DVY Making New Highs

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While the S&P is rallying 23 points today, it’s still not quite back to its 2011 high.  In contrast, DVY an etf tracking large cap dividend paying stocks is making new highs.  Being defensive has paid off over the last … Continued

Is LTRO QE in disguise?

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Here’s Draghi’s explanation from an FT interview: Is this Europe’s version of “quantitative easing”? Each jurisdiction has not only its own rules, but also its own vocabulary. We call them non-standard measures. They are certainly unprecedented. But the reliance on … Continued

November Housing Starts

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Housing starts were up 5.7% m/m in November and 20.7% y/y to 685k.  The headline numbers look pretty impressive–the more granular data is ok, but not spectacular.  There’s a heavy seasonal adjustment to November since there aren’t a lot of … Continued

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