Authored by Jesse Colombo via RealInvestmentAdvice.com, Market volatility has reared its ugly head once again in
recent weeks as the trade war with China took a turn for the worse and
global economic data continues to weaken. On Thursday, the Dow
lost 286.14 points, or 1.1%, the S&P 500 fell 34.03 points, or 1.2%,
and the Nasdaq Composite dropped 122.56 points, or 1.6%. From a
technical perspective, the S&P 500 is sitting just above a key
support level at 2,800. The S&P 500 has bumped its head or bounced
off of this levels quite a few times since early-2018. If the S&P
500 closes below 2,800 in a decisive manner, it would increase the
likelihood of further downside.
ここ数週で再び市場は醜い head パターンとなった、中国との貿易戦争が悪化しまた世界経済データが弱いからだ。火曜にDJIは1.1%相当の286.14ポイント下落し、S&P500は1.2%相当の34.03ポイント下落した、そしてNasdaq Compositeは1.6%相当の122.56ポイント下落だった。チャートテクニカルから見るとS&P500は2,800の重要なサポートレベルの少し上にいる。S&P500は2018年はじめ以来このレベルからの頭出しを何回か繰り返した。もしS&P500が終値で2,800を確実に下回るなら、さらなる下落が起きる可能性が高い。
The Dow Jones Industrial Average is sitting just above its 25,250
support level that it has bounced off of in recent months. If the Dow
closes below this level in a convincing manner, it may foreshadow even
more downside action.
The tech-oriented Nasdaq Composite Index is just above its 7,600
support level that has come into play several times in the past year. If
the Nasdaq closes convincingly below 7,600, further bearish action is
likely.
テック銘柄の多いNasdaq Composite Indexは7,600のサポートの少し上だ、ここ数年で何度かこのレベルになった。もしNasdaq が終値で確実に7,600を下回るならさらなるベア傾向となるだろう。
The Russell 2000 Small Cap Index closed just above its 1,500 support
level. If it closes below this level, further weakness is likely.
Russell 2000小型株指数は1,500のサポートの少し上だ。もし終値でこのレベルを下回るなら、さらなる下落となるだろう。
After the U.S. stock market’s 300% gain in the past decade (which is an unsustainable bubble), it is prudent to be aware of the risk of a sharp unwind:
The S&P 500 rose much faster than earnings and is now at
1929-like valuations, which means that a painful correction is
inevitable:
S&P500は収益以上に急速に上昇してきた、今や1929年ほどのバリエーションだ、ということは痛みの伴う調整が不可避だ:
Another indicator that supports the “higher volatility ahead” thesis
is the 10-year/2-year Treasury spread. When this spread is inverted, it
leads the Volatility Index by approximately three years. If this
historic relationship is still valid, we should prepare for much higher
volatility over the next few years. A volatility surge of the magnitude
suggested by the 10-year/2-year Treasury spread would likely be the
result of a recession and a bursting of the massive asset bubble created
by the Fed in the past decade.
For now, I am watching how the major indices act at their key support
levels. If the indices break their supports at the same time that the
trade war worsens even further, we could see another sharp sell-off like
the one in late-2018.
Class 8 Heavy Truck Orders Crash 68% in January by Tyler Durden Wed, 02/06/2019 - 17:25 Among the latest dismal news about the strength of the US economy, on Tuesday ACT Research released preliminary truck orders for January 2019 which showed that Class 8 truck orders collapsed an astounding 68% for January. The decline is being attributed to a 300,000+ vehicle backlog potentially prompting fleets to halt purchases in the near term. 米国経済に関し最近憂鬱なニュースが多い中で、火曜にACT researchが2019年1月のトラック発注を開示した、1月にClass 8のトラック発注がなんと68%も急落した。この発注減は短期的に300,000台超の潜在在庫を生み出す。 Specifically, in January Class 8 net orders were 15,800 units (14,700 SA; 176,400 SAAR), down 68% YoY and down 26% MoM. Class 5- 7 January net orders were 23,400...
Amazonで買物をしてContrarianJを応援しよう Silver Outperforming Gold 2 Adam Hamilton July 26, 2019 3232 Words Silver has blasted higher in the last couple weeks, far outperforming gold. This is certainly noteworthy, as silver has stunk up the precious-metals joint for years. This deeply-out-of-favor metal may be embarking on a sea-change sentiment shift, finally returning to amplifying gold’s upside. Silver is not only radically undervalued relative to gold, but investors are aggressively buying. Silver’s upside potential is massive. ここ2週シルバーは急騰した、ゴールドを遥かに凌ぐものだ。これは注目すべきことだ、もう何年もシルバーはひどいものだった。この極端に嫌われた金属が大きく心理を買えている、とうとうゴールド上昇を増幅するに至った。シルバーは対ゴールドで極端に過小評価されているだけでなく、投資家は積極的に買い進んでいる。シルバーの潜在上昇力は巨大なものだ。 Silver’s performance in recent years has been brutally bad, repelling all but the most fanatical contrarians. Historically silver prices have been mostly ...
Amazonで買物をしてContrarianJを応援しよう Junk Bond Bubble In Pictures: Deflation Up Next by Tyler Durden Fri, 07/19/2019 - 14:37 Authored by Mike Shedlock via MishTalk, The widely discussed "everything bubble" is, in reality, a corporate junk bond bubble on steroids sponsored by the Fed ... 幅広く議論されている「everything bubble」は実際に企業ジャンク・ボンドバブルにも言えることであり、これはFEDによりドーピング注入されている・・・ The highest grade AAA corporate bonds yield 2.75%. BBB-rated corporate bonds, just one step above junk, 3.5%. BB-rated bonds yield just 4.28%. 最高級ランクAAA企業債権の金利は2.75%だ。あとひとランク悪化でジャンク・ボンド入りするBBB債権金利は3.5%。BB格付け債権の金利でもわずか4.28%でしかない。 Corporate Bond Spreads 企業債権金利のスプレッド The spread between Prime AAA bonds and lower-medium grade bonds (see chart below) is just 0.77 percentage points. 最上位AAA債権と低中ランク債権のスプレッドがわずか0.77%しかない。 The spre...
最後の2段落だけ訳をいれておきました。 Fed’s Risky QE4 Stock Ramp Adam Hamilton January 31, 2020 3567 Words The US stock markets dramatically surged mostly in a straight line since mid-October. This extraordinary rally started when the Federal Reserve announced it would resume expanding its balance sheet for the first time in years. The deluge of new liquidity from that quantitative-easing bond buying has again acted like rocket fuel for stock markets. After shooting vertically they are in real trouble when the Fed pulls back. In early October the flagship US S&P 500 stock index (SPX) slumped to 2888. That was a mild 4.6% pullback from late July’s latest record high. The SPX was still having a great year though, up 15.2% year-to-date at that point thanks to extreme Fed easing . After the SPX had plunged 19.8% mostly in Q4’18 in a severe near-bear cor...