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Weekly Market Commentary | Week of March 12, 2018
KEY TAKEAWAYS Our Five Forecasters are collectively indicating that further economic growth and stock market gains appear likely. This commentary will look at the yield curve, the ISM Manufacturing Index, and stock valuations. Though stock valuations are high, they are falling as earnings ramp up, and are generally less effective as a timing tool. FIVE…
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Weekly Market Commentary | February 12, 2018
KEY TAKEAWAYS A perfect storm of investor worries collided over the past six trading days, resulting in an unprecedented bout of market volatility. These experiences provide a good opportunity for investors to reassess current allocations relative to long-term targets. We maintain our year-end S&P 500 fair value estimate of 2850-2900, representing a move of approximately…
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Weekly Market Commentary | January 22, 2018
KEY TAKEAWAYS We expect a solid fourth quarter earnings season and believe a 14-16% year-over-year increase in S&P 500 earnings is achievable. Economic surprises, strong manufacturing activity, and a weak U.S. dollar are a few of the primary reasons results may come in above expectations. Our positive earnings outlook for 2018 is well supported by…
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Weekly Market Commentary | Week of January 2, 2018
KEY TAKEAWAYS The new law is intended to boost economic activity and simplify the U.S. tax code. Given clarity on the new tax law, we are raising estimates for U.S. gross domestic product and S&P 500 operating earnings for 2018. INVESTMENT IMPLICATIONS OF THE NEW TAX LAW: EQUITIES AT A GLANCE After more than a…
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Weekly Market Commentary | Week of December 18, 2017
KEY TAKEAWAYS The S&P 500 is historically overbought after a very persistent bid the past year. Fortunately, history suggests longer-term gains are quite strong after being overbought. Market sentiment is flashing some near-term concerns. WHEN OVERBOUGHT IS BULLISH The bull market continues to march higher. The S&P 500 Index is near one of the most…