September 19, 2025 Equities are at all-time highs (yet again) and the Fed has begun lowering interest rates with the goal of supporting employment. Investors continue to discount positive outcomes from Fed policy and on global trade as they bid both US and ex-US equities to fresh highs. Skepticism regarding the AI trade has given […]
Factor Friday: Growth Remains in the Driver’s Seat Read More »
September 12, 2025 With the S&P 500 printing its latest all-time high yesterday and consensus now firm on Fed policy, it’s an excellent time to survey our factor charts to gage potential opportunities into year end. What has been clear since equities put in their April 7th low is that investor risk appetite has continued
Factor Friday: Will Fed Easing Animate the Value Trade? Read More »
August 22, 2025 To put it as simply as possible, Tech sector shares are correcting from near-term overbought territory after a strong thrust off the April lows. To tip our hand on the punch line, it’s too early to tell if you should go into the bunker for a while. However, it is clear that,
Factor Friday: Growth Correction Read More »
August 15, 2025 The S&P 500 continues to sit at or near all-time highs despite some clear challenges to economic activity and input price levels. We want to take this time of relative calm to talk about how to get high dividend exposure as a sector investor. The highest yielding sectors have been structural laggards
Factor Friday: Sources of Dividend Income Across Sectors Read More »
July 25, 2025 The more things change, the more they stay the same. Global trade realignment continues to shape the narrative around the business cycle, but despite more reasons to worry about inflation, CPI and interest rates have continued to show softness. The US 10yr yield is ticking down to long-term support (chart below) despite
Factor Friday: Back to (New) Normal Read More »
July 18, 2025 Big Tech is dead…Long live Big Tech! Recent export concessions for NVDA have sparked renewed buying in Large Cap. Tech and Growth names more broadly. This is shaping the US equity market’s leadership profile in a way that’s eerily similar to 2023. We can see in our Growth/Value chart below that Growth
Factor Friday: Large Cap. Tech Reasserting Its Dominance Read More »
July 11, 2025 Interesting things are happening now that the S&P 500 is out to new all time highs having put the global trade war correction in the rearview mirror. The bull trend that began in early 2023 lives again, but we are seeing changes in the leadership profile of the US equity market from
Factor Friday: Shall the Meek Inherit the Earth? Read More »
June 27, 2025 Equities are a few bps shy of all-time highs as June comes to a close. Inputs to our models are supportive of a continued bull trend for equities at present. Oil prices collapsed last week, and the Energy Sector coughed up month-to-date gains. This has taken pressure off of interest rates (chart
Factor Friday: Macro Backdrop is Favorable for Equities, Investor Risk Appetite is High Read More »
June 20, 2025 Potential US involvement in the latest Israel/Iran conflict has seized headlines. The S&P 500’s reflationary advance has paused and commodities prices, led by crude (charts below) have sparked Energy Sector outperformance. WTI Crude (NYMEX) Bloomberg commodities Index While Energy shares have hooked higher with crude, Technology shares have continued to lead US
June 13, 2025 S&P 500 futures are lower this morning on emerging geo/political tensions. With the index price just shy of all-time highs, we are at a point in the equity bullish reversal where some consolidation is expected. Our S&P 500 price chart (below) shows 5786 and 5504 as key support levels. If consolidation occurs
Factor Friday: Growth vs. Value Back at Par for 2025, Where Do We Go From Here? Read More »
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