Taxes, Macro Signals, Seasonality, US Stocks and Gold Miners

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While politicians hammer out the details it is generally accepted that corporations and by extension the investor and asset owner classes are targeted for benefits under the coming Republican tax plan. The logical implication of that beneficial treatment is that barring a market meltdown in the interim, people looking to unload stock positions and take profits would tend to wait until January in hopes of gaining the 2018 tax benefit vs. 2017’s tax code.

Among the under performing sectors subject to tax loss selling in late 2017 I have selected the gold miners for this post because they tend to be counter-cyclical and “in the mirror” to the broad risk ‘on’ asset party currently ongoing. We have noted again and again that with the asset party in full swing the miners’ fundamentals cannot possibly look good, and at face value they don’t. Sector fundamentals like gold/oil and gold/materials ratios are not good and macro fundamentals like gold vs. stock markets, the economy (which is relatively strong) and the yield curve are not at all supportive either… as they currently stand. (more…)

Percentage Charts

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SlopeCharts has been on a tear this week. I also want to put the word out that I would like to make these available to someone out there who has a blog that could use some charts. This isn’t an open offer – – pretty much whoever asks first, that’s my guy (or gal). It’s really just an experiment. So drop me an email if you want to get SlopeCharts on your site! Anyway………

I’m pleased to let you know that we’ve added Percentage charts to SlopeCharts. To use them, just choose Chart Styles from the menu.


Then select the rightmost icon.



Turn the World Upside Down

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Even though it is a so-called holiday, we’ve added like FIVE new features to SlopeCharts. I’ll be talking about them over the next few days.

One of the features I missed from ProphetCharts days was the Ctrl-U keyboard command, which flipped the chart upside-down (this is a cool way to give yourself an entirely new perspective without having to stand on your head). Well, we’ve added it to SlopeCharts now – – give it a try! Just press Ctrl-U to toggle between normal and upside-down mode.



Thanksgiving Week

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For some reason Thanksgiving never made it as a national holiday in the UK, possibly because England was feeling a little sour after only winning a nonetheless hard won second place in The War Of Independence, but I certainly always enjoy it, and various branches of my family have had a long and storied history with the US over the last few centuries, so I feel that I am a sort of honorary american.

Some of those were descended from my great (x) grandfather Stephanus Van Cortlandt, who became the first native born mayor of New York in 1667, born in the city when it was still called New Amsterdam. On another branch of my family tree the lyrics of The Spar Spangled Banner were written by Francis Scott Key while a prisoner on the flagship of my great great great great grandfather Vice Admiral Sir Alexander Cochrane in 1814. The White House is called the White House because it was repainted white after being captured and burned by troops under Admiral Cochrane’s command in the war of 1812. Interesting days for all I’m sure ……. unlike the remainder of this week most likely. :-) (more…)