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Summary Q4 ’22 and the first 6 months of 2023 are likely to see earnings weakness within the S&P 500. However, Q4 ’23 and 2024 data show that the dynamic starts to change and - at least as of this week - S&P 500 earnings weakness is expected to reverse. Given h...
Summary We have hit the debt limit; we have a problem. How can we put off the problem and make someone else deal with somewhere down the road? Both political parties, in my opinion, don't really want a solution to the "debt" problem; they just want to send it off once again into the...
Summary Investors are counting on inflation melting away by the summer. However, easing financial conditions and a weaker dollar are breathing life back into inflation. Commodities and import prices are just two reasons why inflation may come back sooner than you think. ...
Summary Reserve provisioning by banks against the likelihood of further deterioration in their consumer and small business loan portfolios. Analysts’ earnings estimates are finally catching up to the market, which decided already in 2022 that conditions were headed south. The...
Summary Absent greater clarity around inflation and the Fed’s moves to combat it, we do think stock prices can fall further and that market bounces such as those seen in Q4 2022 are more likely a bear market rally rather than the start of a new bull trend. A continued decline in ...
Summary On November 9, 2021, I launched the ETF Reliable Retirement Portfolio. Working from various 2022 investment outlooks as well as other research material, I constructed a 16-ETF portfolio that seeks to balance diversity, growth, and current income. In this update, I report on ...
Summary S&P 500 EPS growth for Q4 is set to come in at -3.9%, the lowest rate in over 2 years, but an improvement from last week. Despite headwinds, an early reading of corporate uncertainty seems to indicate that companies are actually the least anxious they’ve been in 5 yea...
Summary The US stock market has stabilized recently and trades moderately above its recent low. The current S&P 500 drawdown remains relatively steep. Finally, market valuation continues to pull back from its recent peak but has rebounded a bit lately, based on Shiller’s ...
Summary At 429 basis points, the spread of the major junk bond index to Treasuries is dangerously close to the “inside 400” level, which is where it spends most of its time in a booming economy. I would not call the U.S. economy “booming,” as there has been a...
Summary The S&P 500 closed the week of January 13, 2023, above the 200-day moving average, for the first time since late November-early December ’22. The key benchmark is also testing the downward-sloping trendline that started in January ’22 with the all-time-high in ...