Alhambra Investment Partners, LLC

To this point, I have refrained from presenting Morgan Stanley’s balance sheet reporting on gross derivative exposures because, quite frankly, it fits too perfectly. The bank follows the...

On November 9, the OECD issued its twice-yearly Economic Outlook statbook, updated for projections into Q3 for most national economic accounts. Despite past enthusiasm for global prospects in 2015,...

Chinese stocks “unexpectedly” plunged last week in a fit of stormed selling that reminded of August rather than the placidity that has been claimed of China since. By mainstream accounts,...

The initial estimates for Black Friday spending are pretty grim; you can make that interpretation based only on the press releases themselves as neither of the words “strong” or...

The wedge pattern that was formed by the S&P 500 Index ((N:IVV)) finally resolved itself with a big move downward in August. The market corrected to the 1867 and retested that low in late...

It ain’t so much the things we don’t know that get us into trouble. It’s the things we know that just ain’t so. Mark Twain Mark Twain probably wasn’t thinking of...

This chart from our strategic macro research partner shows the incredible length of stimulus. Has the current, prolonged period of unchanged Fed policy rate of 0% conditioned investors to think this...

Top News HeadlinesTurkey and Russia spar over airspace. Russian promises retaliation for fighter shoot down. Brussels shuts down for days in terrorist hunt. Chicago policeman charged with...

Durable goods orders and shipments were estimated still consistent with the depressive environment that has “unexpectedly” lingered for the whole of 2015. Year-over-year, new orders for...

While the media remains fixed on supply, the rest of the financial complex is prepared elsewhere. On Monday, Saudi Arabia announced what the mainstream has been waiting for (and often blatantly...

If China is struggling with the various facets of the interconnected nature of eurodollar function, then we don’t have to go far to see that in almost perfect clarity. By many accounts, funding...

The only piece of the GDP revision to note is that the BEA is still having great difficulty estimating inventory. That isn’t surprising since businesses in this area are behaving far different...

In April 2008, the Reserve Bank of Zimbabwe was miffed. The country’s central bank governor, Dr. Gideon Gono, produced its first quarter monetary policy statement by reminding anyone who might...

Argentina’s election is more complicated than simple economics, but for the first time in a very long time there will be no Peronist in office. It may have been billed as a contest between the...

This past week, the S&P 500 Cap-Weighted Index iShares Core S&P 500 (N:IVV) tested and then held support at the 50-day moving average (at least for now) during this remarkable rebound from its...

I don’t often write about global geopolitics because I think, in general, investors spend too much time worrying about things they can’t control or aren’t going to happen or...