17T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8471&section=265During this past weekend Republican presidential candidate Mitt Romney selected Wisconsin Congressman and House Budget Committee Chairman Paul Ryan as his running mate.2012-08-14T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8461&section=265Overnight economic data from China looks soft once again.2012-08-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8458&section=265Over the past several weeks, our blogs have focused on the potential for the SPX to appreciate toward the upper end of this year’s 1258.86 to 1422.38 trading range.2012-08-07T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8455&section=265Friday morning August 3, 2012 the Labor Department reported the July Non-Farm Payrolls report2012-08-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8450&section=265Today I had the privilege to spend some time with CNBC Senior Economist, and good friend, Steve Liesman.2012-08-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8451&section=265On Wednesday, August 1, 2012, the Federal Open Market Committee (FOMC) released a statement that read incredibly similar to their June 20 statement, until the final sentence.2012-08-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8445&section=265Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events. 2012-07-31T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8435&section=265For the week ending July 21, jobless claims declined by 35,000 to 353,000, much better than analyst estimates for 380,000. 2012-07-26T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8427&section=265In what is shaping up to be a classic “summertime” market, let’s take a look at some charts...2012-07-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8426&section=265The week of July 23, 2012 has 172 more S&P 500® Index (SPX) companies reporting second quarter earnings2012-07-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8424&section=265As of Sunday, July 22, 2012, roughly 24% or 118 of the 500 SPX corporations have reported their quarterly earnings for the calendar second quarter. 2012-07-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8407&section=265Last week initiated the calendar 2012 third earnings release for investors to digest. 2012-07-16T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8406&section=265The surprising performance of financial institutions during the first quarter of 2012 was a leading contributor to the S&P 500® Index’s (SPX) strong start to the year (Figure 1.1). Therefore, it was no coincidence... 2012-07-16T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8388&section=265This week begins the second quarter reporting period for U.S. corporations. Earnings continue to act as a tailwind for the capital markets.2012-07-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8386&section=265June payrolls increased +80,000, below consensus estimates of +100,000. 2012-07-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8381&section=265Hoping everyone had a wonderful 4th of July holiday.2012-07-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8373&section=265The second half of 2012 began with the 10 a.m. release of the U.S Institute for Supply Management Manufacturing Index.2012-07-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8359&section=265As the second quarter closes out, investors continue to look for indicators to suggest an end to the current pause in market appreciation.2012-06-27T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8363&section=265Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events2012-06-27T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8350&section=265Yesterday, the Federal Reserve Open Market Committee (FOMC) announced it will extend Operation Twist through the end of 2012.2012-06-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8351&section=265This morning’s weekly Initial Jobless Claims failed to lift any expectations for the upcoming July 6 U.S. Jobs report.2012-06-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8347&section=265Beginning 6 p.m. last Sunday, the most asked question on Wall Street was “Where’s the market?” 2012-06-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8339&section=265This Sunday, June 17, close to 10 million Greek voters will once again vote in an attempt to form a coalition government. 2012-06-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8336&section=265Early last week we amended our June market calendar to include this morning's Senate testimony from JP Morgan (JPM) CEO Jamie Dimon. 2012-06-13T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8324&section=265Last week, the People’s Bank of China (PBOC) continued easing its domestic monetary policy with its first interest rate cut since 2008.2012-06-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8315&section=265Market observers spent much of Thursday afternoon, June 7, expressing disappointment that Federal Reserve Chairman Ben Bernanke did not telegraph a more accommodative stance during this morning’s Senate testimony.2012-06-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8318&section=265In our June market calendar “The Table Setter,” I highlighted the significance of German economic data. Weakness within the German economy will pressure the governing Christian Democratic Party to agree to concessions for sharing the eurozone’s massive debt.2012-06-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8321&section=265Federal Reserve Chairman Ben Bernanke’s failure to commit to further quantitative easing in his Senate testimony on Thursday may have been more than “posturing.” I am rather certain that the Chairman, like me, has fully read through Wednesday’s release of the Beige Book.2012-06-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8311&section=265Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.2012-06-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8301&section=265This morning the Labor Department delivered the following disappointing payroll report for the month of May.2012-06-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8300&section=265This morning’s 10 a.m. U.S. release of the Institute for Supply Management’s (ISM) Manufacturing index completed a dizzying eight-hour period of global manufacturing data releases.2012-06-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8296&section=265On Thursday evening, May 31, the China Purchasing Managers’ Index (PMI) for the month of May was reported at 50.4, down from last month’s 53.3 and below the consensus forecast of 52.0. 