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Volatility | September 8, 2017

Posted on September 8, 2017

Volatility among many asset classes is starting to approach long term average levels. Barring any significant jump in risk, market volatility doesn’t yet signal a possibility for a major decline. As we have mentioned in other comments, it is prudent to take a more defensive position but this is likely just part of seasonal weakness. […]

Momentum | September 6, 2017

Posted on September 6, 2017

Short-term momentum is close to zero in nearly every asset class outside of the commodity space. We think this reflects the general mood of the market as we enter the seasonally weak period for stocks and other risky assets. The S&P 500 failed to achieve a new high in the past week which appears to […]

Income Report Card | September 5, 2017

Posted on September 5, 2017

The 10-year Treasury closed at 2.16% before the long weekend, just off the year-to-date low last Thursday. For much of this year, we have discussed the trading range of rates that dominated the early part of the year (roughly 2.30% to 2.60%), followed by a new pattern (roughly 2.15% and 2.40%). For much of the […]