Market Commentary


Trump Trade War, Soybeans, Danielle DiMartino Booth, Bill Poole

Author: David R. Kotok, Post Date: July 10, 2018
Cumberland Advisors Market Commentary by David Kotok

Former St. Louis Fed President Bill Poole who also was an economic adviser to Ronald Reagan has written about Trump-Trade policy and published this profoundly instructive commentary on July 2. He reveals the money conflict of interests that lurk behind some of the tariffs and he proposes a simple solution.  Here is the link: The […]

Bursting Bitcoin Bubble?

Author: David R. Kotok, Post Date: July 6, 2018
Cumberland Advisors Market Commentary by David Kotok

Fundstrat Daily reports that “YTD, the crypto market is down -60.7%” as of July 2. We have been asked again about Bitcoin and “bubbles” following the recent gyrations and the plunge. “Should I buy it?” asked a reader. First, we offer the required disclosure: We don’t own any cryptocurrency in any Cumberland managed account. And […]

Tactical Trend, Q2 2018: “Embrace the Grind”

Author: Matthew C. McAleer, Post Date: July 5, 2018
Cumberland Advisors Market Commentary by Matthew McAleer

Sideways consolidating markets can test traders’ emotions. It is always a challenge to avoid overreacting to headline news and daily market gyrations. The broad US market as represented by the S&P 500 traded in a sideways range for most of Q2 as capital continued to rotate among both market cap and sectors. Breadth has been […]

Fed & Rates

Author: David R. Kotok, Post Date: July 3, 2018
Cumberland Advisors Market Commentary by David Kotok

My colleague Bob Eisenbeis recently described the improved communications from the Fed and offered his current thoughts on Fed policy. His post-Fed-meeting notes are here: Today we want to take a longer view of interest rates and offer some observations on what lies ahead. I write this after the FOMC June meeting and after […]

SCOTUS – Two Major Rulings with Positive Implications for Municipal Bond Credit Quality

Author: Patricia Healy, CFA, Post Date: July 2, 2018
Cumberland Advisors Market Commentary by Patricia Healy, CFA

The Supreme Court of the United States (SCOTUS) on June 27th ruled in a 5–4 vote that government workers who choose not to join unions may not be required to help pay for collective bargaining and other union endeavors. Bloomberg estimates that this ruling will affect 5 million workers. Many feel that governments have been […]

Difficult Quarter for Eurozone Stocks

Author: Bill Witherell, Ph.D., Post Date: June 28, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

Eurozone equity markets have encountered significant headwinds in the second quarter of this year despite continued robust economic growth above estimated potential for most Eurozone economies. The continued strength of the Eurozone economies is emphasized in this month’s “OECD Economic Surveys: Euro Area.”[i] These economies have been growing since 2014. “GDP growth is expected to […]

College and University Endowment Funds, Vanguard and the 60/40 Model

Author: Gabriel Hament, Post Date: June 26, 2018
Gabriel Hament, Foundations and Charitable Accounts, Cumberland Advisors

At the conclusion of each fiscal year, Commonfund and the National Association of College and University Business Officers (NACUBO) team up and publish a study analyzing the return and asset-allocation metrics across the country’s higher education endowment funds. They refer to this annual analysis as the NACUBO-Commonfund Study of Endowments® (NCSE).[1] For FY2017 (July 1, […]

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