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January 2013 Calendar

12/31/2012

Final Thoughts for 2012

12/28/2012
With just two trading days remaining in 2012, the S&P 500 Index (SPX) looks positioned to...

Fiscal Cliff Plan C?

12/21/2012
Last evening House Speaker John Boehner cancelled a vote for his “Plan B,” which would have allowed for an extension of the Bush era tax cuts for all those making $1,000,000 or less.

2012 Global Comeback Story: Europe

12/19/2012
It was exactly this time last year that multiple investment banks presented their 2012 market and economic outlook.

Italian Elections

12/12/2012
Early Monday morning investors awakened to what was being presented as a new market headwind – the resignation of Italian Prime Minister Mario Monti.

Joe Terranova’s first quarter playbook is available

12/12/2012
Joe Terranova’s first quarter playbook is available

An Unusual Season for Closed-End Funds

12/10/2012
For many investors, the fourth quarter is a time to assess their portfolios, consider reallocations based on market outlook and their upcoming tax bills, and, if feasible, seek to minimize their tax burden.

U.S. Labor Report: Not Actionable

12/7/2012
This morning’s U.S. Labor report for November is a positive surprise on the surface..

U.S. ISM Manufacturing

12/3/2012
The first day of trading for the month of December greeted investors with...

China PMI

12/3/2012

Leveraged Loans

12/3/2012
Leveraged loans to finance dividends have doubled this year.

December 2012 Calendar

11/30/2012

Investors Should Be Thankful for Germany

11/26/2012
Over the past few days Americans have had the opportunity to spend holiday time with family and friends.

Checking the Technicals

11/19/2012
The S&P 500® Index (SPX) declined 1.45% last week, placing its current 2012 year-to-date performance at +8.13%.

Global Monetary Policy to Take Center Stage

11/19/2012
One of the problems for global capital markets has been the loss of the “carry trade.”

The Economic Impact from the Fiscal Cliff

11/19/2012
Over the past six months the strength in the U.S economy has clearly shifted away from manufacturing toward the consumer.

Earnings Scorecard: Season Gets Set to Close

11/13/2012
The S&P 500® Index (SPX) quarterly earnings season is readying to close.

Convince Me Differently

11/7/2012
Throughout much of 2012, I offered both within blogs and quarterly commentary that I expected President Obama to win a second term.

Barclays US Treasury Index

11/7/2012
Barclays US Treasury Index is yielding 0.91% with duration of 5.5 years.

U.S. Jobs Report – Something for Everyone

11/2/2012
For those expecting this morning’s U.S. jobs report to provide the markets with some form of clarity – you must be disappointed.

November 1st Global Data

11/1/2012
As the calendar flips into November, multiple global economic data reports have been released.

November 2012 Calendar

10/31/2012
Interactive Economic Indicator Calendar

Electoral College 269-269?

10/29/2012
The U.S. presidential election is quickly approaching, and for the first time since the campaign began, the outcome is impacting capital markets.

The Election Correction

10/24/2012
Last Friday, I posted a blog highlighting my concern over the lousy earnings reported so far this season, in particular for technology.

Earnings Scorecard: Concern is Elevated

10/19/2012
As of Friday, October 19, 2012, earnings have been reported for 116 of the 500 corporations that make up the S&P 500® Index (SPX).

Keep Your Eyes On the Treasury Market

10/17/2012
Whether or not the beginning of a larger reallocation out of Treasuries is unfolding at this point is mere speculation.

Weekend China Trade Data

10/15/2012
On Friday, October 12, 2012, the S&P 500® Index (SPX) (Figure 1.1) closed down 2.21% for the week, capping a week of lower corrective trade targeting the all-important 1422.38 SPX technical support level.

Freshen Up The Energy Portfolio

10/11/2012
Over the past few days I have received a few inquiries regarding the absence of any commentary within the Q4 playbook on refiners.

