Cumberland Advisors

The title (above) of Peggy Lee’s hit song from 1969 captures the general reaction to the BEA’s first release of second-quarter GDP for 2016. The 1.2% growth for the quarter was not only...

Take a look at the $100 bill, ¥10,000 note, and €100 note. They are all pieces of paper with an intrinsic value near zero. Their money-like characteristics establish the value for each bill...

Post-Brexit-vote pain is beginning, and it will get worse. Investors’ attitudes about Britain’s prospects are signaled by the tumbling currency. This week the pound plunged to three-decade...

As the second half of 2016 unfolds, politics seem to be the single dominant global force. Markets either ignore politics or panic in the face of them. Let's take an inventory.Brexit Certainly all...

The US market witnessed a 5.3% two-day drop after the UK referendum. Global markets lost $2T overall in just one day. Apparently, the market did not see the Brexit coming, at least not all of the...

Global stock markets are recovering somewhat after losing an estimated $3 trillion in the two trading days following the UK referendum vote to leave the European Union. Markets were not at all...

Recognizing strength and weakness among primary asset classes is the core goal of the Tactical Trend strategy. For much of the year, domestic equity, fixed income, and cash have registered very close...

Until the beginning of June, when Brexit worries intensified, the US equity market had seen one of its quietest quarters in terms of volatility since the financial crisis, with the VIX “fear...

Followers of the FOMC’s Summary of Projections releases will have noticed a sharp change in the June dot chart from the March chart. No, we are not talking about the downward shift from one to...

Before the Brexit vote and market turmoil, I was privileged to share interview time on the “The Larry Kudlow Show” with a longtime friend, Jeff Kleintop of Schwab. Larry, Jeff, and I have...

The second quarter has proven difficult for the international (non-US) economies and equity markets. Economic growth has been stuck in the slow lane.The OECD reduced its global growth rates for both...

The second quarter of 2016 saw continued volatility in the equity market, while yields in the fixed-income market continued to grind lower. The downward trend in fixed-income yields was a result of a...

Voters in Britain will be deciding this coming Thursday, “Should we stay, or should we leave?” – that is, should Britain exit the European Union (the option known as Brexit) or...

Low, Lower, LowestThe tax-free bond market spent the second quarter slowly grinding to lower and lower yields – especially in the longer-maturity end of the curve where the muni market has set...

Where are we now?The Fed's June meeting and the BOJ meeting are behind us, as are BOE and SNB. The major central banks are all frozen. (Of minor significance, Indonesia surprised with a rate cut.) So...

We 've taken banks and financials to max underweight. We have raised cash in US ETF strategies.Bullets: Brexit is a risk to banks. If the referendum passes and is implemented, banks lose. LCR issues...