We mentioned in last week’s Market Summary that we saw heightened terrorism risks in 2020, and right on cue, the next day the U.S. assassinated the leader of Iran’s Quds Force. Iran responded with missile strikes against U.S. facilities in Iraq. The risk of regional destabilization was, briefly, on everyone’s Read more…
Markets in 2019 truly climbed a wall of worry, recovering from the late 2018 swoon and rising to new highs even in the midst of a host of political, geopolitical, financial, and economic concerns. Some of those worries have been resolved, some have been put to one side, others are Read more…
The U.S. As expected, the Federal Reserve made no change to its policy at its Wednesday announcement. Fed Chair Jerome Powell has been clear in the Fed’s accommodative stance. With the level of inflation that would be required to trigger a Fed rate increase nowhere to be found and unlikely Read more…
The U.S. With most U.S. markets making new all-time highs, or (as in the case of the Russell 2000) breaking out to new recent highs, we remain fundamentally bullish, and fully aware that a modest correction of 1–5% may occur at any time. In keeping with our overarching strategic view, Read more…
The U.S. U.S. stocks continue to forge ahead. In the ebb and flow of news related to trade, impeachment, geopolitics, and the 2020 election, we continue to note underlying reasons for strength. (Of course, the market may decline by 1–4% at any time). One of these reasons is the perpetually Read more…
The U.S. With most major indices having pushed to new highs, a modest correction of a few percent is possible at any time. Still, we anticipate that by the end of the first quarter of 2020, the U.S. stock market as a whole will likely be 8–10% higher than today, Read more…
The U.S. As earnings season progresses, most companies are beating estimates, and sequentially, earnings are coming in on average slightly up. So far, earnings support our view that the U.S. economy is bottoming and preparing to exit the third slowdown of the post-2009 expansion. We note that the U.S. seems Read more…
The U.S. The U.S. market got a modest boost from the announcement of a trade truce with China, in which China agreed to boost some U.S. agricultural imports, and the U.S. suspended a tariff hike on $250 billion worth of Chinese imports. According to the announcement, the initial deal will Read more…
The U.S. The U.S. earnings season will shortly be getting underway. We suspect that as usual, companies have telegraphed enough realism to get analysts’ estimates into reachable or beatable territory. Of course, Mr Market will not just be watching EPS numbers, but looking at margins and watching for forward guidance Read more…
On September 26, Guild hosted its quarterly conference call, “The Funhouse World of NIRP and ZIRP: How To Invest When Interest Rates Go Lower For Longer Than You Ever Thought They Could.” More than a decade out from the Great Recession, inflation and interest rates around the world remain stuck Read more…
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