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@theMarket: Central Banks Stem Coronavirus Fallout
By Bill Schmick,
11:48AM / Saturday, February 08, 2020
Financial markets rebounded this week, despite the escalation of the number of coronavirus cases worldwide. The upturn may have surprised some, but their mistake was underestimating the power of central banks to support the markets.   The bear case last Sunday evening was that the Chinese stock market would crater upon opening after being closed for Golden Week, the traditional Chinese New Year. While Shanghai did open down 9 percent, it quickly reversed and spent the rest of the week climbing out of that hole.   The main reason for this rebound was the announcement by Chinese authorities that they were prepared to support their financial markets. Publicly, they

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The Independent Investor: The Great Tax Migration
By Bill Schmick,
01:00PM / Friday, February 07, 2020
Americans have been moving from high tax states to lower tax states for decades.   Climate, cheaper housing prices, less congestion, and jobs are some of the reasons behind such moves. That trend, however, has added taxes to that list, thanks to the Tax Cuts and Jobs Act of 2017.   Many of those reasons for moving have been with us ever since Horace Greeley, the American author and newspaper man, reportedly first advised America's youth to "Go west." Back in 19th-century America, the country had embraced the concept of "Manifest Destiny." The Horace Greeleys of the world had argued that it was inevitable, justified, and our God-given

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@theMarket: Coronavirus Correction
By Bill Schmick,
04:43PM / Friday, January 31, 2020
The death toll mounts. The number of cases worldwide builds. Every new update drives the stock market up or down. Where it will end is anyone's guess.   It is called a "geopolitical" event. We suffer through them from time to time. The assassination of Iran's key military leader followed by the Iranian rocket attack on two Iraqi military base that injured dozens of American servicemen was the last such event. We never know when they will occur and, in some ways, these events are simply the price of doing business in the financial markets.   Some market watchers, while recognizing the severity of the coronavirus outbreak, argue that the markets

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@theMarket: FOMO Infects Investors
By Bill Schmick,
04:55PM / Friday, January 24, 2020
The stock market is frothy. The great gains that investors experienced last year are extending into this year. As the indexes climb, more and more of those on the sidelines are jumping in. Is this a good sign?   No, it isn't. "The Fear of Missing Out," or FOMO is rearing its greedy head on Wall Street. Those who may have raised some cash in the past few months, fearing a trade war, or the impeachment proceedings, have watched the portfolios underperform the averages, ignore all the negative news and climb higher.   On the geopolitical front, we have seen the same thing. Selling on fear of an Iranian response to the killing of one of their heroes

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@theMarket: Fed Stimulus Continues to Pump the Markets
By Bill Schmick,
04:59PM / Friday, January 17, 2020
When asked, the members of the Federal Reserve Board continue to argue that the almost $500 million they have pumped into the overnight repurchase market since September is not quantitative easing. The stock market disagrees.   "Not QE" is the term most often used by the Street in describing this fairly hefty expansion of the central bank's balance sheet. Because the purchases that the Fed is making are categorized as debt instruments that mature in 12 months or less, they escape the hard and fast definition of what the Fed labels as quantitative easing. QE is the purchase of longer-dated maturities of debt instruments, so the Fed is technically

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