2012-06-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8292&section=265Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events. 2012-05-31T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8279&section=265Recent characterizations of the market suggest that this week’s price action is a global asset liquidation with the intent to raise and preserve cash holdings.2012-05-24T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8266&section=265The current S&P 500 Index (SPX) 8.3% correction will not be arrested without the 4 catalysts shown in the charts below finding stabilization. 2012-05-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8265&section=265Since the S&P 500 Index (SPX) Lehman credit crisis trough at 666.79 on March 6, 20092012-05-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8256&section=265Political developments in Greece over the past eight days have placed the eurocurrency back in a vulnerable position and elevated the stress within European sovereign credit markets. 2012-05-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8162&section=265On Saturday, May 12, the People’s Bank of China reduced the Reserve Ratio Requirement (RRR) for banks by... 2012-05-14T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8156&section=265One of the worst kept American secrets is the tremendous social opportunity the usage of natural gas would be for both American enterprise and consumers.2012-05-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8140&section=265Consistent with the April 19 “Initial Jobless Claims” blog update, my expectations for “weather payback” did, in fact, negatively impact the April jobs report, once again. 2012-05-04T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8141&section=265Back in my February 1, 2012 blog, I downgraded energy from overweight back to market weight.2012-05-04T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8138&section=265Recent economic data from across the pond has confirmed my 2012 expectations for Europe – both Spain and the United Kingdom (U.K.) are back in recession.2012-05-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8134&section=265Consistent with the trading environment for April, this morning’s lousy European economic data is positioning the market to reverse the favorable conditions traced out with yesterday’s U.S. ISM Manufacturing. 2012-05-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8128&section=265On Monday evening, April 30, the China Purchasing Managers Index (PMI) was released at 53.3, up from last month’s 53.1, and consistent with expectations for a 53.3 reading.2012-05-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8129&section=265On Tuesday morning, May 1, the Institute for Supply Management reported its Manufacturing Index for April at 54.8 – well ahead of last month’s 53.4 and surprisingly higher than the estimates for a 53.2012-05-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8130&section=265Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events. 2012-05-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8115&section=265Just two trading sessions remain in April, a month which began by establishing a nearly 4-year high on April 2 for the S&P 500® Index (SPX) of 1422.38.2012-04-26T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8102&section=265As of the close of business on Friday, April 20, 2012, the S&P 500® Index (SPX) ended the day at 1378.53 – up 9.62% year to date2012-04-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8103&section=265In 2010 and 2011, the equity markets came out of the gates relatively strong, only to pause in the second quarter.2012-04-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8090&section=265Initial jobless claims for the week ending April 14 (as reported on April 19)2012-04-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8077&section=265As of the close on Friday, April 13, 2012, the S&P 500® Index (SPX) has now corrected 3.7% from the four-year high established on April 2, 2012 at 1422.38. 2012-04-16T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8040&section=265On Good Friday morning, April 6, one of my fears for continued capital market appreciation was realized.2012-04-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8033&section=265Global markets awakened Wednesday morning, April 4, to the news that the eurozone’s fourth largest economy...2012-04-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8034&section=265The S&P 500 Index (SPX) closed on Monday, April 2, at... 2012-04-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8012&section=265Chinese manufacturing, measured by end-of-month PMI, rose to its highest level in one year, and was reported at 53.1 on Saturday evening, March 31, 2012.2012-04-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8013&section=265Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.2012-04-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=8005&section=265For the week ending March 24, 2012, initial jobless claims fell by 5,000 to 359,000.2012-03-29T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7999&section=265In Q1 2012, global M&A experienced one of its worst quarterly activity since Q3 2009, barely nudging above $400 billion in volume to date.2012-03-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7968&section=265It hasn’t been much fun for the bears in 2012...2012-03-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7949&section=265Global risk assets continue to steadily appreciate, reflecting the continued modest improvements in U.S. macro data and the significant easing in European government bond yields.2012-03-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7937&section=265On