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January 2013 Calendar


Final Thoughts for 2012

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

Fiscal Cliff Plan C?

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

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

Italian Elections

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

Joe Terranova’s first quarter playbook is available

An Unusual Season for Closed-End Funds

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

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

U.S. ISM Manufacturing

The first day of trading for the month of December greeted investors with...

China PMI


Leveraged Loans

Leveraged loans to finance dividends have doubled this year.

December 2012 Calendar


Investors Should Be Thankful for Germany

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

Checking the Technicals

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

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

The Economic Impact from the Fiscal Cliff

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

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

Convince Me Differently

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

Barclays US Treasury Index is yielding 0.91% with duration of 5.5 years.

U.S. Jobs Report – Something for Everyone

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

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

November 2012 Calendar

Interactive Economic Indicator Calendar

Electoral College 269-269?

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

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

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

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

Weekend China Trade Data

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

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

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

Why are equities doing so well?

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

This morning the Labor Department released its monthly jobs report.

Joe Terranova's Q4 Market Commentary

Joe Terranova's Q4 Market Commentary

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

Utilities and telecom stocks may be trading at historically high multiples, but...

Global Manufacturing Readings

The fourth quarter of 2012 began with global manufacturing readings.

U.S. ISM Back Above 50

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

October 2012 Calendar


Richmond Fed Turns Positive

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

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

Initial Jobless Claims

This morning the Labor Department released weekly jobless figures for the week ending September 15.

Focus On QE3

What is QE3?

Updated S&P Technical Formation

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

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

Precious Metals

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

August U.S. Labor Report released this morning…

QE3? Investor Strategy

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

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

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

September 2012 Calendar

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?

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

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

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

REITs going strong with room to grow

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

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

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

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

Overnight economic data from China looks soft once again.

The Technology Sector Indicator

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

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

Backward days

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


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

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

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

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

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

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


Earnings, Week of July 16

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

JPM acts as a Technical Catalyst for the SPX

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

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

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

June payrolls increased +80,000, below consensus estimates of +100,000.

Globally Coordinated, or Not?

Hoping everyone had a wonderful 4th of July holiday.

U.S. ISM Manufacturing

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

China Yuan

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

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

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

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

Initial Jobless Claims

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?

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

Greek Election Preview

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

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

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

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

Active Central Bankers

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

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

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

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

June Market Reality Check

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

This morning the Labor Department delivered the following disappointing payroll report for the month of May.

The Table Setter: Global Manufacturing Figures

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

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

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

Outlook positive for bank loans

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

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

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

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

Too Late for REITs?

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

Facts about Greece to Consider

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)

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

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

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

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

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

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.


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

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

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

Market Update

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

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

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

Initial Jobless Claims

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

April Showers

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

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


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

S&P 500 Index Technical Formation

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

China PMI at One Year High

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

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

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

M&A Q2 Importance

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

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

The Headwind of Oil

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

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

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

Commodities Update

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

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

China Data

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

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

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

LTRO Round Two

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

Presidents’ Day Market Update

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

Initial Jobless Claims

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

Earnings Season to Date

As of the close of business Friday, February 10, 2012…

ECB Meeting Tomorrow

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

U.S. Jobs - There Are No Holes!

This morning, the Labor Department released its January labor report.

S&P 500® Index Technical Picture

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

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

During the 2011 calendar year I suggested two weighting adjustments in the energy sector.

U.S. ISM Manufacturing

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

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

Importance of Caterpillar (CAT)

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

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

First FOMC Meeting of 2012

The first Federal Open Market Committee (FOMC) meeting will be held next week

S&P Downgrades Europe

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

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

Not So Fast

Markets have come out of the gates with a healthy appetite for risk assets.

U.S. Jobs Report

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

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

Global PMIs & U.S. ISM

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

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.