Financial Professionals

Market Insights



A View on Recent Global Market Activity

Up until last Friday, April 4, the global equity market seemed to be going along as planned. Then all of a sudden – at about 11:30 a.m. Eastern – the ground shifted.

March FOMC Minutes

What does Joe Terranova make of the March FOMC minutes released yesterday?

Consider Correlation When Interest Rates Rise

Consider correlation within fixed income when interest rates rise.

Sellers on the News

This past Friday the Labor Department released the nonfarm payroll report for March.

March U.S. ISM Manufacturing

The second quarter began with the U.S. ISM manufacturing release for the month of March (Figure 1). Consensus estimates called for an increase to 54.0 from February’s 53.2.

April Capital Markets Calendar


Market Update and Observations


Institutional Shareholders New Driving Force for Closed-End Funds

2014 marks my thirtieth anniversary working with closed-end funds. Much has changed over three decades, but perhaps the most significant change is the shift in shareholder base. Understanding who owns a fund's shares gives great insight into how those investors are likely to react in various market environments, and, in some cases, may impact a fund’s future course.

All Fixed Income Sectors Are Not Created Equal

Will they or won’t they? Last week, Federal Reserve Chair Yellen testified before the Senate Banking Committee the central bank’s plans to keep interest rates low for some time, yet minutes from the Fed’s January meeting reveal internal debate about whether the timetable to raise short-term rates should be sooner rather than later.

Joe Terranova Predicts Summer Market Correction, Followed by Recovery


FOMC Meeting Observations

First of all, a belated happy St. Patrick’s Day. I don’t know about you, but I was eerily reminded of 2008, the last time St. Patty’s Day fell on a Monday, when markets managed through the news that J.P. Morgan paid $2 per share for Bear Stearns.

Clarity High Above

This past Tuesday, I enjoyed a wonderful journey across the country to Los Angeles, where sandwiched between the outbound and return flights was an enjoyable evening with some gracious folks from Royal Bank of Canada.

Ukraine, U.S. ISM Manufacturing, and Other “Potholes”

March has begun somewhat similar to January, with the S&P 500® Index (SPX) (Figure 1) entering the new month fresh from a new all-time high.

March Capital Markets Calendar


Status Quo

Believe or not, it is already time to begin thinking about the month of March.

Love Me, Love Me Not? Finding the Right Fund Match

When it comes to choosing open-end mutual funds versus closed-end funds, investors seek distinctly different qualities from each type of investment.

U.S. Debt Ceiling Suspension Impact

Yesterday, the United States Senate voted 55-43, along party lines, to suspend the debt ceiling limit until March 15, 2015.

January U.S. Labor Report

Last Friday, the Department of Labor released its nonfarm payroll report for the month of January.

Outlook Favorable for Bank Loans: Quality is Key

In 2013, floating rate bank loans demonstrated a healthy resilience to interest rates during a volatile year for fixed income.

Viewer Discretion Advised

2014 has begun with a decline in global risk assets that is shaking out some of the overwhelming bullish consensus for the year by the collective investment community.

Welcome February

The S&P 500® Index (SPX) staggered through the month of January, declining 3.56% to a January 31 close of 1782.59.

February Capital Markets Calendar


Joe Terranova's Q1 Market Playbook Now Available


SPX Earnings Update, as of 1/24/14

Quarterly earnings for S&P 500-listed companies have neared the quarter pole. Next week another 130 companies will report, bringing the earnings season to the halfway mark.

Canadian Underperformance

Last Thursday, I delivered the keynote address for the Alta Corp Capital Institutional Investor Conference at the Shangri-La hotel in Toronto, Ontario.

Fundamental Stability

In the wake of Monday's sell-off, I posted a change to my "Global Risk Asset Correction Watch List," based on the technical vulnerability of the S&P 500® Index (SPX).

As January goes, so goes the year?

With the start of a new year, we expect an onslaught of “as goes January, so goes the year” posts. It is fitting, then, to revisit a blog we wrote on this topic in January of last year.

Market Insights: Technical Vulnerability

This morning I posted a “global risk asset correction watch list” within the “Reflecting Back, Looking Forward” market insight posting.

Reflecting Back, Looking Forward

Seven days of trading activity year to date is a rather small sample of information to digest for making portfolio decisions; however, there are some conditions that have presented that bear reflection.

2014 Outlook for Closed-End Funds

With many of 2013’s headwinds behind them, the outlook for closed-end funds in early 2014 is increasingly positive.

Market Insights: Global Manufacturing Data

The new year began with the release of global manufacturing activity reports for December

2013 Capital Markets Summary (Tables)


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.