January 1, 2012, Greg Zuckerman penned an article for the Wall Street Journal that shared market insights for the upcoming year from Tobias Levkovich, Citigroup's chief U.S. equity strategist, James Paulsen, chief investment strategist at Wells Capital Management, and me. 2012-03-13T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7931&section=265On the morning of Friday, March 9, 2012, the February Non-Farm Payrolls report was released by the Labor Department.2012-03-12T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7911&section=265The 2012 “annuity rally” continues, defying the overwhelmingly obvious need to incur a price correction to work off deeply overbought conditions.2012-03-06T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7894&section=265The month of March begins with a gentle reminder for investors not to become enamored with the “need for speed”.2012-03-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7895&section=265On February 24, policy makers in China lowered the Reserve Ratio Requirement (RRR) for banks by 50 basis points for the second time since the fall of 2011.2012-03-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7896&section=265Consistent with my expectation that the consumer discretionary sector will continue to provide favorable opportunities for investors, the February Same Store Sales report recorded a +6.7%.2012-03-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7900&section=265Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.2012-03-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7823&section=265Next Wednesday, February 29, the European Central Bank (ECB) will conduct its second round of Long Term Refinancing Operations (LTRO). 2012-02-24T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7813&section=2652012 is getting off to a solid start heading into the Presidents’ Day weekend holiday.2012-02-21T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7804&section=265Initial Jobless Claims for the week ending February 11 (as reported on February 16).2012-02-16T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7795&section=265As of the close of business Friday, February 10, 2012…2012-02-13T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7789&section=265Global central banks continue their presence in capital markets, a consistent condition since the fall of 2008.2012-02-08T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7785&section=265This morning, the Labor Department released its January labor report.2012-02-03T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7777&section=265The first month of 2012 traced out a solid foundation as the S&P 500 Index rose from 1257.60 to 1312.41 – a gain of 4.35%2012-02-02T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7771&section=265The China Purchasing Managers’ Index (PMI) rose to 50.5 for the month of January, maintaining above the contraction/expansion line of 50.2012-02-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7772&section=265During the 2011 calendar year I suggested two weighting adjustments in the energy sector.2012-02-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7774&section=265The U.S. Institute for Supply Management (ISM) Index was reported at 54.1, up from 53.1 last month.2012-02-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7757&section=265On the morning of Thursday, January 26, some mixed economic data was released domestically. 2012-01-26T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7758&section=265I often refer to the earnings, guidance, and management commentary from Caterpillar (CAT) as a critical indicator for potential global growth.2012-01-26T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7750&section=265Over the first 13 trading days of 2012, the S&P 500® Index has advanced 4.59%.2012-01-23T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7745&section=265The first Federal Open Market Committee (FOMC) meeting will be held next week2012-01-20T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7733&section=265A strong start to 2012 for the financial sector has surprised the market.2012-01-13T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7730&section=265Markets have come out of the gates with a healthy appetite for risk assets. 2012-01-12T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7718&section=265December’s nonfarm payroll report was slightly better than expected buoyed by seasonal December demand for temporary workers2012-01-09T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7720&section=265The week of January 8 presents the first 2012 U.S. government bond auctions. 2012-01-09T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7708&section=265The first trading day of the year in the U.S. witnessed a strong bid for risk assets buoyed by better-than-expected European PMIs and U.S. ISM Manufacturing.2012-01-04T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7701&section=265China Purchasing Managers’ Index (PMI) reported a 50.3 for the month of December2012-01-03T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7689&section=265Although the calendar still needs to run out the final 10 days of 2011, for many weeks it has been obvious to most of us that the year probably ended in mid-November. 2011-12-21T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7672&section=265The S&P 500® Index has come under significant selling pressure this week.2011-12-15T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7658&section=265The capital markets completed a headline-driven choppy week on Friday, December 9.2011-12-12T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7645&section=265As I often mention, success is rather difficult to achieve in an environment absent of confidence.2011-12-02T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7636&section=265Within the past 36 hours global central banks have coordinated monetary policy measures not taken since March 2009. 2011-12-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7638&section=265The month of December begins with the release of economic data on the condition of global manufacturing. 