Green Book August 1986
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Featured Articles
Bond Market Summary
Bonds held their own in July but did not make new highs. However, it is only a matter of time. We don’t expect much in August but look for a move below 7% for T-bonds by year end.
Inside the Stock Market
The Major Trend Index slid to negative status in mid-June and currently remains in negative territory. It appears a cyclical bear market is underway. A typical bear market is down 24%-28%. A very cautious attitude is warranted and any further strength in the market is best viewed as an opportunity to become more defensive.
July Sector Highlights (and Lowlights)
The highlights are few. All in all, this was a pretty bloody mess. I suspect most portfolio managers had a tough time holding their losses to less than the markets 6%.
View from the North Country
Fiscal Responsibility Coming in August (An update on performance, not the real thing)..…Programs & Portfolio Insurance: The new hot product in pension circles. Will the implementation of these programs have an impact on the stock market? We think it could.
“Ring Them Bells”
We are establishing the regional Bell companies as a formal equity portfolio sector, initially investing in BellSouth, NYNEX and U.S. West in this issue. We think these companies look like an attractive defensive equity haven these days.
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
Bond Market Summary
Bonds held their own in July but did not make new highs. However, it is only a matter of time. We don’t expect much in August but look for a move below 7% for T-bonds by year end.
Inside the Stock Market
The Major Trend Index slid to negative status in mid-June and currently remains in negative territory. It appears a cyclical bear market is underway. A typical bear market is down 24%-28%. A very cautious attitude is warranted and any further strength in the market is best viewed as an opportunity to become more defensive.
July Sector Highlights (and Lowlights)
The highlights are few. All in all, this was a pretty bloody mess. I suspect most portfolio managers had a tough time holding their losses to less than the markets 6%.
View from the North Country
Fiscal Responsibility Coming in August (An update on performance, not the real thing)..…Programs & Portfolio Insurance: The new hot product in pension circles. Will the implementation of these programs have an impact on the stock market? We think it could.
“Ring Them Bells”
We are establishing the regional Bell companies as a formal equity portfolio sector, initially investing in BellSouth, NYNEX and U.S. West in this issue. We think these companies look like an attractive defensive equity haven these days.