Market Notes

Happy Birthday Grams!

The stock market has continued to run higher and higher, seemingly without a breather of any kind. We are witnessing one of the sharpest v-shaped recoveries that markets have ever seen – and as we know from experience – things that can’t go on forever, won’t. And the kicker is that since falling nearly 20% to end 2018, not only have the markets still not made a new all-time high, they still haven’t even made a higher high.

On the bright side, we did finally see prices close solidly above the 200-day moving average (for the S&P 500), signaling a possible resumption of the long-term up-trend.

Market Notes

Markets have rallied to start the year with tax-loss selling having run its course and a lot of value being found by stock screening programs. You see, if the market price has come down but the projected earnings have not yet been updated, a given stock will appear relatively cheaper than it used to. But this is fool’s gold if it turns out that the earnings are later revised lower on a forward basis.

Market Notes

Market Notes

In choppy trade so far this month, the S&P is up about 1% and is less than 1% from its all‐time high

achieved on January 26th, 2018. The 10‐year treasury yield has fallen 3.7% to 2.84%. The dollar is the

major story with the index hitting a high of 96.98 breaking out to a new 52‐week high and causing

commodities to apparently crash in price.