Interest rates, earnings, fund flows—they're all important to watch when making investment decisions.
But as we premiere "The Strategy Session" today, my "Call-to-Action" is to focus on a crucial but often overlooked corner of the capital markets: the syndicate calendar. Here's why.
The syndicate calendar is where new stock offerings are announced and eventually priced.
Why should you care? Because even if you're not in the market for an IPO, the health of the syndicate calendar is often a great indication of where the broader markets will go.
Marc Howard, a portfolio manager during my stint at the hedge fund JRO Associates, and arguably one of the best traders of all-time, used to watch the syndicate calendar to formulate what he called "intangible analysis," a sort of study in confidence.
The better an IPO performed, Howard would say, the better money managers felt, and as a result, they would put more capital to work buying new stocks and sending markets higher.
The opposite was also true. A portfolio manager who just got burned on a new issue was less likely ante up for more.
In short, the calendar can make or break confidence, and a market that lacks confidence is one that cannot move higher.
"The Strategy Session"premieres at noon ET, with special guest, Morgan Stanley
Chairman, John Mack.
Gary Kaminsky does not hold any equity positions.
The content of this blog is published in the United States of America and persons who access it agree to do so in accordance with applicable U.S. law.
All opinions expressed in this blog are solely the opinions of Gary Kaminsky and do not reflect the opinions of CNBC, NBC UNIVERSAL or their parent company or affiliates, and may have been previously disseminated on television, radio, internet or another medium. You should not treat any opinion expressed by Mr. Kaminsky as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Mr. Kaminsky’s opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Kaminsky, CNBC, its affiliates and/or subsidiaries are not under any obligation to update or correct any information provided on this website. Mr. Kaminsky’s statements and opinions are subject to change without notice. No part of Mr. Kaminsky’s compensation from CNBC is related to the specific opinions he expresses.
Past performance is not indicative of future results. Neither Mr. Kaminsky nor CNBC guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on this website or on the show. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned on this website or on the show may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned on this website or on the show. Before acting on information on this website or on the show, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.