• Market Recap

    Posted on September 18, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   The September correction rolls on, with most of the pain, at least so far, in the stretched momentum/growth type names. The Snowflake IPO this week was a hit (for the founders and employees, or if you could get it pre-market), but it also drew attention to the valuations in certain sectors.   The major economic/market related news of the week was the Fed announcement on Wednesday. This meeting garnered…
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  • Market Recap

    Posted on September 11, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   The markets continued to correct this week, especially the frothy momentum names like Tesla and Apple. No real news triggered the latest correction – more of a case that sentiment had turned too bullish. Maybe there’s also a seasonality thing going on. As you can see below, Septembers have historically been lousy months.     Oh, and there’s the uncertainty around the election of course. At least historically it’s…
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  • Market Recap

    Posted on August 28, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   Another solid week for the global equity markets, and the relentless push higher continues, especially for the tech/growth names. I still can’t get my head around the chart below – the market cap for Apple almost equals all 2000 companies in the small-cap index??!!     In terms of economic statistics, the housing data was probably the most interesting. Oh, and the Fed officially moved the goal posts.  …
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  • Market Recap

    Posted on August 14, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   A week of modest gains but the volatility certainly picked up in the hot sectors such as the FANGs and precious metals. And we finally saw interest rates tick higher as the Treasury market wrestled with a surge of new issuance.   On the economic front, the data was generally decent.   Weekly Unemployment Claims   New applications for US unemployment benefits fell below 1m for the first time…
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  • Market Recap

    Posted on July 31, 2020 by Gemmer Asset

    Printable Version    Weekly Recap   Something of a mixed week in the markets with growth/tech doing well while small and value underperformed. The major economic news obviously was the first take on second quarter GDP. As expected – it stunk!!   The size of the U.S. economy between March and June shrunk by -32.9% (blue line below) at an annualized rate. The change year-over-year was -9.5% (red line below).     This is one…
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  • Market Recap

    Posted on July 17, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   The equity markets continue to churn in a range between 3,000 and 3250 on the S&P 500. The rapid advance in April and May ground to a halt as infection rates started to trend up in June. On the economic front the general theme is a moderation in the V-like bounce off the March lows.   For example, the latest manufacturing reports from around the country shows that this…
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  • Market Recap

    Posted on June 26, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   I’m probably not alone thinking that 2020 is starting to feel like the longest year ever. We are only just approaching the half-way point. With two more trading days to go in the quarter, the markets seem to be closing on a soft note. Global equities dipped this week on renewed fears about 1) rising COVID infection rates in the U.S., and 2) the possibility of more trade battles…
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  • Asset Class Review for the Week Ending 6/19/20

    Posted on June 19, 2020 by Gemmer Asset

    Printable VersionEquities started the day in the green, but steadily lost ground throughout the trading session. Despite today’s slip up, most asset classes finished the week with a positive return.     Below is a brief weekly recap of  the major asset classes.   Equities   NASDAQ   The NASDAQ led the pack this week thanks in part to stocks like Microsoft, Amazon, Apple and Facebook.     Because these 4 stocks make up about…
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  • Market Recap

    Posted on June 12, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   After three straight up weeks the markets corrected sharply on Thursday. An up-move in COVID-19 infections in some US states triggered worries about a second wave of the virus. Global equities moved broadly lower with only government bonds and precious metals acting as a safe harbors. It is telling that it doesn’t take much risk aversion to push bond yields towards the lows of this cycle. It wouldn’t take…
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  • Market Recap

    Posted on June 5, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   This marked the third consecutive week of a +3% or greater advance for the S&P 500, leaving many scratching their heads about the disconnect between the markets and the economy. Furthermore, over the last few trading days we’ve seen the economic sensitive sectors such as small-cap and value stocks take the lead from growth stocks. Even airlines have taken off, so to speak, and interest rates have hooked higher…
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