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Summary It goes without saying that the early stage of every large rally contains a break above resistance and the early stage of every large decline contains a break below support. During the course of the 2000-2002 bear market, the SPX broke above a downward trend line that is not unl...
Summary Conventional wisdom these days is that in order for the Fed to bring inflation down, they are going to have to kneecap the economy. Looking back at last year as a whole, real GDP shrank at a 1.1% annualized rate in the first half of the year, and grew at a 3.1% annualized rate i...
Summary Inflation will continue as the hot story of 2023, and it may have a surprise in store very soon. The Fed appears to be blind to serious problems in the labor market. As a result, its crushing down of the economy could counterintuitively make inflation worse by the end of the...
Summary As we look to 2023, we don’t believe a recession is inevitable as many do; a soft landing is within the realm of reason, or at the very least, a no landing, as was the case in 2022. We’ve long held to a proprietary investment approach which postulates that three cy...
Summary The S&P 500 is very expensive on a PE multiple basis. The index is also very expensive relative to the 10-year rate. This is for earnings growth that is deteriorating. The next leg of the bear market could be here, as investors begin to turn their attention awa...
Summary While 2022 was one of the toughest years ever for markets, the final quarter provided some relief. Major central banks, including the Fed, European Central Bank, and Bank of England, continue to wrestle with stubbornly high inflation rates. There's much disagreement about wh...
Summary TDV tracks 40 Technology Dividend Aristocrats that have raised dividends for at least seven consecutive years. It's a lower-risk Technology ETF that comes with a higher 0.45% expense ratio. In July, I recommend TDV as a way for dividend investors to take some risk off the table ...
Summary S&P 500 blended EPS growth for Q4 fell in the most recent week, to -4.6%, the lowest rate in over 2 years. Earnings pick up this week, with MSFT, TSLA, IBM and INTC in focus. Potential wins this week include: Danaher, Weyerhaeuser. Peak weeks for Q4 season are from J...
Summary With U.S. valuations now closer to the post-GFC average, inflation is likely to be the swing factor for markets in 2023. While the average return following down years is in line with the long-term average, this measure conceals a good deal of variation. If the fight against ...
Summary The common mechanical cause and effect paradigm has left investors holding the bag at all the tops and bottoms struck these last 4 months. There is a much better and objective manner in which one can approach the market. I still think we are heading to 4300SPX, and I analyze...