In Q1 2007, the so-called "godfather" of technical analysis Ralph Acampora told a 'Goldilocks'-prone Larry Kudlow on CNBC that "I'm bullish, but I don't think I am bullish enough...there's new leadership." That call turned out to be very close to top-ticking the market before it's collapse. Fast-forward nine years and Ralph is back, proclaiming that Yellen has "lit a fire under the stock market... and the correction is over."
It has been a crazy year so far.
After what was the worst January for the stock market in recent memory, and a volatile but still difficult month for risk in February, the month of March saw a the biggest rebound from its lows in Dow Jones history, and a substantial bounce for the vast majority of risk assets with positive momentum a feature right up until month end.
So what were the best, and worst, performers in the month of March, and the first quarter? Here is the summary from Deutsche Bank:
Just as we predicted, it seems - despite the "everything is awesome" jobs data - that auto sales exuberance has hit the wall of credit saturation. Despite a surge in incentives in Q1, GM US auto sales rose just 0.6% (drastically lower than 6.0% rise expectations) and Ford rose 7.8% (missing expectations of a 9.4% surge).
By Andrew Zeitlin of SouthBay Research
March NFP 215K: Retail stick-save as Signs of Weakness Pick Up
A broadening Industrial recession was offset by solid service payrolls, led by Retail. Taken at face value, the breadth of growth signals a steady-as-she-goes economy.
But there are reasons to doubt the figures, starting with Retail. In the BLS model, retail is hitting a major growth spurt unlike anything seen in a decade. In the real economy, the Retail sector's growth is slowing.
When last we checked in on the 1MDB saga, Goldman was busy tying up a few loose ends.
Tim Leissner, the banker who built the firm’s Southeast Asia operation from the ground up and the man behind a series of questionable deals that funded what would eventually become Malaysian PM Najib Razak’s personal slush fund, was essentially forced out in January, after bank investigators uncovered what they said was an unauthorized reference letter.