Latest Research

Domestic equity funds saw net outflows of more than $11 billion this week, while bond funds captured almost $5 billion in net inflows. Money market funds also captured huge net inflows; this was likely attributable to the high redemptions from equity funds.

We are entering the most bearish window among the potential combinations of the Presidential Election Cycle and the Annual Cycle.

Information Technology has largest representation among Attractive groups;  only one Tech group rated Unattractive. Highlighted Attractive groups include Tech Distributors, Construction/Farm Machinery, Aerospace/Defense, and Pharmaceuticals.

The S&P 500 gained 0.6% (price only) in April. Based on the 1957-to-date valuation metrics presented below, downside to its historical average remains at 12%. The S&P Industrials (which excludes Utilities and Financials) is also unchanged at 25% downside to reach mean valuation.

The Major Trend Index remained bullish throughout the month of April, and closed the week of May 2nd at a moderate 1.16—up 0.01 from four weeks earlier.

The only Energy group rated Attractive, its score has improved for seven consecutive months.

A few measures are suggesting that investor sentiment towards EM has reached a low ebb.

We stop short of embracing any sort of fixed stock market time cycle, but it's statistically difficult to discredit certain calendar patterns.

Modern Portfolio Theory debunked: since 1989, higher price volatility has generally been penalized with lower returns across the ten market sectors.

Over the last 6-months the "asset-bubble" label has been recklessly attached to Tech stocks. But that label is not right as the "Tech" decline has been concentrated in NASDAQ Internet Index names while the broad Tech sector is near an all-time high.

Favorable dynamic are intact, including demographic trend and increased use of generics.

With Small Cap stocks falling to an 11-month RS low while the DJIA hits a new price high, many technicians point to this divergence as evidence the dangerous "distribution" period is underway. We're not so sure.

DJIA eclipsed its year-end closing high; Dow Transports still strong; NYSE A/D Line hits all-time high.

Info Tech and Health Care have been the highest rated sectors for 10 consecutive months. Energy sector is improving from the bottom of the rankings.

Small Cap weakness has many concluding that the terminal distribution phase is underway. We think that is a stretch.

Global AdvantHedge up 1.67% in April; AdvantHedge -0.01%

Select Industries bought Oil & Gas Refiners; Global Industries bought Emerging Diversified Banks.

We expect the 245-250 barrier to be tested, and if it is decisively broken, much lower yields could be in the cards.

Both Portfolios ahead of their all-equity benchmarks YTD.