EPS and Revenue Growth Expectations

10/10/2012
Third quarter earnings and revenue will be reported over the next few weeks.

Why are equities doing so well?

10/10/2012
U.S. equity returns were robust in the third quarter with the S&P 500® Index increasing 6.35%, the Russell Midcap® Index up 5.59%, and the Russell 2000® Index up 5.25%.

September Nonfarm Payroll Report

10/5/2012
This morning the Labor Department released its monthly jobs report.

Joe Terranova's Q4 Market Commentary

10/5/2012
Joe Terranova's Q4 Market Commentary

Utilities/telecom stocks remain an attractive option for yield-starved investors

10/1/2012
Utilities and telecom stocks may be trading at historically high multiples, but...

Global Manufacturing Readings

10/1/2012
The fourth quarter of 2012 began with global manufacturing readings.

U.S. ISM Back Above 50

10/1/2012
Last week we offered a blog highlighting the positive turn for the Richmond Fed Manufacturing Index.

October 2012 Calendar

9/28/2012

Richmond Fed Turns Positive

9/25/2012
For most of the summer, domestic and global manufacturing figures have disappointed the markets and provided evidence that the sector’s growth has stalled.

The Trend is Still Your Friend

9/20/2012
Roughly one week has passed since the FOMC surprised the capital markets with an extremely aggressive new round of asset purchases.

Initial Jobless Claims

9/20/2012
This morning the Labor Department released weekly jobless figures for the week ending September 15.

Focus On QE3

9/19/2012
What is QE3?

Updated S&P Technical Formation

9/14/2012
Throughout the third quarter, the pristine technical formation for the S&P 500® Index (SPX) (Figure 1.1) has most accurately guided investors.

How the Fed’s Rate Announcement Relates to Senior Floating Rate Bank Loans

9/13/2012
The Fed expects to keep short term rates near zero until at least mid-2015.

Precious Metals

9/11/2012
The spot price of gold has risen nearly 8% during the third quarter of 2012, while the more volatile and less liquid precious metal silver has risen over 21%.

Soft U.S. Jobs Report: +96K

9/7/2012
August U.S. Labor Report released this morning…

QE3? Investor Strategy

9/7/2012
In the wake of this morning’s disappointing labor figures, multiple economists have suggested that QE3 is certified when the FOMC meets next Wednesday and Thursday, September 12-13, for the sixth time this year.

ISM Remains Below 50

9/5/2012
U.S. markets returned from the Labor Day holiday with the release of the first major economic report for the month of September.

China PMI 49.2

9/4/2012
The month of September begins with investors digesting another disappointing economic data point from China.

September 2012 Calendar

8/31/2012
Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

September Labor Figures to Decide U.S. Presidential Election?

8/29/2012
On Monday evening, August 27, John Hilsenrath, chief economic correspondent for the Wall Street Journal, appeared on CNBC’s Fast Money to discuss the September 12-13 FOMC meeting.

Infrastructure stocks offer higher dividend yields than their bonds

8/28/2012
Infrastructure equities may offer something their bond counterparts don’t – higher yields and the potential for growth.

FOMC Minutes: Doves Are Perched Above The Market

8/23/2012
Yesterday afternoon the FOMC released the minutes from its two-day meeting on July 31-August 1.

REITs going strong with room to grow

8/17/2012
As of July 31, most sectors of the U.S. REIT market tracked by the National Association of Real Estate Investment Trusts (NAREIT) produced double-digit returns year to date. U.S.

Updated S&P Technical Formation

8/17/2012
Since late July we have highlighted the near-term bullish technical structure of the S&P 500® Index (SPX) from the June 4, 2012 low of 1266.74.

Earnings Season Closes Out

8/17/2012
As of Friday, August 17, earnings have been reported for 477 out of 500 S&P 500® Index (SPX) companies.

Congressman Ryan, Capital Markets Impact

8/14/2012
During this past weekend Republican presidential candidate Mitt Romney selected Wisconsin Congressman and House Budget Committee Chairman Paul Ryan as his running mate.

