What Goes Up…

Gold has been powering ahead and we watched in awe as our hedge worked fantastically over the last month. Stocks fell 17% but gold rose 21%, and this parabolic-esque move seemed too enticing to ignore. The price of gold stretched to 20% above its 200-day moving average which historically is a very overbought level. So…

Gaming the Jackson Hole Economic Summit

Last week a certain presidential candidate, speaking about Federal Reserve Chairman Ben Bernanke, said, “….printing more money to play politics at this particular time in American history is almost treacherous – or treasonous in my opinion.” I don’t know if he meant it was almost treasonous, or it was actually treasonous, but either way the…

Alpha Trades and Beta Trades

Rick Vollaro has introduced the investment team to a new term, “trading with a hatchet.” You can find his blog on the subject in this space (posted yesterday). I can assure you that we don’t let Rick get near anyone in volatile markets with a hatchet, especially when the markets are going in the wrong…

Alpha Trades and Beta Trades

Rick Vollaro has introduced the investment team to a new term, “trading with a hatchet.” I can assure you that we don’t let Rick get near anyone in volatile markets with a hatchet, especially when the markets are going in the wrong direction. However, his point was a good one. For the past month or…

Trading in Our Scalpel for a Hatchet

Somewhere during the last few weeks the weight of the evidence changed enough in our minds to declare that we are likely at the beginning of a new bear market. As always, the ultimate decision to call for a bear market was part quantitative, part qualitative, and part pure judgment. We wouldn’t single out any…

Trading in Our Scalpel for a Hatchet

Somewhere during the last few weeks the weight of the evidence changed enough in our minds to declare that we are likely at the beginning of a new bear market. As always, the ultimate decision to call for a bear market was part quantitative, part qualitative, and part pure judgment. We wouldn’t single out any…