What I read each week
The Sandbox Daily (12.22.2023)
Welcome, Sandbox friends.
Today’s Daily discusses:
What I’m reading each week
Let’s dig in.
Markets in review
EQUITIES: Russell 2000 +0.84% | S&P 500 +0.17% | Nasdaq 100 +0.12% | Dow -0.05%
FIXED INCOME: Barclays Agg Bond -0.13% | High Yield -0.12% | 2yr UST 4.329% | 10yr UST 3.901%
COMMODITIES: Brent Crude -0.25% to $79.19/barrel. Gold +0.65% to $2,064.9/oz.
BITCOIN: -0.56% to $43,790
US DOLLAR INDEX: -0.12% to 101.713
CBOE EQUITY PUT/CALL RATIO: 0.58
VIX: -4.54% to 13.03
Quote of the day
“Be willing to make decisions. That's the most important quality in a good leader. Don't fall victim to what I call the Ready-Aim-Aim-Aim Syndrome. You must be willing to fire.”
- T. Boone Pickens
Publisher’s note
The Sandbox Daily is off for winter vacation and will return on Wednesday, January 3rd.
Enjoy time with family and friends over the holidays and happy New Years to all !
What I’m reading each week
A reader this week writes/asks:
Congratulations on 2k subs! You’ve referenced in several posts here and there that you are a portfolio manager advising your firm’s client assets, but how do you find time to read and write so much every day during the week? I’m just starting my career at _______ and trying to understand who to listen to because there’s so much noise out there. You source charts and commentary from so many places – who influences you?
This is a great question and one I often ask other financial professionals themselves.
Who has your ear? What’s something I should be reading that I’m not? What gap do I have in my process?
There is no shortage of financial content that is being created every day. There’s institutional research like Piper Sandler. We have the wire houses like Goldman Sachs and UBS. Mainstream/legacy media has there spot too: think Bloomberg, Wall Street Journal, Barron’s, etc. The financial blogosphere is very strong, think Cullen Roche. Fund managers like BlackRock or Alliance Bernstein have their say as well. Don’t forget TV and radio, either. Twitter is a fun place to share opinions and get lit up by the I-told-you-sos. Basically, you can find content anywhere.
So, here’s a list of who I read regularly each week.
Fundstrat: Tom Lee, CFA is an accomplished Wall Street strategist who cut his teeth for years as J.P. Morgan’s Chief Equity Strategist; Tom covers equity and macro research. His partner Mark Newton, CMT is the head of Fundstrat’s technical strategy. Together, they form a formidable duo covering fundamentals and technicals – the perfect blend for a top-down approach to market analysis. I learn something new almost every single time I read their research or hear them speak. Fundstrat is a paid subscription service.
All Star Charts: This research platform provides daily technical analysis commentary across every asset class. Founder J.C. Parets and Director of Research Steve Strazza, along with a growing bench of analysts, offer daily written commentaries, draft guest posts for Investopedia, maintain an active presence on Twitter, and host almost daily podcasts through Stock Market TV. If you need charts – like a whole lot of them – this is definitely the place to be. All Star Charts is a paid subscription service.
Bianco Research: Jim Bianco offers macro investment research through his research platform. On Twitter, Jim is very active and provides some of the best charts and insights out there. Jim is an excellent communicator of what’s moving markets. Bianco Research is a paid subscription service.
Goldman Sachs, Marquee Platform: This institutional offering is a one-stop shop that has it all: portfolio strategy, macro, micro, equities, fixed income, commodities, currencies, specific stocks, TA, global, flow data, hedge fund coverage, etc etc. As someone who was groomed at a major institution myself (UBS), this platform resonates with me. My favorite? David Kostin’s weekly note every Friday afternoon; he is Goldman’s Chief U.S. Equity Strategist. A close 2nd is the quarterly report, Hedge Fund Trend Monitor. The Marquee Platform is available as an institutional offering only.
J.P. Morgan Markets: See above.
Dwyer Strategy: Tony Dwyer has been around markets for a few cycles – everyone needs someone like that in their corner. Tony is the Chief Market Strategist and Head of the U.S. Macro Group at Canaccord Genuity. Tony and his team give it to you straight – blending macro, fundamentals, and technicals for practical application in making intermediate-term investment and allocation decisions. Dwyer Strategy is a paid subscription service.