2011-12-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7640&section=265As is the American way, heading into this morning’s heavy U.S. economic data releases, a “What have you done for me lately?” mindset prevailed.2011-12-01T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7619&section=265On Wednesday morning, November 23, 2011, several domestic economic data points were released. 2011-11-23T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7603&section=265Initial Jobless Claims for the week ending November 11 (as reported on November 17)2011-11-17T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7590&section=265On August 2, the passage of the Budget Control Act of 2011 created the Joint Select Committee on Deficit Reduction, otherwise known as the “Super Committee.” 2011-11-14T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7582&section=265Here on Long Island, the leaves on the trees have yet to fall, giving us a false sense of how close to the end of 2011 we really are.2011-11-10T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7581&section=265Italian bond yields (Figures 1.1 & 1.2) have risen rather dramatically this week despite some political actions that should eventually lead to a favorable resolution for the European Union’s third largest economy, Italy. 2011-11-09T00:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7563&section=265Consistent with other recent non-recessionary economic data releases, the positive revisions in this morning’s U.S. jobs report should end the debate over whether the U.S. economy is entering another recession.2011-11-04T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7550&section=265At the end of a historic October, the market was positioned to “raise the ceiling” toward the 1300 to 1325 range.2011-11-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7553&section=265China PMI was reported at 50.4, down from last month’s 51.2 and below consensus estimates for 51.8. 2011-11-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7554&section=265The Institute for Supply Management (ISM) reported 50.8 for its Manufacturing Index, a decline from last month’s 51.6 and below consensus estimates for 52.0. 2011-11-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7545&section=265Thursday morning, October 27, global markets awoke to an equities rally fueled by the appearance of European fiscal and monetary unity.2011-10-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7537&section=265Last week, Caterpillar CEO Doug Oberhelman’s post-earnings comments shed light on global manufacturing conditions. 2011-10-26T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7527&section=265Back in late August, the Boston Red Sox looked like a lock to reach the MLB playoffs – in fact, a favorite to play in the World Series.2011-10-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7515&section=265Financial institutions, when measured in terms of their dismal year-to-date equity price performance, appear eerily similar to the summer of 2008 when cash was about to be king and the Great Recession was confirmed.2011-10-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7514&section=265Beginning with the October 1 release of the China PMI Manufacturing report, several economic reports from China have been released over the past few weeks.2011-10-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7505&section=265The capital markets continue to be plagued by a fundamental outlook that is as confusing and conflicted as any time in recent memory. 2011-10-13T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7497&section=2652011-10-10T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7485&section=265October’s first major economic report continues the recent trend of better-than-forecast economic data.2011-10-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7484&section=265Counter to multiple recent analyst calls for an extremely hard landing for China’s economy, recent economic data suggests the complete opposite – a soft landing. 2011-10-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7470&section=265U.S. durable goods orders fell 0.1% in August, ahead of expectations for a decline of 0.2%.2011-09-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7455&section=265Given the current market riot, I want all investors to keep two things in mind. First, keep it simple works best in this environment. Don’t attempt to implement any complicated strategies or analyze beyond the obvious. Second, in a time of panic, do exactly the opposite of what feels “easiest” to do. What is harder will work best2011-09-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7441&section=265The Federal Open Market Committee (FOMC) meets Tuesday and Wednesday this week for the sixth time this year. There will not be a post-meeting press conference for Chairman Bernanke on Wednesday. After this meeting, there remains two FOMC meeting in 2011 – November 2 and December 13. 2011-09-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7430&section=265In my May 4 blog “Moving Energy from Market Weight from Overweight,” I explained my reasons for the downgrade of the sector.2011-09-14T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7415&section=265President Obama addressed a joint session of Congress and presented the American Jobs Act on Thursday evening.2011-09-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7417&section=265Since March 2009, one constant throughout the recovery in the S&P 500 Index has been the secular downtrend in the U.S. Dollar Index.2011-09-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7416&section=265China Inflation Data 2011-09-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7389&section=265As the month of September begins, one thing remains consistent with the theme of July and August: the bull market of uncertainty prevails.2011-09-07T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7386&section=265One day after receiving better-than-expected global manufacturing figures,2011-09-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7381&section=265September kicked off with the release of global manufacturing figures the first of the month.2011-09-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7355&section=265On the morning of Wednesday, August 24, the Commerce Department released the orders for durable goods monthly report.2011-08-24T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7338&section=265Federal Reserve Chairman Ben Bernanke will deliver a highly anticipated speech from Jackson Hole, Wyoming at 10 a.m. on Friday, August 26.2011-08-22T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7327&section=265On Thursday morning, August 18, the Philly Fed Index was reported at -30.7 versus consensus estimates of -2.0 to +1.5. 