Further PBOC Easing is Needed

8/9/2012
Overnight economic data from China looks soft once again.

The Technology Sector Indicator

8/7/2012
Over the past several weeks, our blogs have focused on the potential for the SPX to appreciate toward the upper end of this year’s 1258.86 to 1422.38 trading range.

July Non-Farm Payrolls

8/3/2012
Friday morning August 3, 2012 the Labor Department reported the July Non-Farm Payrolls report

Backward days

8/2/2012
Today I had the privilege to spend some time with CNBC Senior Economist, and good friend, Steve Liesman.

U.S. ISM & FOMC

8/2/2012
On Wednesday, August 1, 2012, the Federal Open Market Committee (FOMC) released a statement that read incredibly similar to their June 20 statement, until the final sentence.

August 2012 Calendar

7/31/2012
Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

Jobless Claims, Durable Goods, SPX Support, and the FOMC

7/26/2012
For the week ending July 21, jobless claims declined by 35,000 to 353,000, much better than analyst estimates for 380,000.

The Charts That Matter Most

7/23/2012
In what is shaping up to be a classic “summertime” market, let’s take a look at some charts...

Earnings Calendar: Week of July 23, 2012

7/23/2012
The week of July 23, 2012 has 172 more S&P 500® Index (SPX) companies reporting second quarter earnings

Earnings Scorecard as of July 22, 2012

7/23/2012
As of Sunday, July 22, 2012, roughly 24% or 118 of the 500 SPX corporations have reported their quarterly earnings for the calendar second quarter.

Fixed Income Q&A with Newfleet’s CIO

7/17/2012

Earnings, Week of July 16

7/16/2012
Last week initiated the calendar 2012 third earnings release for investors to digest.

JPM acts as a Technical Catalyst for the SPX

7/16/2012
The surprising performance of financial institutions during the first quarter of 2012 was a leading contributor to the S&P 500® Index’s (SPX) strong start to the year (Figure 1.1). Therefore, it was no coincidence...

Finding Value in Fixed Income – Part II

7/10/2012
As multi-sector fixed income investors, we have a large team of sector specialists whose job is to uncover opportunities in their sectors.

Earnings Ahead, Week of July 9

7/9/2012
This week begins the second quarter reporting period for U.S. corporations. Earnings continue to act as a tailwind for the capital markets.

Another Weak U.S. Jobs Report

7/6/2012
June payrolls increased +80,000, below consensus estimates of +100,000.

Globally Coordinated, or Not?

7/5/2012
Hoping everyone had a wonderful 4th of July holiday.

U.S. ISM Manufacturing

7/2/2012
The second half of 2012 began with the 10 a.m. release of the U.S Institute for Supply Management Manufacturing Index.

China Yuan

6/27/2012
As the second quarter closes out, investors continue to look for indicators to suggest an end to the current pause in market appreciation.

July 2012 Calendar

6/27/2012
Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events

Finding Value in Fixed Income – Part I

6/25/2012
As deep value investors, we look for opportunity across all 14 sectors of the bond market, which, in aggregate, adds up to about $22 trillion – five times the size of the equity markets.

FOMC Statement and Market Impact

6/21/2012
Yesterday, the Federal Reserve Open Market Committee (FOMC) announced it will extend Operation Twist through the end of 2012.

Initial Jobless Claims

6/21/2012
This morning’s weekly Initial Jobless Claims failed to lift any expectations for the upcoming July 6 U.S. Jobs report.

Where's the Market?

6/19/2012
Beginning 6 p.m. last Sunday, the most asked question on Wall Street was “Where’s the market?”

Greek Election Preview

6/15/2012
This Sunday, June 17, close to 10 million Greek voters will once again vote in an attempt to form a coalition government.

