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Property & Casualty Insurance, Life & Health Insurance, Restaurants, and Apparel, Accessories & Textiles all moved into the top quintile.

Info Tech remains the largest sector short position, while Energy is second.

With two months of Q1 earnings reports in, results are very weak with a reading of 1.16, well below the historical average of 1.57. This is the lowest two-month reading we’ve seen since Q4 2009.

Q1 earnings reports look weak at a reading of 1.38, the lowest one-month reading since Q4 2009.

Consumer Staples are top-ranked in the domestic model but appear particularly Unattractive in the global model, which continues to be dominated by the Financials.

Firms with high debt to equity ratios have been outperforming both the market and firms that rarely utilize debt. When we control for both sector and market cap, the trend is still taking place.

In the medium term (1-2 years), weaker currency actually leads to lower net exports because export prices go up, instead of down, when currency depreciates.

We weren’t prepared to find industry price trend persistence so much more predominant at the global level than it was domestically.

While their scores remain strong, the underlying factor strength has shifted as these stocks have soared. Our quantitative disciplines and a compelling underlying fundamental story are keeping us in flight.

There are many reasons to think the MTI’s cautionary message should be taken seriously.

Those inclined to sell in May should sell Small Caps. If you don’t have Small Caps, sell Cyclicals, at least for the next six months.

The Dow Jones Corporate Bond Index has worked in eight of the last nine decades. The credit information in corporate bond prices provides valuable input for investors.

While U.S. stocks have surged this year, Emerging Markets have languished. What is going on in Emerging  Markets to cause this unusual situation?

Each of these effects has diminished in importance over time, but it’s still worth taking a look. Momentum is best at capturing the Industry effect, while Valuation works best at the Country level.