September 28, 2025 September 2025 has been dominated by renewed focus on AI and automation, even as markets wrestle with tariff headlines and mixed Fed commentary. As investors contemplate the speculative merits of AI vs. its actual delivered results, we continue to explore the expanding AI econ-system. One thing we’ve noticed is that while many […]
Narrations of a Sector ETF Operator | The Rise of the Machines Read More »
September 21, 2025 The past week was dominated by the Federal Reserve’s September policy meeting, which delivered a widely expected 25 bp rate cut and a dovish dot plot signaling another 50 bp of easing by year-end. Chair Powell characterized the move as a “risk management” cut in response to signs of labor market softening,
September 14, 2025 Equities finished yesterday notching another all-time high on the S&P 500. The August CPI report came in cool enough to support the Fed’s policy intentions with the market pricing in a 100% chance of a 25bp rate cut at next week’s meeting and a further 50bps of cuts into year end. From
September 7, 2025 We’ve seen several developments over the past six weeks that may signal a reprieve from the dominant Mega Cap. Growth and AI trade that has underpinned the equity bull trend since 2023. We’ve mentioned Warren Buffets move to bottom-fish UNH and several prominent homebuilders. The US Government has taken a 10% stake
Narrations of a Sector ETF Operator | Small Cap. Stocks Taking a Leadership Turn Read More »
September 1, 2025 Last week, we detailed the emergence of the Fed as a key player in the 2nd half of the year after Powell signaled intent to lower rates. The stated goal is to support the softening employment picture. Tariffs have added some cost pressure which factored into the Fed’s decision but haven’t registered
Narrations of a Sector ETF Operator | Fed Easing A Tailwind to Value In the Early Going Read More »
August 24, 2025 On Friday, we talked about the retracement of Growth shares playing out over the near-term and concluded with the point that the Fed would play a pivotal role in the 2nd half of the year. We only needed to wait hours for Powell’s Jackson Hole speech to move the markets. This time,
Narrations of a Sector ETF Operator | The Fed has Entered the Chat Read More »
August 17, 2025 In last week’s missive, we noted the narrowing breadth of the bull market as the number of S&P 500 constituents trading above their 200-day moving average remains below 60% which is a lackluster reading with the Index recording several all-time high closes since the beginning of July. We’ve also noted that since
Narrations of a Sector ETF Operator | The Berkshire Backstop Read More »
August 10, 2025 Equities continue to shrug off challenges from escalating tariffs, wars in Ukraine and the Middle East, a rate-locked housing market and a sluggish economy. AI is living up to expectations as companies like Palantir synergize impressive results from AI and its data collection software. Semiconductor stocks are retesting highs. Mag7 stocks have
Narrations of a Sector ETF Operator | Life on the Straight and Narrow Read More »
August 3, 2025 Last week we noted that the S&P 500 had made it into overbought territory. We ended last week with some selling on weak employment data which is obviously untrue. Regardless of statistical truth, all the rational participants in the stock market need to keep in mind that feelings are real. If we
Narrations of a Sector ETF Operator | Time for Some Correction Protection? Read More »
July 27, 2025 The Bull remains in control of the tape as July winds down. A series of new all-time high prints for the S&P 500 (chart below) and the Nasdaq have printed. Our oscillators studies (chart, panes 2 and 3) have hit highs for the past 12-months as well, registering an overbought condition on
Narrations of a Sector ETF Operator | It’s Getting (Over)Bought in Here! Read More »
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