JPM Senate Testimony

6/13/2012
Early last week we amended our June market calendar to include this morning's Senate testimony from JP Morgan (JPM) CEO Jamie Dimon.

Weekend Data from China

6/11/2012
Last week, the People’s Bank of China (PBOC) continued easing its domestic monetary policy with its first interest rate cut since 2008.

Dividend-paying, low beta equities for choppy markets

6/8/2012
Investors looking for long-term income may want to consider dividend-paying, low beta infrastructure stocks, which...

Active Central Bankers

6/8/2012
Market observers spent much of Thursday afternoon, June 7, expressing disappointment that Federal Reserve Chairman Ben Bernanke did not telegraph a more accommodative stance during this morning’s Senate testimony.

German Exports & Imports

6/8/2012
In our June market calendar “The Table Setter,” I highlighted the significance of German economic data. Weakness within the German economy will pressure the governing Christian Democratic Party to agree to concessions for sharing the eurozone’s massive debt.

Bernanke Must Have Read the Beige Book

6/8/2012
Federal Reserve Chairman Ben Bernanke’s failure to commit to further quantitative easing in his Senate testimony on Thursday may have been more than “posturing.” I am rather certain that the Chairman, like me, has fully read through Wednesday’s release of the Beige Book.

Revised June 2012 Calendar

6/6/2012
Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

June Market Reality Check

6/4/2012
Two months into the second quarter, the CBOE Volatility Index (VIX), a measure of investor fear, has risen from the mid teens at the end of March to the mid 20’s of late.

The Table Setter: U.S. Jobs Report

6/1/2012
This morning the Labor Department delivered the following disappointing payroll report for the month of May.

The Table Setter: Global Manufacturing Figures

6/1/2012
This morning’s 10 a.m. U.S. release of the Institute for Supply Management’s (ISM) Manufacturing index completed a dizzying eight-hour period of global manufacturing data releases.

The Table Setter: China PMI

6/1/2012
On Thursday evening, May 31, the China Purchasing Managers’ Index (PMI) for the month of May was reported at 50.4, down from last month’s 53.3 and below the consensus forecast of 52.0.

June 2012 Monthly Calendar

5/31/2012
Check out Joe Terranova's Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

Outlook positive for bank loans

5/29/2012
Bloomberg recently reported that investors poured $729 million into U.S. floating rate bank loan funds in April, based on preliminary data from research firm EPFR Global – the largest inflows to the sector in 11 months.

A Buyer's Strike

5/24/2012
Recent characterizations of the market suggest that this week’s price action is a global asset liquidation with the intent to raise and preserve cash holdings.

The 4 Most Important Charts Right Now

5/18/2012
The current S&P 500 Index (SPX) 8.3% correction will not be arrested without the 4 catalysts shown in the charts below finding stabilization.

Correction Cheat Sheet

5/18/2012
Since the S&P 500 Index (SPX) Lehman credit crisis trough at 666.79 on March 6, 2009

Too Late for REITs?

5/17/2012
REIT equities – public companies that invest in real estate properties – started to gain traction.

Facts about Greece to Consider

5/15/2012
Political developments in Greece over the past eight days have placed the eurocurrency back in a vulnerable position and elevated the stress within European sovereign credit markets.

PBOC cuts Bank Reserve Ratio Requirement (RRR)

5/14/2012
On Saturday, May 12, the People’s Bank of China reduced the Reserve Ratio Requirement (RRR) for banks by...

Time To Dabble In Natural Gas

5/9/2012
One of the worst kept American secrets is the tremendous social opportunity the usage of natural gas would be for both American enterprise and consumers.

April Jobs Report

5/4/2012
Consistent with the April 19 “Initial Jobless Claims” blog update, my expectations for “weather payback” did, in fact, negatively impact the April jobs report, once again.

Energy Update

5/4/2012
Back in my February 1, 2012 blog, I downgraded energy from overweight back to market weight.

