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.

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ARX December 2018 Market Commentary

ARX November 2018 Monthly Commentary

“After experiencing their worst month since the Financial Crisis, US equities posted modest gains in November.  It didn’t feel good, however, as elevated levels of volatility persisted throughout the month as investors finally seemed to acknowledge the bull market wouldn’t last forever.  Key to this market action is something we’ve been writing about all year – the Federal Reserve’s program of removing historical levels of accommodation by raising interest rates and reversing its massive Quantitative Easing program implemented during the crisis. ”

 

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ARX November 2018 Monthly Commentary