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Summary A recession in the United States and in Europe will be less severe than had been expected. Continued economic and military support from the West is the most critical element I think for Ukraine going forward. There's been some improvement in the tone of the relationship betw...
Summary After a year best forgotten, 2023 has started out with a bang. January was a strong month that gave equity investors a timely relief rally. While this was a welcomed development, I am concerned that equity prices are getting too disconnected from reality. We have a challenging m...
Summary As we head into the end of January, technical conditions in major stock indexes are showing a lot of strength. We think a bear market that could easily trim 50% from indexes is in the cards, but timing is everything. We find price action-driven measures more reliable than su...
Summary After a record-setting 2022, energy sector earnings are likely to generally decline in 2023, though forecasts point to another strong year by historical standards. Even with a year-over-year earnings decline, energy companies can continue to execute on free cash flow generation ...
Summary December was a mixed month for commodity index strategies overall. Natural gas was the strongest commodity for most index strategies. The precious metals sector was the strongest performing sector in December, rising over 5%. Natural Gas Contributes From Rebalance ...
Summary On a coincident basis, driven by a historically tight labour market and robust industrial production growth, the US economy remains deceptively strong despite negative real incomes and tight financial conditions. However, the leading indicators of the business cycle continue to ...
Summary Oil prices have kickstarted 2023 with their worst decline since 1991. With at least one-third of the global economy set to be in a recession this year, including the US, demand will continue to be suppressed. This could mitigate the expected demand boost from China. It a...
Summary I expect traditional fossil fuel energy companies to continue to excel, rising to up to 30% of the S&P 500 in the upcoming years as technology stocks continue to shrink. After the most aggressive series of rate hikes in decades, inflation is finally moderating. Whether or no...
Summary For 40 years, steadily declining inflation and interest rates buoyed equity returns. That changed abruptly last year. Investors must now adjust expectations to a new macroeconomic and market landscape that will require a fresh mindset to reach long-term goals. By...
Summary All the positive sales and earnings forecasted are concentrated in the top 15% of all stocks that I monitor. In other words, institutional buying pressure is focused on fewer stocks than normal. Energy stocks are big winners in 2022. In addition to high energy prices, the buying...