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Market Commentary


Dividends on Federal Reserve Stock and Highway Funding

Author: Bob Eisenbeis, Post Date: October 8, 2015

The Wall Street Journal reported Tuesday on a scheme that passed the Senate last July, to supplement the Highway Trust Fund. The legislation would reduce the 6% dividend paid by Federal Reserve Banks on stock that member banks in their respective districts are required to purchase as a condition of system membership. What is involved […]

Intelligent ETF Trading

Author: David Kotok, Post Date: October 7, 2015

Join Us on October 21 For This Free Event Those who were smart, prescient, and lucky enough determined that March 9, 2009, was the absolute bottom of the stock-market debacle during the financial crisis. At that point there was panic everywhere. Nobody was buying anything. Sellers liquidated into a freefall. Other periods of pain, such […]

Missing Bank Reserves?

Author: Bob Eisenbeis, Post Date: October 6, 2015

A friend and fellow member of the National Business Economic Issues Council points out what appears to be a puzzle in recent Federal Reserve balance sheet data, and that is a drop in reserves. Reserve balances have fluctuated by as much as $300 billion. Where did they go? Is this an unusual event? The chart […]

Feeling Good: a parable from the breakfast nook

Author: David Kotok, Post Date: October 5, 2015

Parable: “A usually short fictitious story that illustrates a moral or spiritual lesson.” (The source of this partial definition is the Merriam-Webster online dictionary.) A little sun poked through the clouds and illuminated the breakfast nook. The solar warmth normally uplifts spirits. But this morning was an exception. Janet looked glum. The aroma of the […]

Puerto Rico: A Story You Probably Haven’t Heard

Author: Michael Comes, Post Date:

With all of the negativity swirling in news headlines about Puerto Rico and what appear to be the opening salvos of a nasty showdown pitting the government against its creditors, we thought we would take this opportunity to dispel a few of the rumors out there. Headlines about default and the island’s “economic stagnation” have […]

Does the Sun Still Shine on Spain?

Author: Bill Witherell, Post Date: October 4, 2015

In its recovery over the past three years, the Spanish economy has outperformed the economies of all its Eurozone partners except Ireland. But clouds have gathered with the fears over Catalonia separatist politics and over the outcome of the general election expected to take place in December, and there have been some recent adverse economic […]

Good News?

Author: Bob Eisenbeis, Post Date: October 2, 2015

The good news in today’s BLS jobs report is that the unemployment rate remained at 5.1% in September. All the rest of the report has to be disappointing, especially to Fed officials. Up until today’s report, they were promoting the idea that the FOMC’s October meeting was “live” with regard to the possibility of the […]

Report from Indianapolis

Author: David Kotok, Post Date: September 26, 2015

“Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter, but if the economy surprises us, our judgments about appropriate monetary policy will change.” – Janet Yellen, Federal Reserve Chair, in a […]

MLP, Third Quarter 2015

Author: Richard Daskin, Post Date: September 25, 2015

Written by Rick Daskin, the research and valuation sub advisor for the MLP strategy at Cumberland Advisors. MLPs typically have lower market volatility than most US equity indexes. The one type of environment where this relationship breaks down is a market with an oil price collapse combined with a credit tightening cycle such as in […]

Seeing Red in International Markets – 3Q 2015 Review

Author: Michael McNiven, Post Date:

The biggest headline in international markets during the third quarter has been Asia, with China as the most visible actor. International market volatility in general has been tremendous, but Asian market volatility has been even more pronounced in this relatively short period. The red continent produced a lot of red color in the form of […]

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For a list of all equity recommendations for the past year, please contact Thérèse M. Pantalione at 800-257-7013, ext. 315. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.