ARX 3Q Market Commentary

We enter the 4th Quarter of 2019 after a tumultuous year in the markets and geopolitical arenas. Last October, we highlighted the impact of two years of monetary tightening on various asset classes, which resulted in an ugly October for stocks before an absolute meltdown in December after the Fed’s final rate hike of the cycle. The Fed, which has historically operated free of political influence, caved to an onslaught of pressure from President Trump and market pundits in January – the “Powell Pivot”, whereby the Fed abruptly abandoned its tightening bias and began telegraphing the rate cuts that commenced in July.


Read it here:

ARX Market Commentary – 3Q2019

ARX December 2018 Market Commentary

December was a month of firsts for the markets, but not in a good way.  The S&P 500 had its worst December ever, losing over 9% of its value, and the Christmas Eve trading session was the worst on record.  As we have been predicting all year, investors finally woke up and realized the risks of the Fed’s removal of accommodation with both fists near the end of a 9-year bull market.

Read the rest here:

ARX December 2018 Market Commentary