2011-08-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7325&section=265Initial jobless claims for the week ending August 12 (as reported on August 18): 2011-08-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7323&section=265For the remainder of August, the desired objective for the S&P 500® Index is to certify stability. 2011-08-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7308&section=265After five extremely volatile trading sessions, the S&P 500 Index (Fig 1.1) lost 1.7% for the week of August 8. 2011-08-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7304&section=265Initial Jobless Claims for the week ending August 5 (as reported on August 11) 2011-08-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7300&section=265Chinese policy makers initiated a monetary tightening cycle in October 2010 to slow inflationary pressures.2011-08-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7302&section=265On Tuesday, August 9, the FOMC released its statement2011-08-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7297&section=265Late Friday, August 5, Standard & Poor’s downgraded the U.S.A. credit rating one level to AA+. 2011-08-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7298&section=265As I often suggest, there are both social and market consequences to the actions emanating from Washington D.C.2011-08-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7299&section=265In response to Standard and Poor’s downgrade of the U.S. long-term credit rating, let’s look at the potential consequences for the U.S. Government debt market.2011-08-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7283&section=265On Tuesday, August 2, 2011, President Obama signed into law the Budget Control Act of 2011 (BCA). 2011-08-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7284&section=265Most of you have heard me suggest that the best investment strategies are usually the simplest.2011-08-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7266&section=265Late Sunday, July 31, the National Bureau of Statistics released July’s China Purchasing Managers’ Index (PMI).2011-08-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7267&section=265U.S. ISM Manufacturing for July was reported at 50.9, well below the 54.5 consensus and June’s 55.3 figure. 2011-08-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7258&section=265Since my last (July 21) blog entry, “Push-Pull Continues,” I have spent much of my time reviewing the favorable and unfavorable conditions currently limiting appreciation in the capital markets.2011-07-27T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7245&section=265The S&P 500® Index continues to trade in a directionless pattern for the month of July. 2011-07-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7240&section=265There are four potential market “heroes” that could come to the rescue of the capital markets in the second half of the year and pick up where QE2 left off. 2011-07-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7226&section=265Wednesday, July 13, was certainly a volatile day for the capital markets.2011-07-14T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7217&section=265Over the weekend of July 9, several monthly economic reports were released from China.2011-07-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7212&section=265Copper prices often are an excellent indicator of global economic conditions.2011-07-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7214&section=265The U.S. unemployment report released Friday, July 8, delivered a major disappointment to Main Street.2011-07-08T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7191&section=265Manufacturing has been a supportive force throughout the capital markets’ recovery since March 2009.2011-07-05T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7187&section=265The Chicago PMI Index was released at 9:45 a.m. ET today (June 30). 2011-06-30T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7181&section=265The capital markets are in the midst of the proverbial slump.2011-06-28T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7168&section=2652011-06-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7164&section=265On Wednesday, June 22, at 12:30 p.m. ET, the Federal Open Market Committee releases its statement following the conclusion of its fourth scheduled meeting of 2011. 2011-06-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7155&section=265Global markets continue to decline in classic “risk-off” fashion.2011-06-16T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7150&section=265Capital markets remain in a defensive mode with safe haven assets continuing to be the favored holdings.2011-06-15T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7138&section=265In a previous blog entry, “Baseball Season of Frustration 2,” I suggested some potential “villains” and “heroes” for the ending of the current capital market drama.2011-06-13T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7135&section=265OPEC members failed to agree to raise the official output quota ...2011-06-09T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7125&section=265For the week ending Wednesday, June 1, holdings of net long futures contracts increased for the second consecutive week.2011-06-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7113&section=265Recent global economic data, combined with a modest capital markets correction, have created an eerily similar environment to 2010’s Baseball Season of Frustration. 