US Sector ETF Performance – August 26

ETF_DayETF_Year

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Daily Risk Monitor – August 26

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How to print a house – Economist

3D printers are not just being used to fabricate small plastic toys. Researchers are now experimenting with ways to use the technology to build full-scale buildings. For more video content from The Economist visit our website: http://econ.st/1nQ1FAe

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US Sector ETF Performance – August 25

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Daily Risk Monitor – August 25

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Robots Rising – MIT Tech Review

Nice graphic from MIT Technology Review.

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The Dilemma of Monetary Tightening

Interesting piece in the World Economics Association’s  Real World Economic Review on some of the difficulties the Fed faces when it begins tightening monetary policy.   They point out the policy contradiction that paying interest on excess reserves is an injection of liquidity as they are trying to tighten.

Money quote:

…the payment of higher interest rates on excess reserves promises to be very expensive. It is also expansionary, which runs counter to the purpose of raising interest rates.  The expense is very clear. Given banks hold $2.6 trillion in total reserves, every one hundred basis point increase in interest rates costs the Federal Reserve $26 billion. If the Fed’s policy interest rate returns to 3 percent, that would cost $78 billion. That is an effective tax cut for banks because the Fed would pay banks interest, which would reduce the profits it pays to the Treasury. The banks, which were so responsible for the financial crisis, would therefore emerge winners yet again. Taxpayers, who bailed out the banks, would once again bear the cost.

 Paying interest to banks would also run counter to macroeconomic policy purpose since it would be pumping liquidity into the banks when policy is explicitly trying to deactivate liquidity.  That smacks of policy contradiction.
 
 
 
 
 
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Gilead In Beast Mode

Aug23_BeastGilead Sciences (GILD) is a beast!  This stock is bid as it is repricing on the back of the  blockbuster Hepatitis C drug, Solvaldi.  

Though short term overbought with a RSI at 83, we think GILD has more to run.  Stay tuned.

 

Aug23_GILD

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Where to Crude?

Crude oil is in the midst of playing out a short term head and shoulders reversal setup and acquiring  its measured move price target a few bucks lower at $90.91. This also coincides with the January low.  

If it breaks these levels, it looks like $84-86ish is the next level.  Dollar strength, growth scares in China and Europe, and crude’s failure to bounce on geopolitical noise is weighing heavy on the oil price and signals the world is flush with the Texas tea.   Stay tuned.

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US Sector ETF Performance – August 22

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