Green Book May 2006
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Featured Articles
April Market Action
The big stories driving the day to day market action in April continued to be (in no particular order) the future of Fed policy, oil prices, the economy, and escalating tensions with Iran. However, despite the various uncertainties and vagaries regarding the aforementioned, many stock market indexes hit cyclical bull market highs during the month.
Attractive Groups Based On Insider Scores
Best looking groups based on current Insider Buying Selling patterns include: Gas Utilities, Aluminum, Brewers and Auto Manufacturers.
Checking In On The Tech Top 20–Valuations Remain Reasonable
The twenty biggest Tech stocks were flat in April, but remain up 7% YTD on a median basis.
Defensive Equity Groups...Some Time-Tested Ideas, And A Few New Ones
In our most recent update of our defensive group work, we examined industry group performance within the last four bear market cycles in order to determine which groups delivered consistent leadership.
Economic Outlook
Continue to project higher interest rates over the next six months, particularly longer maturities. After rate hike in May, Fed’s actions will be more “data driven”.
Energy Sector: Why We Are Growing Increasingly Cautious
Select Industries Portfolio has only miniscule exposure to Energy sector (0.6% of equity assets). This month’s “Of Special Interes”t presents the rationale for underweighting Energy stocks.
Inflation Watch
The Major inflation concerns are rising wages, low unemployment, a continued strong economy, and additional pass through of higher energy prices.
Mutual Fund Flow…..Cash Flood Into Foreign Focus Funds Continues
On a YTD basis, flow into domestic focused stock funds significantly trails the record-breaking amount of flow going into international and global equity funds.
View From The North Country
This month Steve again lays out both the Bull and Bear cases.
Table of Contents
Stock Market
- View From The North Country
- April Market Action
- Defensive Equity Groups...Some Time-Tested Ideas, And A Few New Ones
- Attractive Groups Based On Insider Scores
- Checking In On The Tech Top 20–Valuations Remain Reasonable
- Mutual Fund Flow…..Cash Flood Into Foreign Focus Funds Continues
Of Special Interest
Macro Monitor
Inflation Watch
April Market Action
The big stories driving the day to day market action in April continued to be (in no particular order) the future of Fed policy, oil prices, the economy, and escalating tensions with Iran. However, despite the various uncertainties and vagaries regarding the aforementioned, many stock market indexes hit cyclical bull market highs during the month.
Attractive Groups Based On Insider Scores
Best looking groups based on current Insider Buying Selling patterns include: Gas Utilities, Aluminum, Brewers and Auto Manufacturers.
Checking In On The Tech Top 20–Valuations Remain Reasonable
The twenty biggest Tech stocks were flat in April, but remain up 7% YTD on a median basis.
Defensive Equity Groups...Some Time-Tested Ideas, And A Few New Ones
In our most recent update of our defensive group work, we examined industry group performance within the last four bear market cycles in order to determine which groups delivered consistent leadership.
Economic Outlook
Continue to project higher interest rates over the next six months, particularly longer maturities. After rate hike in May, Fed’s actions will be more “data driven”.
Energy Sector: Why We Are Growing Increasingly Cautious
Select Industries Portfolio has only miniscule exposure to Energy sector (0.6% of equity assets). This month’s “Of Special Interes”t presents the rationale for underweighting Energy stocks.
Inflation Watch
The Major inflation concerns are rising wages, low unemployment, a continued strong economy, and additional pass through of higher energy prices.
Mutual Fund Flow…..Cash Flood Into Foreign Focus Funds Continues
On a YTD basis, flow into domestic focused stock funds significantly trails the record-breaking amount of flow going into international and global equity funds.
View From The North Country
This month Steve again lays out both the Bull and Bear cases.
Stock Market
- View From The North Country
- April Market Action
- Defensive Equity Groups...Some Time-Tested Ideas, And A Few New Ones
- Attractive Groups Based On Insider Scores
- Checking In On The Tech Top 20–Valuations Remain Reasonable
- Mutual Fund Flow…..Cash Flood Into Foreign Focus Funds Continues