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Fundamental analysts are constantly using technical analysis without realizing it.

Think back to late 2011. So-called “1% days” in the S&P 500 – in both directions – became commonplace. Every headline from Europe had the ability to jack e-mini S&P futures up or down to a major gap opening. Volatility was elevated for a long stretch of time and heightened correlations across stocks and sectors…

The recent volatility took a lot of wind out of the sails of the active management camp as correlations reached levels not seen since 2011. In the new Goldman Sachs Weekly Kickstart, David Kostin and Co make the point that macro factors make it really hard to demonstrate skill when these episodes come along. Dispersion…

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Richmond Fed President Jeffrey Lacker, whom we’re now calling ‘the new Richard Fisher’, was a dissenting voice this week as the FOMC voted to keep rates at emergency levels, despite the fact that the market was clearly set up to eat its vegetables.  Here’s his take on why zero is no longer appropriate: “The Federal Open…

Harsh but fair.

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