2011-06-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7114&section=2656/2/11 Initial Jobless Claims 2011-06-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7110&section=265May has thankfully come to an end. For the first time in six months, I would characterize the past month as “corrective” in nature. Commodity outflows exceeded $4 billion.2011-05-31T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=7064&section=265The combination of strong exports and slowing imports pushed the China Trade balance in April to... 2011-05-10T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6494&section=265I am back from an enjoyable few days in the wonderful state of California. The dynamics of California are so intriguing with its troublesome economy, teetering on the brink of oblivion, vilified in the media on a regular basis for its missteps.2010-11-14T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6388&section=265An overuse of any particular market tool will lead to underperformance, that is historically proven.2010-10-12T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6359&section=265Take a $100 bill out of your wallet and stare at it closely – it looks the same as it always did. Well, not really, it may look the same but its purchasing power continues to diminish.2010-10-04T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6358&section=265The Friday October 1st ISM release provided investors with further evidence that FOMC will decide to expand the size of its balance sheet from $2 trillion at the two day November FOMC meeting.2010-10-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6350&section=2651. China’s September PMI rose from 51.7 to 53.8, above the 52.5 consensus2010-09-30T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6334&section=265The week ahead closes September. Since the credit crisis began in the 3rd Quarter of 2008, the first business day of each calendar month has been a highly anticipated day for me. 2010-09-26T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6322&section=265Velma Hart stole the show during Monday’s town hall on CNBC with a brilliant question, “Is this my new reality?”2010-09-21T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6241&section=265The equity market recovery in July has encountered multiple headwinds in August. I believe it began with Wednesday, August 11th’s import data from China (Fig 1.1).2010-08-23T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6210&section=265During the last week of July, market expectations for the upcoming China PMI began to fall, somewhat dramatically.2010-08-03T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6204&section=265Oil inventories continue to rise here in the United States; in fact, they are approaching the uncomfortably high levels of May 2009.2010-08-02T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6205&section=265For all the negative sentiment that flavored our 4th of July bar-b-ques, I would say the month of July caught most money managers by surprise.2010-08-01T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6170&section=265The S&P 500 Index aggressively declined 2.88% on Friday, July 16, quickly dropping the monthly gain for the Index to 3.315%.2010-07-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6169&section=265Remember the Dubai debt crisis? I believe most of us have forgotten by now about the Thanksgiving 2009 event that was predicted to roil the markets.2010-07-18T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6157&section=265Historically, the first ten calendar of January, and “sometimes” in July as well, are a time for money managers to deploy fresh investor capital into the Equities market.2010-07-13T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6155&section=265Here we go - another round of earnings is upon us. For this reporting period, I am focused on what corporations will tell us, what guidance they will give. 2010-07-12T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=6153&section=265During the week of July 12, 23 companies in the S&P 500 Index will report earnings.2010-07-11T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5982&section=265In a 'Baseball Season of Frustration,' investors can certainly expect a bunch of strikeouts, caught stealing, and walks by the pitcher. Yesterday’s entire trading session was one lousy inning of baseball highlighted by some very wild pitches.2010-05-06T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5927&section=265Obviously, as I stated on the evening of Friday April 16, the most critical indicator for the week of April 19 might just be the reaction to the SEC / Goldman Sachs news as Asian markets open Sunday evening April 18.2010-04-19T00:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5925&section=265I believe in allowing time to pass before letting Mr. Mouth express any thought that is not internally questioned and properly reflected upon. So, 24 hours have passed, enough time for me to offer some thoughts on the SEC suing Goldman Sachs (GS) for fraud. The one thing that I keep focusing on is 'how this will impact the markets.' I will survive however it turns out for GS. Sorry, call me superficial, but that is my concern, and maybe yours as well so, let’s dig a little deeper. 2010-04-18T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5583&section=265I have frequently mentioned the amazing similarities between the 2003 Capital Markets and the 2009 Capital Markets. Unfortunately, investors seem to only focus on the Equities performance.2009-12-29T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5349&section=265The avalanche of ETFs and their impact on the capital markets has become a hotly debated topic. My take is that like everything else in life, some are good, and some aren’t so good. However, I am rather certain that the introduction of currency ETFs is a positive for investors. 