Strategists: Fed policy is main driver of buoyant stocks | Technical analyst: Lower bond yield might be warning | CMT watches software ETF's attempt at breakout
March 22, 2019
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Strategists: Fed policy is main driver of buoyant stocks
Strategists say the Federal Reserve's switch to accommodation is the main reason the US stock market continues to climb, despite concerns about an economic slowdown and a decline in corporate earnings. JPMorgan Chase strategist Marko Kolanovic calls the switch "an enormous shift in monetary policy" and says "it is clear that the dovish turn is here to stay, and this should be a sustained tail wind for risky assets."
CNBC (3/21) 
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Technical analyst: Lower bond yield might be warning
The Federal Reserve's decision to hold interest rates has driven down the 10-year US Treasury yield. The yield has fallen below short-term support, writes technical analyst Chris Kimble, who contends that "[i]nterest rates can provide insight into the economy long before pundits begin reporting on it" and that these developments might be an early sign of a market stutter.
See It Market (3/21) 
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Mobile Device Usage is a Threat to Data Security
74% of global IT leaders reported a data breach due to a mobile security issue. Discover how cybersecurity is shifting to meet the needs of a mobile world, and why it's critical to not fall behind. Learn how to protect your organization from mobile threats in The Convergence of InfoSec & Mobile.
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Technical Outlook
CMT watches software ETF's attempt at breakout
CMT watches software ETF's attempt at breakout
(Instinet/StockCharts)
The iShares Expanded Tech-Software Sector exchange-traded fund is recovering from a brief correction and is reaching a high, with a gain of more than 31% from a low, says technical analyst Frank Cappelleri, CMT. The ETF is about test a further high, Cappelleri says, and the outcome could be an indicator for the equity market.
The Technical Analyst (UK) (3/19) 
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Industry News
ICE, Eris to revamp European interest-rate swap futures pricing
Intercontinental Exchange and Eris Innovations aim to make European interest-rate swap futures contracts more user-friendly by revamping the pricing structure with contracts quoted and traded in futures price terms, instead of net present value. The change is planned for the third quarter.
MarketVoice (3/21) 
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Cisco's climb can continue for weeks, CMT says
Cisco broke out of consolidation in February and has moved upward since, breaching rising 50- and 200-day moving averages and registering positive readings on the on-balance-volume line and the moving average convergence divergence oscillator. Technical analyst Bruce Kamich, CMT, says the stock has capacity for growth in coming weeks and advises investors with long positions to hold them and to raise stop protection.
Real Money (tiered subscription model) (3/21) 
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Fundraising breaks record at Chinese banks
Fundraising by Chinese banks has netted an unprecedented $48 billion this year. Banks reportedly are under pressure to strengthen balance sheets as bad debt rises and as the government urges more lending, and economist Xia Le says the fundraising surge is "precautionary in nature."
Bloomberg (tiered subscription model) (3/20) 
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Market Structure and Regulation
SEC simplifies disclosure by public firms, money managers
The Securities and Exchange Commission has approved amendments to Regulation S-K aimed at simplifying and modernizing disclosure by public companies, consultants and money managers. The amendments are required under the Fixing America's Surface Transportation Act of 2015.
Pensions & Investments (free access for SmartBrief readers) (3/21) 
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Technology and Data Visualization
Experts question speed bumps, unintended effect of SIs
No evidence suggests adding speed bumps is a good thing, say a panel of experts, who question the fairness of such models. While systematic internalizers add to market value, they have had the unintended consequence of forcing the buy side to hide quotes, the panel says.
Futures & Options World (subscription required) (3/22) 
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Association News
Code of Ethics Refresher
After a recent partnership agreement, the CMT Association and CFA Institute now follow a single Code and Standards. This move benefits the global financial community by setting high standards of education, integrity and professional excellence.

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Educational Web Series
The Educational Web Series comprises hourlong biweekly webcast seminars featuring recognized industry professionals. In the past, we've had such noted technicians as Martin Pring, Ned Davis, Dennis Gartman, Thomas Dorsey, Charles Kirkpatrick, CMT, and Ralph Acampora, CMT.

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