Green Book June 2016
Rally Extension?
We’ve boosted equity exposure twice in the past several weeks, fully cognizant that it’s not a “textbook” time to do so.
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Featured Articles
MTI Moves Further Into Bull Territory
We’re fully cognizant that it’s not a “textbook” time to raise exposure, however, outside of valuations, the balance of our MTI work suggests the market still holds some cyclical appeal.
VLT Says “BUY”
Breadth underlying the 4-month upswing has been stronger than that observed during any other rally leg since 2013. Despite just a 14% correction in the S&P 500 from its peak, a new VLT “BUY” signal was triggered. Failed signals are relatively rare, the last one occurred in December 2001.
Specialty Chemicals & Gases Soars To Attractive
In conjunction with Materials’ solid rise in our sector rankings, we purchased Specialty Chemicals & Gases in the Select Industries Portfolio.
Energy Sector: Too Much Risk Taking As Oil Price Bounced
Despite recent bounce among stocks in the Energy sector, the GS Scores still rate Energy groups poorly.
Glamour Growth Stocks: Better For The Long Haul
Are Glamour Growth stocks a good investment? Using data from the past 30 years, we found very different outcomes depending on the duration of investment. The best results are attained with a long-term holding period in mind.
Apple Falls To Earth
Following a brief re-admittance to the “Four Percent Club,” the value of Apple declined by the equivalent of one General Electric or two IBMs in the span of just over 14 months.
Table of Contents
Stock Market
- Rally Extension?
- Stock Market Observations
- VLT Says “BUY”
- Taking Earnings At Face Value
- What Is The Bond Market Telling Us?
- Apple Falls To Earth
Of Special Interest
Macro Monitor
- “Teflon” Bonds—The Donald Trump Of Investments
- Inflation Hindered; Contributing To A Flattening Yield Curve
- Risk Aversion Index—Ticked Up But Stayed On “Lower Risk” Signal
- US Bonds
Equity Strategies
- Specialty Chemicals & Gases Soars To Attractive
- Energy Sector: Too Much Risk Taking As Oil Price Bounced
- Glamour Growth Stocks: Better For The Long Haul
- Highlighted Attractive Groups
Quant
Market Internals
Portfolios
- Core & Global Asset Allocation Portfolios
- Domestic & Global Long-Only Portfolios
- 100% Short Portfolio: AdvantHedge
Major Trend
Estimating the Downside
At Random
MTI Moves Further Into Bull Territory
We’re fully cognizant that it’s not a “textbook” time to raise exposure, however, outside of valuations, the balance of our MTI work suggests the market still holds some cyclical appeal.
VLT Says “BUY”
Breadth underlying the 4-month upswing has been stronger than that observed during any other rally leg since 2013. Despite just a 14% correction in the S&P 500 from its peak, a new VLT “BUY” signal was triggered. Failed signals are relatively rare, the last one occurred in December 2001.
Specialty Chemicals & Gases Soars To Attractive
In conjunction with Materials’ solid rise in our sector rankings, we purchased Specialty Chemicals & Gases in the Select Industries Portfolio.
Energy Sector: Too Much Risk Taking As Oil Price Bounced
Despite recent bounce among stocks in the Energy sector, the GS Scores still rate Energy groups poorly.
Glamour Growth Stocks: Better For The Long Haul
Are Glamour Growth stocks a good investment? Using data from the past 30 years, we found very different outcomes depending on the duration of investment. The best results are attained with a long-term holding period in mind.
Apple Falls To Earth
Following a brief re-admittance to the “Four Percent Club,” the value of Apple declined by the equivalent of one General Electric or two IBMs in the span of just over 14 months.
Stock Market
- Rally Extension?
- Stock Market Observations
- VLT Says “BUY”
- Taking Earnings At Face Value
- What Is The Bond Market Telling Us?
- Apple Falls To Earth
Of Special Interest
Macro Monitor
- “Teflon” Bonds—The Donald Trump Of Investments
- Inflation Hindered; Contributing To A Flattening Yield Curve
- Risk Aversion Index—Ticked Up But Stayed On “Lower Risk” Signal
- US Bonds
Equity Strategies
- Specialty Chemicals & Gases Soars To Attractive
- Energy Sector: Too Much Risk Taking As Oil Price Bounced
- Glamour Growth Stocks: Better For The Long Haul
- Highlighted Attractive Groups
Quant
Market Internals
Portfolios
- Core & Global Asset Allocation Portfolios
- Domestic & Global Long-Only Portfolios
- 100% Short Portfolio: AdvantHedge