2009-12-22T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5341&section=265What a difference 365 days can make. This time last year, the Commodity space as an asset class was in the grips of a massive de-leveraging process that brought several commodities to the lower end of their decade trading ranges.2009-12-20T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5336&section=265I continue to believe that a focus on when the FOMC will raise the Fed Funds Rate is incorrect.2009-12-17T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5352&section=265Having spent the better part of my adult life monitoring and trading the price of Oil, I owe it to “Black Gold” to provide its own individual 2010 Outlook. I will cover the rest of the Commodity space for 2010 in the waning days of '09 and yes, I will address the game changing XOM / XTO deal and its impact on the Natural Gas industry. 2009-12-16T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5329&section=265Heading into 2010, we must give pause to the strikingly similar price action of 2009 to 2003.2009-12-15T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5304&section=265The year begins to wind down this week, as we are past the 3rd quarter earnings season and the economic data having the most impact has been released. 2009-12-07T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5294&section=265In a separate blog post, I discuss the Dubai situation and its potential impact on investor portfolios. Monday November 30 will be the first full trading day since the news broke in the early hours on Thanksgiving.2009-12-01T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5295&section=265In recent years, Americans have grown familiar with Dubai, the most populous state within the United Arab Emirates (UAE). We easily can identify with their free trade, tourism, and open markets.2009-12-01T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5272&section=265Expect light volume this week due to the holiday shortened trading week. The investment community is focusing on next week’s critical unemployment report. Last week, the S&P 500 Index finally traded above 1100.00. However,2009-11-23T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5271&section=265As we move closer to the end of 2009, the dramatic recovery in the capital markets continues to present itself in similar fashion to the capital markets recovery in 2003.2009-11-20T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5270&section=265My apologies to all those Yankee bashers who labor through my blog postings only to find my extreme affection for the 2009 World Series champions.2009-11-19T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5269&section=265Let's see what is ahead of us. All prices are the closing price on November 13, 20092009-11-18T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5268&section=265President Obama continues his visit to the Asian region.2009-11-17T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5267&section=265 Investing is about making solid decisions based on a plan. Sometimes, the plan is rather difficult to execute because it defies simple logic.2009-11-09T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5266&section=265Tuesday, November 3rd is Election Day.2009-11-05T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5265&section=265A friend recently suggested that I find a tutor to teach my two sons Mandarin.2009-11-04T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5263&section=265The events that matter most to Investors. Economic Events 2009-11-03T12:00:00-05:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5157&section=265The ECONOMIC DATA that matters most to investors2009-10-27T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5158&section=265The EARNINGS that matter most to investors2009-10-26T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5159&section=265Watch the pitch count2009-10-23T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5160&section=265For the Week of October 19 to October 23 - Earnings Focus2009-10-20T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5161&section=265Here are the economic reports that matter most to investors:2009-10-19T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5162&section=265Fixed Income2009-10-15T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5163&section=265The market brings some excellent positive momentum into the week of October 12th. Investors should be focused on the market’s ability to extend the momentum and “breakout” beyond the September 23rd FOMC highs.2009-10-12T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5164&section=265What a beautiful day! I am on my way into the mountains of Pennsylvania to pick out a yellow lab puppy for the family. It's a beautiful day, my Yanks looked great last night, and how about our market! What happened to Armageddon?2009-10-09T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5165&section=265Recent economic data clearly highlights that the hope for a V shaped economic recovery is premature. The durable goods and ISM figures confusingly portray an industrial sector that has stabilized and exhibits signs of modest growth, but not aggressive expansion.2009-10-06T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5166&section=265This week, there will be a modest shift away from Global and Domestic Economic reports toward the beginning of the Q3 earnings season.2009-10-05T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5167&section=265The first trading day of September certainly played into the fears of those expecting a significant 2009 market correction to line up perfectly with the historically challenged month of September. My opinion heading into the September/October period was that, like a good boxer, the market just needed to take "the jabs" and stay on its feet. Happily, the market did just that and survived the month.2009-09-30T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5168&section=265Rising equity prices, better profits. What comes next for corporations? Capital spending. Right now capital spending rests near a 40 year low as corporations are still cautious about spending capital to invest. However, sooner or later, you have to come out of the foxhole.2009-09-29T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5169&section=265S and P - Case-Shiller Home Price Index 