Bill Fleckenstein's Blog

Overnight markets were mixed, with China losing about 7%. The Shanghai Composite Index has now lost about 20% in the last nine sessions, though it is still 30% higher on the year (some of the other indices there are up even more).

The Fed downgraded its economic assessment and raised the bar as to what would cause it to tighten. Thus, versus expectations, in "beat-the-number" parlance, the Fed "missed and lowered." Given the world economy, they may never raise rates, but the change...

I don't want to make too much of today's news and market action, but on the other hand, I want to make sure to acknowledge what importance it does have and the fact that I think today will be looked back on as a red letter day...

Everyone needs to buckle up because there is a lot to cover as I try to do justice to the wild events that took place in markets from Thursday through today, and what I think some of the ramifications may be.

Mario Draghi came as close to the “full Monty” as he possibly could by cutting interest rates 10 basis points to a measly five basis points, and increasing the negative deposit facility rate to -20 basis points. In addition, he promised to begin buying about $400 billion worth of asset-backed securities in about a month.

Stock market action finally became interesting for a change today, both on and beneath the surface. First of all, the SPOOs [S&P 500 index futures] were weak overnight, for no particular reason, though the mainstream media tried to make up several excuses ranging from Argentina's default...

I am beginning to see more and more stories about price hikes in various and sundry publications. Today’s Wall Street Journal and New York Times contained no fewer than three articles on this topic.

A slowdown in China, further reductions in Fed stimulus, and an eventual crack up in the bond market have raised the possibility of a larger correction later this year, said Bill Fleckenstein, President of Fleckenstein Capital.

Overnight markets were essentially a sea of green and the recent stock market rally continued here as well, with the testimony by Fed governor Janet Yellen merely reiterating the status quo, i.e., the Fed will continue to taper if the data support it...

Overnight markets were uneventful, as they have been, and the early going here saw the indices slightly green, while beneath the surface, speculation continues to be the flavor of the day.