Archive for December, 2014

Mutual funds: the gift that keeps on taking….

Posted on Dec 27, 2014 by .

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1227spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

Today’s WSJ records the fact that 79% of mutual funds are underwater to their benchmarks.  This sorry story is exacerbated by the fact that their benchmarks are so low.  (Ever look at the Lipper Averages in detail?  Don’t if you’re prone to depression or easily driven to tears by the obfuscatory practices of Wall Street to hide how they are living like leeches on your money.  Well hopefully not your money– rather your brother in law’s money.)  Worse, these underperforming funds are distributing capital gains causing tax problems for their investors.

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Blink and miss it….

Posted on Dec 20, 2014 by .

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We have previously remarked on the progressively violent waves shaking the markets.

1220spxb

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=8&dy=0&id=p71634106866

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Eye of the storm or…

Posted on Dec 17, 2014 by .

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1217spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

Sailing before the wind, which we have been doing since Mar09, is easy.  When you hit a hurricane in the Bermuda triangle you have to hitch up your pants and reef the sails.  Today the market rewarded us with a 40 point day in the SPX.  That’s  big.  We could just be in the eye of the storm of course and this day has yet to be confirmed.   It also may be just the first step in a beta wave, which means the bottom will be tested again.  (http://www.edwards-magee.com/ggu/alphabetazetawaves.pdf)   But it was nice to stop the waterboarding.

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Perfect storm…

Posted on Dec 13, 2014 by .

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1213spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

While the result is nothing rare, (an expected downwave to curb a 37+ day surge) the violence of its accomplishment was notable — sort of like a pefect storm at sea which sinks small boats at random.  ”

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Sobering thoughts … and roller coasters…

Posted on Dec 09, 2014 by .

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1209spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

It is a sobering, but not unusual, fact that Standard & Poors has caclulated that only 10% of funds are above water.  One wonders why investors pay incompetent managers for substandard performance.  We think it is investor fear.  They are  acutely aware that the purpose of the market is to transfer their capital to Wall Street so they hide out in funds, or as it were in to the trap.

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