9am Is the "freefall" in home prices nationwide truly over? We will gain further evidence Tuesday morning @ 9am eastern. The S and P - Case-Shiller home price index gained 2.9 percent in the second quarter from the previous three months, the first increase since 2006.2009-09-28T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5170&section=265The price of Crude Oil has been a hot topic this week as it has uncharacteristically underperformed relative to other risky asset prices. In fact, the spot price has settled below its' critical 100 day moving average (67.19) for the 1st time since Q1. However, I caution investors, and those SUV loyalists, not to get too excited about a potential 'plunge' in Oil prices or change their investment strategy.2009-09-25T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5171&section=265Even raging market bulls can have a concern, whether it is about the economy or the market itself. I have flagged my concerns about the Fed's exit strategy over the past 6 months. Tremendous liquidity has been poured into the economy and it must be removed shortly.2009-09-24T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5172&section=265For the week of September 21st, here are the events that matter to investors:2009-09-22T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5173&section=265First of all, let's be clear - I am rather certain this is not a war, but rather posturing by the Administration on two fronts.2009-09-16T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5174&section=265President Obama came to Wall Street yesterday, well kind of, sort of. I am still convinced his administration watches CNBC, more specifically Fast Money.2009-09-15T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5175&section=265For the week of September 14th, here are the events that matter to investors.2009-09-14T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5176&section=265Call me cynical, but the math for healthcare reform just doesn't add up. The plan covers more people, reduces the current cost for existing policy holders, and will not increase the deficit - sounds rather magical2009-09-10T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5177&section=265Over the past two weeks, I have sat down and taped several different pieces for CNBC. These segments are different; they might be used beyond the borders of CNBC and into the mother ship's, NBC Universal's, territory.2009-09-10T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5178&section=265Fatherhood is great this time of year. Blessed with two boys, ages 3 and 4, the TV attraction has shifted from Disney to SportsCenter. They like their MLB standings printed out in the morning, of course loving the team that resides at the top.2009-09-09T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5179&section=265Getting ready for Fast Money on Tuesday September 1st meant preparing for the litany of bearish guests who would be appearing on a critically important technical breakdown day in the market.2009-09-03T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5180&section=265In the August 2009 Blue Chip Financial Indicators Survey, 39 out of 46 participants expect a rate hike by the end of 2010. If I had been surveyed, it would have been 39 out of 47. I can’t see a rate hike ahead of 2010 elections and with a continued troubling unemployment picture.2009-09-02T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5181&section=265Something has been bothering me about President Obama. I can't understand why the closest "Presidential" anything that has come to Wall Street since President Obama took office in January was Air Force One's ridiculous lower Manhattan flyover.2009-09-01T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5182&section=265For the week of August 31st, here are the events that matter on the economic calendar:2009-08-31T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5183&section=265Every money manager experiences what I like to call "The Conundrum Ride." You have the kids in the backseat, your wife next to you, and too much traffic in front of you.2009-08-27T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5184&section=265Ben Bernanke to be nominated by President Obama for second term as Federal Reserve Chief. Chairman Bernanke has done an excellent job navigating this deflationary crisis.2009-08-25T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5185&section=265As a kid, I never liked to read - forget those summer reading assignments. I preferred to re-enact the batting stance of the '78 Yankees as my friends and I played out the '78 Yankees / Red Sox pennant race at our wiffle ball field in Valley Stream, NY.2009-08-24T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5186&section=265For the week of August 24th - here are the events that matter on the economic calendar.2009-08-23T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5187&section=265Significant attention has been paid over the past few days to the tepid performance of the Chinese equity market during the month of August. Incorrectly, this is being portrayed as an indicator for the direction of our domestic equity market. Understand that what was the stabilizing force, domestically and globally, during the winter of our discontent was the Chinese economy, not the equity market.2009-08-21T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5188&section=265The news of the death of the "ZIMDOLLAR" will spread this week beyond the research quarters of Wall Street firms to Main Stream America.2009-08-20T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5189&section=265For the week of August 17th - here are the events that matter on the economic calendar.2009-08-17T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5190&section=265On the evening of Tuesday November 4th, 2008 Barack Obama was elected president2009-08-14T12:00:00-04:00https://www.virtus.com/advisors/commentary/blogdetail.aspx?story=5191&section=265The Federal Reserve should be applauded for understanding the deflationary environment and concurrently supporting risky asset prices, as a buyer of last resort.2009-08-13T12:00:00-04:00