Gridlock Drives the U.S. to the Fiscal Cliff

5/3/2012
Recent economic data from across the pond has confirmed my 2012 expectations for Europe – both Spain and the United Kingdom (U.K.) are back in recession.

Lousy European Data

5/2/2012
Consistent with the trading environment for April, this morning’s lousy European economic data is positioning the market to reverse the favorable conditions traced out with yesterday’s U.S. ISM Manufacturing.

CHINA PMI

5/1/2012
On Monday evening, April 30, the China Purchasing Managers Index (PMI) was released at 53.3, up from last month’s 53.1, and consistent with expectations for a 53.3 reading.

US ISM Manufacturing

5/1/2012
On Tuesday morning, May 1, the Institute for Supply Management reported its Manufacturing Index for April at 54.8 – well ahead of last month’s 53.4 and surprisingly higher than the estimates for a 53.

May 2012 Monthly Calendar

5/1/2012
Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

Market Update

4/26/2012
Just two trading sessions remain in April, a month which began by establishing a nearly 4-year high on April 2 for the S&P 500® Index (SPX) of 1422.38.

Earnings Season to Date

4/23/2012
As of the close of business on Friday, April 20, 2012, the S&P 500® Index (SPX) ended the day at 1378.53 – up 9.62% year to date

Third Time’s The Charm

4/23/2012
In 2010 and 2011, the equity markets came out of the gates relatively strong, only to pause in the second quarter.

Initial Jobless Claims

4/19/2012
Initial jobless claims for the week ending April 14 (as reported on April 19)

April Showers

4/16/2012
As of the close on Friday, April 13, 2012, the S&P 500® Index (SPX) has now corrected 3.7% from the four-year high established on April 2, 2012 at 1422.38.

U.S. Labor Report – The Game Just Changed

4/6/2012
On Good Friday morning, April 6, one of my fears for continued capital market appreciation was realized.

Spain

4/5/2012
Global markets awakened Wednesday morning, April 4, to the news that the eurozone’s fourth largest economy...

S&P 500 Index Technical Formation

4/5/2012
The S&P 500 Index (SPX) closed on Monday, April 2, at...

China PMI at One Year High

4/2/2012
Chinese manufacturing, measured by end-of-month PMI, rose to its highest level in one year, and was reported at 53.1 on Saturday evening, March 31, 2012.

April 2012 Monthly Calendar

4/2/2012
Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

Initial Jobless Claims, Bernanke, & S&P 500® Index

3/29/2012
For the week ending March 24, 2012, initial jobless claims fell by 5,000 to 359,000.

M&A Q2 Importance

3/28/2012
In Q1 2012, global M&A experienced one of its worst quarterly activity since Q3 2009, barely nudging above $400 billion in volume to date.

Bears find a reason

3/23/2012
It hasn’t been much fun for the bears in 2012...

The Headwind of Oil

3/19/2012
Global risk assets continue to steadily appreciate, reflecting the continued modest improvements in U.S. macro data and the significant easing in European government bond yields.

Treasury yields positioned to rise

3/13/2012
On January 1, 2012, Greg Zuckerman penned an article for the Wall Street Journal that shared market insights for the upcoming year from Tobias Levkovich, Citigroup's chief U.S. equity strategist, James Paulsen, chief investment strategist at Wells Capital Management, and me.

February Non-Farm Payrolls

3/12/2012
On the morning of Friday, March 9, 2012, the February Non-Farm Payrolls report was released by the Labor Department.

Commodities Update

3/6/2012
The 2012 “annuity rally” continues, defying the overwhelmingly obvious need to incur a price correction to work off deeply overbought conditions.

U.S. ISM Manufacturing

3/1/2012
The month of March begins with a gentle reminder for investors not to become enamored with the “need for speed”.

China Data

3/1/2012
On February 24, policy makers in China lowered the Reserve Ratio Requirement (RRR) for banks by 50 basis points for the second time since the fall of 2011.

