Alhambra Investment Partners, LLC

It wasn’t in any way magnanimous for the FOMC to state clearly what everyone already knew without any need for aid of GDP calculations. The policy statement for its January 2016 meeting included...

Rumors persisted about Iran, Russia or OPEC close to declaring productions cuts, so that has to factor at least into sentiment about oil trading. However, with rumors being denied, the physical...

Durable goods orders and shipments declined much worse in December than November, ending any hope that November’s variation was anything other than simply that. Across-the-board, capital goods...

Federal Reserve monetary policy is, as it has been, irrelevant. That dire message is taking on more significance in a way not seen since 2009; the last time that point was so proven and emphasized.

It makes for quite the juxtaposition, though perhaps not so jarring given that global banks are still enormous and disparate operations. On the one hand, Citigroup’s CEO was eminently confident...

The Chinese central bank has managed to instill some order in both onshore and offshore RMB markets, but at what cost? The amount of intervention that was induced severely strains only the future at...

Someone emailed me this article published at Yahoo!Finance that purports the Fed’s tightening is going to send stocks soaring, the Dow Jones Industrial Average mentioned specifically heading...

The S&P 500 Index ((N:IVV)) has had a rough first part of the year. Having failed at strong resistance at both moving averages, the index was essentially in a freefall on its way down to the 1800...

Most people who have called themselves bears over the last couple of years had a pretty simple equation to justify their bearishness – High Present Valuations = Low Future Returns. And...

The official word from China, in the sense that whispers and unofficial back channels counts for any kind of imprimatur, was that last week’s huge surge in offshore yuan money rates was at the...

Kurtz: I watched a snail crawl along the edge of a straight razor. That’s my dream; that’s my nightmare. Crawling, slithering, along the edge of a straight razor…and surviving....

This past week, the S&P 500 Cap-Weighted Index (N:IVV) tested and then broke strong support at the 50 and 200-day moving averages after a remarkable rebound from its crushing meltdown earlier this...

If top level sales are not to ever become what economists projected, as retail sales left little doubt in December, then what is left is to no longer hold the line as best as possible on resources and...

The scale of the inventory bloat in the latter half of 2015 was perplexing. By any reasonable standard, it doesn’t make any sense that businesses would be so bold as to almost ignore sales (and...

Chinese exports in December were better than feared, declining by just 1.4% against some expectations for an 8% decline. However, there were significant questions in the data, starting with year-end...

The fallout in liquidity and funding markets has been mostly attributed to the junk-bond bubble. Prices have fallen, and many precipitously, while yields have risen. But those are not the only...