Market Snapshot: Charts Update (video), But First, Some Key Stats

Dear Clients, please be sure and take these videos in when you can... In them we address what's churning underneath these celebrated "record highs" that the media seems so enamored with of late.

For example, here's a look at where the SP500, the SP500 Equal Weight (a truer look at the overall market), and the Russell 2000 indices presently sit vs the SP500s previous all-time high:

And, speaking of the SP500, here's a look at the performance by sector since that January 2022 high, note that 7 of the 11 remain in the red... I.e., this is what you'd call historically bad breadth... And while things can definitely improve on that front, what we're looking at right here is anything but the character of a healthy equity market:

Morning Note: Market-Friendly QRA -- And -- UBS and JPM Share Our Concerns

In our latest economic update I mentioned the Treasury Quarterly Refunding Announcement (QRA) as being potentially bigger this week than even the Fed meeting.

While yesterday's announcement of the anticipated debt issuance needed this quarter (came in less than expected) definitely juiced the equity market,

Morning Note: Mixed-Bag Earnings Commentary, Again on "Soft Landings" -- And -- Your Weekly Results Update (And 2 Must-Read, Timely, Quotes!)

Here's another round of earnings call highlights... Color-coding reflects our view of the economic implications therein:

Economic Update: Traveling Through Soft Landing Valley (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Market Snapshot: Good Time to Be Patient, Per Breadth, Sentiment, and the Technicals (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Morning Note: From Tech to Plane Tickets, From Homebuilders to Booze, etc. -- A Mixed Bag of Company Commentaries

With earnings season now in full force we thought it timely to offer up some highlights from company commentaries.

I color-coded the text to express our view of the messaging therein.

As you'll see, it's quite the mixed bag out there.

While the attitudes of the execs of the companies featured hold different degrees of economic relevance, if we were to nevertheless treat them equally, and score the below like an index, +100 to -100, it would come in at a mere +4.17, with 33% of the comments scoring economically positive, 29% negative and 38% neutral.

Soft Landings, Noisy Action, Russel Resistance and Rising Dispersion (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.