Retail Same Store Sales

3/1/2012
Consistent with my expectation that the consumer discretionary sector will continue to provide favorable opportunities for investors, the February Same Store Sales report recorded a +6.7%.

March 2012 Monthly Calendar

3/1/2012
Check out Joe Terranova's Interactive Economic Indicator Calendar for Insights into Key Economic Indicators and Key Market Events.

LTRO Round Two

2/24/2012
Next Wednesday, February 29, the European Central Bank (ECB) will conduct its second round of Long Term Refinancing Operations (LTRO).

Presidents’ Day Market Update

2/21/2012
2012 is getting off to a solid start heading into the Presidents’ Day weekend holiday.

Initial Jobless Claims

2/16/2012
Initial Jobless Claims for the week ending February 11 (as reported on February 16).

Earnings Season to Date

2/13/2012
As of the close of business Friday, February 10, 2012…

ECB Meeting Tomorrow

2/8/2012
Global central banks continue their presence in capital markets, a consistent condition since the fall of 2008.

U.S. Jobs - There Are No Holes!

2/3/2012
This morning, the Labor Department released its January labor report.

S&P 500® Index Technical Picture

2/2/2012
The first month of 2012 traced out a solid foundation as the S&P 500 Index rose from 1257.60 to 1312.41 – a gain of 4.35%

China PMI

2/1/2012
The China Purchasing Managers’ Index (PMI) rose to 50.5 for the month of January, maintaining above the contraction/expansion line of 50.

Energy Back to Market Weight

2/1/2012
During the 2011 calendar year I suggested two weighting adjustments in the energy sector.

U.S. ISM Manufacturing

2/1/2012
The U.S. Institute for Supply Management (ISM) Index was reported at 54.1, up from 53.1 last month.

Mixed Data and the "All In" Fed

1/26/2012
On the morning of Thursday, January 26, some mixed economic data was released domestically.

Importance of Caterpillar (CAT)

1/26/2012
I often refer to the earnings, guidance, and management commentary from Caterpillar (CAT) as a critical indicator for potential global growth.

Markets & Earnings to Date

1/23/2012
Over the first 13 trading days of 2012, the S&P 500® Index has advanced 4.59%.

First FOMC Meeting of 2012

1/20/2012
The first Federal Open Market Committee (FOMC) meeting will be held next week

S&P Downgrades Europe

1/18/2012
At the end of last week, Standard & Poor’s downgraded the long-term credit ratings on nine sovereigns while affirming the ratings on seven other eurozone nations.

JPM Earnings

1/13/2012
A strong start to 2012 for the financial sector has surprised the market.

Not So Fast

1/12/2012
Markets have come out of the gates with a healthy appetite for risk assets.

U.S. Jobs Report

1/9/2012
December’s nonfarm payroll report was slightly better than expected buoyed by seasonal December demand for temporary workers

Here Comes the First 2012 U.S. Bond Auction

1/9/2012
The week of January 8 presents the first 2012 U.S. government bond auctions.

Global PMIs & U.S. ISM

1/4/2012
The first trading day of the year in the U.S. witnessed a strong bid for risk assets buoyed by better-than-expected European PMIs and U.S. ISM Manufacturing.

China PMI kicks off 2012 Investing Year

1/3/2012
China Purchasing Managers’ Index (PMI) reported a 50.3 for the month of December

Virtus Investment Partners provides this communication as a matter of general information. The opinions stated herein are those of the author and not necessarily the opinions of Virtus, its affiliates or its subadvisers. Portfolio managers at Virtus make investment decisions in accordance with specific client guidelines and restrictions. As a result, client accounts may differ in strategy and composition from the information presented herein. Any facts and statistics quoted are from sources believed to be reliable, but they may be incomplete or condensed and we do not guarantee their accuracy. This communication is not an offer or solicitation to purchase or sell any security, and it is not a research report. Individuals should consult with a qualified financial professional before making any investment decisions.