Alhambra Investment Partners, LLC

Economic Reports Scorecard – 11/6/15 to 11/20/15 The economic data continues to come in largely less than expected with the manufacturing/industrial parts of the economy faring worst. In what...

Top News HeadlinesParis terrorists dispatched; hostage crisis in Mali ends with 27 dead. Stocks have a big week, up over 3%. Fed minutes are dovishly hawk-like. United Health says losing millions on...

By all meaningful measures, credit markets today aren’t any different than they were after the first “dollar” wave crested and subsided. Despite all that has transpired all over the...

US industrial production contracted again in October, having declined now in seven out of 2015’s ten months. Year-over-year, US IP increased by the smallest amount since 2009, barely positive at...

The overnight rate in offshore renminbi liquidity surged over 4% today, the fifth such notable heave in this half of 2015. The rate had been under 2% for the six trading days before and including...

For a while now, it has been the subject of some debate around the office whether the dearth of earnings and sales growth that we saw in the second quarter and are seeing in the third quarter is the...

Stocks resumed their developing downtrend last week with the S&P 500 falling a bit over 3.5%. That wasn’t bad compared to emerging market equities, down nearly 5% on the week or the darling...

An up market would seem to frustrate most participants.

After trading within a range of 150 or so points during 2015, the S&P 500 Index (N:IVV) fell off a cliff in late summer, decisively breaking both moving averages but holding support at the 1870...

When addressing the inability of monetary policy to actually produce its “inflation” target, the FOMC has been left to hiding. They fully and openly admit the role of oil prices in the...

The duality of gold in the modern wholesale fabric has perhaps been on display this year more so than at any time since 2008. That year, the year of the eurodollar-drawn panic, gold was seemingly more...

The risk budget this month is unchanged. For the moderate risk investor, the allocation between risk assets and bonds remains at a defensive 40/60 versus the benchmark of 60/40.Credit spreads narrowed...

As banks have trickled out their third quarter balance-sheet filings, we gain more insight into the events of that quarter as well as some additional color as to the ongoing drama of the current one....

The release of wholesale sales for September showed very little change in the stretching condition of sales against inventory. Overall, sales declined year-over-year for the ninth consecutive month...

By all count of orthodox economics, the harmonization of “inflation” rates across the US, Europe, and China should not happen. While the former two might be more forgiving given close...

You couldn’t really call it a calming effect, as rates never truly settled down. Rather they simply became less obviously meddlesome. At the September FOMC, the “dovish” sentiment...