• Market Recap

    Posted on April 9, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   It was a solid week for the equity markets with the S&P 500 settling well above the 4,000 level. After a rough start to the year, growth sectors kicked into gear this week while the bond bear market went on hold, at least temporarily. The economic recovery narrative is pretty firmly entrenched now. The recent ISM Services index hit an all-time high in March, and the manufacturing measure is…
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  • Market Recap

    Posted on March 19, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   The market narrative hasn’t changed much over the last few weeks. It’s basically:   – The economy will reopen as spring turns into summer….   – …consumers are poised to spend, spend, spend…   – ….aided in no small part by the recently passed stimulus plan…   – …and a booming economy will ignite inflation and push interest rates up.   And traders have positioned for just such a…
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  • Market Recap

    Posted on March 12, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   Solid week for the equity markets as investors generally looked past rising yields, at least for now. Most indexes pushed higher with the exception of China and some other emerging market indexes. The Chinese government was actually reported to be a heavy buyer of stocks this week to try and prop things up.   As for rates, they have basically done a full round-trip, as you can see below….
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  • Market Recap

    Posted on March 5, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   The story this week continued to be interest rates and the speculation about just how high they are going to go. The yield on the 10-year hit a high of 1.63% Friday before backing off. Over the years we’ve noted that the markets tend to fixate on a single issue at a time. Elections, pandemics, or banking problems can all capture the market’s attention at one point or another….
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  • Market Recap

    Posted on February 26, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   It was all about bond yields this week. A sell-off in U.S. government bonds ricocheted through the markets on Thursday, sending share prices lower. In the U.S. the yield on the 10-year briefly surpassed 1.6% on Thursday before closing the week out at 1.46%. The yield on the 5-year bond jumped an impressive 20bps.     Same story overseas. Australian bonds posted their worst month since 1994, with 10-year…
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  • Market Recap

    Posted on February 5, 2021 by Gemmer Asset

    Printable Version   Weekly Recap In today’s world, just wait a week and the story will change. Last Friday it was all about the GameStop moonshot. This week, with the stock off over -86% from the closing high, not so much.     I can’t bring myself to go down the GameStop rabbit hole. Probably the best coverage I’ve seen comes from Matt Levine at Bloomberg. Suffice it to say, the moral of the story…
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  • Market Recap

    Posted on January 15, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   Another month another stimulus plan. This is getting to become something of a routine. After a $900bn plan was signed into law in December, President-elect Biden outlined his plan for another $1.9tn Thursday night. His plan calls for:   – Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments.   – Increasing the federal, per-week unemployment benefit to $400 and extending…
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  • Market Recap

    Posted on January 8, 2021 by Gemmer Asset

    Printable Version   Weekly Recap   Welcome to 2021. Apparently this year is going to start where 2020 left off, but with a touch of insurrection added to the mix. Wednesday was undoubtedly surreal, and on top of what we saw on T.V, it proved to be the deadliest day to date in the U.S. since the CVOID crisis started. But none of this could keep the market down. On Thursday the NASDAQ had the…
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  • Market Recap

    Posted on December 19, 2020 by Gemmer Asset

    Printable Version    Weekly Recap   A solid week for the markets as Pfizer’s vaccine distribution kicked into gear and Moderna’s was approved. And we shouldn’t forget the Chinese and Russian options. As you can see below, these are being picked up in much of the developing world.   On the economic front the news was downbeat in the U.S. as renewed lockdowns/restrictions had their predictable impact. The key reports:   Weekly Unemployment Claims  …
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  • Market Recap

    Posted on December 11, 2020 by Gemmer Asset

    Printable Version   Weekly Recap   A lot of crosscurrents in the markets as 2020 nears its end. We hit an unfortunate milestone yesterday with more than 3,000 deaths in the U.S. and over 100K hospitalized, as you can see below.     And as we are all experiencing, we are seeing renewed lockdowns in many parts of the country. However, unlike earlier in the year the year, lockdowns are not being accompanied by fiscal…
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