Active investment management’s weekly magazine for fee-based advisors

Tom McClellan

Tom McClellan is the editor of The McClellan Market Report newsletter and its companion, Daily Edition. He started that publication in 1995 with his father Sherman McClellan, the co-creator of the McClellan Oscillator, and Tom still has the privilege of working with his father. Tom is a 1982 graduate of West Point, and served 11 years as an Army helicopter pilot before moving to his current career. Tom was named by Timer Digest as the #1 Long-Term Stock Market Timer for both 2011 and 2012.

Japanese yen disagrees with the price of gold

The price of gold carries on an interesting relationship with the exchange rate of the Japanese yen versus the dollar. Most of the time, the two move together, but they occasionally disagree. When that happens, it is usually the chart plot of the yen...

High-grade-bond summation index oversold

The world was convinced that inflation was imminent, that bond yields were rising, and thus that investors ought to dump anything bond-related. The 10-year Treasury note was assuredly headed north of 3%, people were going to stop taking out mortgages,...

Coppock curve for DJIA reaching high level

Years ago, a technical analyst and money manager named E.S.C. (Sedge) Coppock created an indicator that has since come to be known as the “Coppock curve.” Coppock never called it that himself, instead calling it his Very Long Term (VLT) Momentum Index....

The Phillips curve is ‘not even wrong’

To paraphrase theoretical physicist Wolfgang Pauli, the whole idea behind the Phillips curve is “not even wrong.” Economist A.W.H. Phillips studied the relationship between inflation and unemployment in the United Kingdom and noticed that they were...

Are T-bonds repeating last year’s pattern?

So many investors believe that it is the Fed that determines interest rates, and thus bond prices. Or alternatively, that it is the mysterious force of inflation that drives interest rates. But the current evidence suggests it is the calendar that is...

GLD assets show resurgent interest in gold

In spite of dollar strength, gold prices have rallied from the low we saw back in mid-December. It took a while, but this rally has finally started to bring more interest from retail gold investors. The SPDR Gold Trust, symbol GLD, reports total assets...

Is small-cap underperformance a warning?

Stock market analysts talk about an uptrend needing to have the “right kind of leadership.”  What they mean by that phrase varies from analyst to analyst, but what I have found is that an uptrend which is not led by small caps is a problematic one. The...

VIX ETFs not right for investors

By now, all sophisticated investors have heard of the CBOE Volatility Index, or VIX, the so-called fear index. It is derived from measuring the implied volatility that is priced into options on the S&P 500 Index. That pricing changes from moment to...

Crude oil’s message for the stock market

The big question that stock market analysts are asking themselves lately is what it means to have crude oil prices drop below $50. The more proper question is, “What does the drop in crude oil prices now mean for the stock market 10 years from now?” One...