“Change in character” during this latest sell-off? Nope. No change in behavior at all. A few days of rapidly deteriorating sentiment, then people cool off and the same cast of characters come in to buy the dip. via Savita Subramanian’s Equity and Quant Strategy team at BAML… Source: Clients Buy the Dip  Bank of America…

Cartoon by Harley Schwadron

One of the most remarkable and persistent features of the current bull market is a willingness – nay, a compulsion – on the part of investors to turn negative at the drop of a hat. This is entirely to be expected given the fact that this generation has seen two back-to-back peak-to-trough S&P 500 declines…

What is the relationship between stocks and bonds? The only real answer is context-dependent – What else is going on around us? Or, we can simply reply “it depends on the decade.” What makes running a macro strategy so lucrative for professional investors and fund managers is the fact that there is no black-and-white answer…

If there’s one thing – just one thing – we should have learned from the past ten years, it’s that most of the people who “called the crash” have had a rough go of it ever since. Some have been uselessly frittering away the benefit of their having side-stepped the market’s decline in 2008 by repeatedly making…

I want to thank all of you for keeping my new book, Clash of the Financial Pundits, on the charts and in the news. Most new books are able to get a good amount of attention during the week of their launch – but a book having legs beyond that initial barrage of media is much…

What does a 5 percent correction do to the net worths of some of Silicon Valley’s top tech moguls? USA Today has an infographic that ought to make you feel better about any drawdown you may have suffered so far… Here’s are the losses, in dollars, since the S&P 500 peaked on July 24th –…