Ready to Roll or Need to Weight?

In the past few years a number of indices have been launched with a goal of minimizing the impact of contango.  The first indices launched with this goal were the simple (1-5 month) forward indices and the relatively static S&P GSCI Enhanced. In the time period from Aug 2004-May 2011, mentioned in my prior post, these Read more […]

New Highs for the S&P 500 and the Dow Jones Industrials

The S&P 500 closed at a new all-time high this afternoon at 1675.02, up from the previous record at 1669.16 set on May 21st and the Dow Jones Industrial Average closed at 15460.92 setting a record and up from 15409.39 on May 28th. What does a new high mean? Good copy for journalists, positive reinforcement Read more […]

After The Fireworks

It was back to business in the U.S. after the July 4 holiday, which fell on a Thursday this year and made for a much needed four day weekend. The bond markets had a lot to look forward to this week as the Treasury auctioned a total of $66 billion of issuance in three, 10, Read more […]

Inside the S&P 500: Selecting Stocks

This is the first of a series of posts describing how S&P Dow Jones Indices and its US Index Committee maintain the S&P 500. Future posts will cover how stocks react when added to the index, the mix of sectors and industries in the index, the Index Committee and how the index can be used Read more […]

Keeping Up With Contango’s Twist

As mentioned in an article today in the Wall Street Journal, there may be a shift taking place in the commodities markets. In simple terms, there may be more predominant shortages of commodities. Generally as inventories are abundant, there are higher storage costs, which reduce returns from a condition called contango where the longer-dated contracts Read more […]

What the Jobs Report Means for Interest Rates

The employment report released on July 5th showing 195,000 new jobs and the unemployment rate remaining at 7.6% increase the likelihood that the Fed will begin to slow bond purchases late this year, end bond purchases in mid-2014 and begin to raise the Fed Funds rate in 2015.  As explained on the Atlanta Federal Reserve’s Read more […]

Getting What You Pay For

Today’s Wall Street Journal, among others, reported on a recent study by the Maryland Public Policy Institute arguing that the public pension funds which pay the highest fees haven’t reaped the highest investment returns.  In fact, the study shows, it’s just the opposite — for the 5 years ended June 2012, the 10 states which Read more […]

June 2013: What’s Hot and What’s Not

Read about some commodity highlights in June from an interview with Courtney Nebons, our studio producer.  Click here to watch the video. Q1.  This month we heard a lot about the Fed easing its monetary policy, so how did that impact commodities? Commodities reacted negatively to the news that the Fed may ease its bond Read more […]

Dividends: Love’m or Leave’m

Now that the short-term speculators have left the dividend market, core investors can get back to their boring stocks, collecting their tax advantaged yield (you may not like the increase to 20% from 15%, but I remember when it was 70%, and that was before New York State, City or unincorporated business tax got hold of Read more […]

Who Dun it?

Beginning in May and then aggressively following Fed Chairman Ben Bernanke’s June 19th press conference interest rates rose.  The yield on the 10 year treasury both led the way and spooked the markets world-wide.  Analysts raised the specter of an early end to QE3, cited Bernanke’s comments and hinted that the central bank was about Read more […]