Ned Davis Research: NDR is a global provider of independent investment research. Experienced strategists and analysts use fundamental and technical research with models, charts, indicators, and a weight-of-the-evidence methodology to help investors understand the market signals to invest with confidence. One can mix and match a variety of different bundles based on your needs and interests. Ned Davis Research is a paid subscription service.
The Compound and Friends: Ok, technically this isn’t a “read.” But, I never miss an episode. This podcast brings together Josh Brown, Michael Batnick, and a rotating group of market strategists, technicians, fundamentalists, buy-side, sell-side, young, old, industry folkds, friends, and everything in-between. My favorite guests include J.C. Parets, Nick Colas, Bob Elliot, and Brian Belski; still waiting on Scott Wapner. This podcast makes finance fun, and I always walk away learning something new. Think ESPN Sportscenter but for markets. I used to listen to punk rock music in the gym on Friday’s; well, I’ve grown up and ditched blink-182 and NOFX for TCAF and higher learning.
Carson Group: Ryan Detrick, CMT serves as Carson’s Chief Market Strategist. Sonu Varghese, Ph.D. serves as Carson’s Global Macro Strategist. Together, Ryan and Sonu provide top notch charts and analysis. Each week this dynamic duo is writing blog posts on Carson, debating market trends on their Facts vs. Feelings podcast, and drop in as frequent guests on your favorite business/market tv shows and podcasts. Oh, and Ryan might be the chartmaster of all time on Twitter. The sign-up for Carson is free on their website.
Technical Analysis: As TA has grown in my research process over the past few years, I have been indirectly introduced to a few dynamic market technicians who provide excellent chart analysis. All are worthy of follows/subscriptions: Scott Brown/Brown Technical Insights, Austin Harrison/Grindstone Intelligence, Larry Thompson/HostileCharts, and Sam McCallum/Honeystocks.
Ben Carlson, A Wealth of Common Sense: This is the 1st blog I started reading early in my career. And I haven’t stopped since. Ben Carlson, CFA breaks down the economy, markets, portfolio strategy, personal finance, and movies into easily digestible and thought-provoking takes that make it fun and entertaining to read and listen to. I maintain an Excel spreadsheet with hundreds and hundreds of rows of quotes to warehouse my favorite thoughts from over the years – Ben has the most entries, by a landslide. Sign-up is free.
Sam Ro, TKer: Sam Ro has been writing for a long time across a variety of mainstream media platforms, although in the last few years went independent with TKer. Sam has access to all the institutional and sell-side research, then distills it down into straightforward, easy-to-understand insights. Sam offers both paid and free subscriptions.
Jurrien Timmer: Jurrien Timmer is the Director of Global Macro at Fidelity Investments. You want awesome charts, hop on Twitter and give Jurrien a follow.
The Chart Report: Last, but definitely not least, The Chart Report is the one daily e-mail I cannot miss. The Chart Report might be the only e-mail where I have a 100% open rate. Patrick Dunuwila, CMT curates the best technical analysis charts from each market day – the newsletter with no news, just charts. I feel confident I haven’t missed something in my day if I’ve read the nightly TCR e-mail. Sign-up is free.
I would love to hear from YOU. What are you reading these days?
That’s all for today.
Happy Holidays and Happy New Year !!!!
See you in 2024.
Blake
Welcome to The Sandbox Daily, a daily curation of relevant research at the intersection of markets, economics, and lifestyle. We are committed to delivering high-quality and timely content to help investors make sense of capital markets.
Blake Millard is the Director of Investments at Sandbox Financial Partners, a Registered Investment Advisor. All opinions expressed here are solely his opinion and do not express or reflect the opinion of Sandbox Financial Partners. This Substack channel is for informational purposes only and should not be construed as investment advice. The information and opinions provided within should not be taken as specific advice on the merits of any investment decision by the reader. Investors should conduct their own due diligence regarding the prospects of any security discussed herein based on such investors’ own review of publicly available information. Clients of Sandbox Financial Partners may maintain positions in the markets, indexes, corporations, and/or securities discussed within The Sandbox Daily. Any projections, market outlooks, or estimates stated here are forward looking statements and are inherently unreliable; they are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.
Thanks for the shout Blake. Happy holidays. 🍺
The Chart Report is probably the most under rated newsletter, that does not flight “the news”. Patrick has made it easy for me to go for days without actually going to twitter as he catches some great snapshots (and possibly a trend of what people are caught up in from an attention point of view). Great list, and gives me adds that I can’t give back so I owe you one 😉