Green Book September 1986
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Featured Articles
Bond Market Summary
Bonds moved higher in August but did not make new highs. However, it is only a matter of time. Most of our inflation work is still cool, but this month we present one of our tools that is mildly disturbing. The commodity spot price diffusion index seems to be on the rise, although not yet in negative territory.
Focus on Gold
Something strange is occurring in the gold market and it is not related to inflation. We touched on this a month ago, but this time we have added some thoughts. I continue to believe most portfolios should own some gold.
Intrinsic Value Perspective
The stock market, at least according to the most popular market indices, has rebounded to its former 1986 peak levels. Updated histographs are included herein, providing perspective in terms of P/E’s, Dividend Yields, and Book Value ratios for the S&P 400.
Japan and Oil
We would not be at all surprised to see the Japanese becoming quite active in acquiring foreign oil reserves and perhaps investing heavily in some major oil companies. In this section, nine major reasons are given to support this contention.
Major Trend Index Remains Negative
Realizing no one really cares much for wet blankets, I am reluctant to report that our Major Trend Index remains negative. The continued negative status leads to the conclusion that the stock market is in the process of forming a broad distribution top.
The Divergences of August
Even though the S&P 500 edged into new high ground, with the DJIA coming within a hairbreadth of doing the same, a number of other stock indices have recovered less than half of their July losses.
The Financial Times Discovers U.S. Bear Market
Check out a “hot” new commodity.... fox urine. We’re not kidding.
View from the North Country
Fiscal Responsibility Update...Who were the bad guys this year? How to make a killing in the Oil Patch and an update on Australian bond.
Table of Contents
Stock Market
- View from the North Country
- Major Trend Index Remains Negative
- Intrinsic Value Perspective
- Japan and Oil
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
Bonds moved higher in August but did not make new highs. However, it is only a matter of time. Most of our inflation work is still cool, but this month we present one of our tools that is mildly disturbing. The commodity spot price diffusion index seems to be on the rise, although not yet in negative territory.
Focus on Gold
Something strange is occurring in the gold market and it is not related to inflation. We touched on this a month ago, but this time we have added some thoughts. I continue to believe most portfolios should own some gold.
Intrinsic Value Perspective
The stock market, at least according to the most popular market indices, has rebounded to its former 1986 peak levels. Updated histographs are included herein, providing perspective in terms of P/E’s, Dividend Yields, and Book Value ratios for the S&P 400.
Japan and Oil
We would not be at all surprised to see the Japanese becoming quite active in acquiring foreign oil reserves and perhaps investing heavily in some major oil companies. In this section, nine major reasons are given to support this contention.
Major Trend Index Remains Negative
Realizing no one really cares much for wet blankets, I am reluctant to report that our Major Trend Index remains negative. The continued negative status leads to the conclusion that the stock market is in the process of forming a broad distribution top.
The Divergences of August
Even though the S&P 500 edged into new high ground, with the DJIA coming within a hairbreadth of doing the same, a number of other stock indices have recovered less than half of their July losses.
The Financial Times Discovers U.S. Bear Market
Check out a “hot” new commodity.... fox urine. We’re not kidding.
View from the North Country
Fiscal Responsibility Update...Who were the bad guys this year? How to make a killing in the Oil Patch and an update on Australian bond.
Stock Market
- View from the North Country
- Major Trend Index Remains Negative
- Intrinsic Value Perspective
- Japan and Oil