• Market Recap

    Posted on December 7, 2018 by Gemmer Asset

    Printable Version   In a way the market has no memory day to day or week to week. And maybe it shouldn’t. But it is a sign of the uncertainty out there that the Dow can swing more than 700 points in the space of just a few hours on Thursday. Or how the S&P can be up +4.8% last week but down -4.6% this week. Trying to read some deep meaning into the daily…
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  • Market Recap

    Posted on November 30, 2018 by Gemmer Asset

    Printable Version   The equity markets bounced back this week after somewhat soothing comments from the Fed chairman and hopes that this weekend’s meeting between the U.S. and China might start a thaw in trade tensions.  For the week the S&P advanced +4.8% while small-cap stocks gained +3.0%.  It was the best week for the S&P in eight years.  The international markets were similarly positive with the developed EAFE up +1.6% and emerging +3.3%.  Bond…
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  • Powell’s Comments Suggest Dovish Turn

    Posted on November 29, 2018 by Gemmer Asset

    Printable VersionChairman Jerome Powell spoke today at the Economic Club of New York and his comments generally surprised markets in that they seemed to suggest current interest rates may be close to neutral. This is a stark contrast from Powell’s October 3rd statement where he said “…we may go past neutral. But we’re a long way from neutral at this point, probably.” At the time, this was interpreted to mean that markets should expect a…
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  • Market Recap

    Posted on November 16, 2018 by Gemmer Asset

    Printable Version   It was a volatile week for stocks, bonds, and commodities. Oil prices in particular managed to lose over 8% at one point on Tuesday.  In general stocks were lower while bonds gained ground. Emerging equities stood out with a gain for the week.   Softening Global Growth…   The startling volatility in oil prices reflects at least three things. First, the supply outlook took a bearish turn a few weeks ago. Secondly,…
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  • Quick Market Recap & Oil’s Fall From Grace

    Posted on November 10, 2018 by Gemmer Asset

    Printable Version   Markets in general had a decent week. Yes, there was volatility but as of Friday’s close, the S&P ended the week up +2.2%. Despite growth stocks getting clobbered on Friday (the NASDAQ was down -1.7%), their return for the week was +1.3%. The only two major asset classes to suffer meaningful weekly losses were emerging market stocks and commodities (more below), down -2.5% and -1.2% respectively.   Oil’s Fall From Grace  …
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  • Market Recap

    Posted on November 2, 2018 by Gemmer Asset

    Printable Version   Global equity markets generally bounced this week, although they closed on a soft note Friday. For the week the S&P 500 advanced +2.4% while small-caps added +4.3%. The overseas markets were also solidly higher. The developed EAFE gained +3.1% while emerging was up +5.6%. China rallied +3.0% on hints of a trade thaw (and they were just hints, and Kudlow largely squashed them on Friday) while Brazil gained +3.2% after the election…
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  • Market Recap

    Posted on October 27, 2018 by Gemmer Asset

    Printable VersionWell, that was an interesting 5 days! Here’s how the major asset classes performed during the week (on a total return basis).     The S&P 500 was the worst of the bunch, losing -4%. Developed international and emerging market stocks did a bit better, posting returns of -3.6% and -2.5%, respectively. Interestingly, while the S&P 500 briefly hit correction territory (down -10% from the highs) intraday, it closed just shy of that, down…
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  • Market Recap

    Posted on October 19, 2018 by Gemmer Asset

    Printable Version   Putting the Selloff in Context   The equity markets tried to bounce this week but it all fizzled out by Friday. For the week the S&P was flat while small-cap equities had a fractional loss. The developed overseas markets held up reasonably well, but emerging took another hit. The index was off -1.5% and China slid over -2% for the week.   To put things in perspective, since the equity market high…
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  • Investing Principles

    Posted on October 13, 2018 by Gemmer Asset

    Printable VersionEvery once in a while it’s good to re-examine why you do the things you do.  Over the past few days the markets hit a bit of a rough patch.  Nothing catastrophic, just a bit more volatility than we’ve grown accustom to.  Times like these are perfect for revisiting basic investing principles, taking a step back and looking at the big picture.  With that being said, we thought this blogpost would be a good…
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  • Market Recap

    Posted on October 5, 2018 by Gemmer Asset

    Printable Version   Rising Rates Causing Indigestion   The story of the week was the bond market. U.S. Treasury bonds sold off sharply as interest rates increased across the curve. For the week the yield on the 10-year Treasury increased from 3.06% to 3.22%, a +16bps increase. Two-year yields were up +6bps. As a result, intermediate-term Treasury bonds lost -1.2% for the week while long-term bonds were down -3.4%.   For most of the year…
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