Several years ago I had the good fortune to cross paths with The Milwaukee Co. (TWC), a wealth management firm in Thiensville, Wisconsin, located a few miles north of Milwaukee. What began as an ad-hoc consulting relationship on research projects for portfolio design, backtesting and risk analytics has slowly expanded into a regular, formal routine for yours truly. As of this month, think of me as TMC’s in-house consultant on research, analytics and related matters for portfolio management.
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And then there was one. With just two trading sessions left for 2018, low volatility is alone for posting a year-to-date gain among the major US equity factors, based on a set of ETFs.
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Congress adjourns with no end in sight for partial gov’t shutdown: CNN
Initial data suggest China’s economy slowed for 7th month in Dec: Bloomberg
New survey: More Americans blame Trump for gov’t shutdown: Reuters
Trump’s economic adviser: Fed Chair and Treasury Secretary jobs are safe: CNBC
Is Wall Street’s rebound a bear trap? MW
US jobless claims dip, signaling ongoing strength in labor market: Reuters
Consumer Confidence Index for US slips to 5-month low in Dec: MW

US stock market volatility has soared in recent months, but the surge for this measure of risk hasn’t knocked American equities from their perch as the best performer for the major asset classes for the trailing five-year return, a proxy for estimating the state of value pricing. At the opposite extreme, broadly defined commodities continue to post the deepest shade of red ink for the major asset classes.
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Trump, visiting troops in Iraq, defends US withdrawal from Syria: Fox
US delegation will travel to Beijing in Jan for trade talks: SCMP
Trump holds firm on demanding funding for border wall: The Hill
World stocks bounce from 22-month lower after powerful rally on Wall St: Reuters
Day 6 for gov’t shutdown, with no end in sight: Bloomberg
Will a long gov’t shutdown rattle markets and business sentiment? WSJ
US home price growth continued to slow in Oct: HousingWire
Richmond Fed mfg index fell sharply in Dec: Bond Buyer
10yr-2yr Treasury yield spread edges up to Dec high — 20 basis points:

A bull market can be a fragile thing. To paraphrase Hemingway, there are two ways that investing profits can turn into losses: gradually, then suddenly.
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US-led military coalition announces Syria strikes launched last week: The Hill
Asian stocks continue to fall on Wednesday: Reuters
Trump’s frustation rising with Mnuchin after botched effort to calm markets: CNN
US holiday sales post strongest gain in six years: WSJ
Oil prices rebound after falling to lowest level in 1-1/2 years: CNBC
A bear market for US stocks appears to be growling: Bloomberg
3mo Nat’l Activity Index ticks down in Nov to still-healthy +0.12: Chicago Fed

Best wishes to all the readers of The Capital Spectator this Christmas!

Just in time for Christmas , too. Oh, well. No one ever said Mr. Market was a slave to holiday planning.
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Amid last week’s rout in stocks, bonds in foreign markets posted the strongest gains for the major asset classes, according to a set of exchange-traded products.
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