By: John E. Charalambakis | On: August 10, 2017 |

Commodities, Volatility, and Cryptocurrencies: Some Initial Thoughts

Commodity prices usually follow long cycles. As the graph below shows, commodities enjoyed a good run from the early 1990s to the dawn of the financial crisis and recovered pretty […]

By: John E. Charalambakis | On: August 3, 2017 |

Market Signals, the Economic Cycle, and Enthymemes: Which Sectors Could Benefit?

We have written before that the financial stress index produced by the St. Louis Fed is a very reliable indicator regarding potential dark clouds in the economic and financial horizons. […]

By: John E. Charalambakis | On: July 27, 2017 |

Cheapening the Currency: The Wrong Way Forward

In the last few commentaries we have noted that while equity markets may be stretched, there might still be room to grow given the current macro-circumstances, corporate earnings, and business […]

By: John E. Charalambakis | On: July 20, 2017 |

World Markets, Bank Debt, and Diversification: Earnings and Other Drivers

As many analysts have pointed out lately, the equity markets at the current levels are stretched, but probably not over-stretched. Global equity correlations have been falling this year (from their […]

By: John E. Charalambakis | On: July 13, 2017 |

Substituting for the Credit Cycle: An Optimistic Perspective

There is almost no doubt that the extraordinary measures taken by the central banks around the world over the last several years uplifted equities, lowered cost of capital, increased corporate […]

By: John E. Charalambakis | On: July 6, 2017 |

Valuation Metrics, Currencies, and Portfolio Rebalancing: Kantian of Fichte?

According to most valuation metrics, European stocks trade at a discount relative to those in the US. Consequently, fund managers are on a shopping spree for EU-based equities. As a […]

By: John E. Charalambakis | On: June 28, 2017 |

Reverberations and Growth Prospects: Implications for Equity and Fixed Income Markets

In the last few weeks two developments – related to key issues for the health of the global economy – have been unfolding. The first deals with European banks, and […]

By: John E. Charalambakis | On: June 22, 2017 |

Relevering Balance Sheets and Recalibrating Expectations: The Central Authorities Effect

Current financial and economic conditions in the US as well as in the EU are conducive to higher growth in the second half of the year. In addition, the shaping […]

By: John E. Charalambakis | On: June 15, 2017 |

Bullish Bias and Asset Classes Breakout: Diminishing Safety Margins

Last Friday we observed a divergence among major indexes. The DJIA and the NASDAQ moved in significantly opposite directions. The main reason for the drop in the NASDAQ (which continued […]

By: John E. Charalambakis | On: June 8, 2017 |

Disintegration in the Age of Discontent: Unraveling Realities and the Market

It seems that we are on the verge of a new reality that could resemble the developments of the early 1970s. The global rules and order that were established in […]