September 16, 2013
Weekly Market Outlook
By Keith Schneider
Not to be outdone by Robert Stanfield a candidate for Prime Minister of Canada (back In 1974) who famously publicly fumbled a football while demonstrating his athletic prowess resulting in his losing the election, our Secretary of State, John Kerry derailed plans to bomb Syria by fumbling a press conference by offering Despot de Jour Assad a way to avoid a US military strike (divest your chemical weapons) and continue his current employment contract. However, this time the outcome might actually help the fumble-ee, as the fumble was recovered by Putin and War has been put on a long term hold. The Global Equity Markets, the US Public, and Assad all heaved a sigh of relief as equity market rallied strongly, Assad stays in power merrily killing conventionally and the US Public, and tired of yet another Middle East war goes back to being under-employed.
The overall macro picture and short term technical picture are still in bullish mode but with "potential" storm clouds on the horizon. Those clouds are remarkably looking like a chart of interest rates, and the key seems to be their rate of change. In 1987, the rates moved up rapidly for almost 6 months and the equity markets did not notice until mid October. One big difference however is that rates today are on an absolute level still very low.
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