Latest Research

History shows us a number of economic sectors besides technology which have also experienced broad swings as the tide of investor enthusiasm ebbs and flows.

The latest reading is well into bullish territory and is the most positive reading on this indicator since the first quarter of 1995.

In the previous recovery, there was an extended period where the economy appeared sluggish, not unlike what we are seeing today.

Volatility in the S&P was unusually high in 2002. And now in early 2003, it appears the S&P 500 is continuing to be extremely volatile.

Both ratios reconfirming a buy signal.

We always welcome the chance to hear what’s on our readers’ minds, and have often found that seeking answers to these questions can lead to new research topics, interesting charts, and new ways of looking at things.

Initiated coverage of a new banking group subset in our Financial sector that focuses on small cap, community-focused banks.

New Biotech holding increased Health Care commitment in Select Industries to 27%.

The stock market is off to a poor start in 2003, with the S&P 500 down 4.4%, and the DJIA off 5.4%.

The initial framework presented with a snapshot of the current relationships.

For the second month in a row, the NASDAQ was the best performing major index.

The grand 20+ year secular bull market in bonds is probably topping out.

We believe High Yield bonds remain attractive. The economy is improving and corporate profits are rebounding from depressed levels.

The spread between Long Quality Corporates and twenty year Treasury bonds at the pinnacle is back down to a more normal range, as the Treasury shortage elimination-thesis has fallen apart due to rising budget deficits.

Still bullish on stock market, expecting cyclical bull market to extend into 2004. Very worried that any easing of tensions in Iraq or Venezuela will bring crude prices down hard and fast.

The January Effect still lives…..it just comes a month earlier, in December.

Many of the questions in this month’s issue came from January client meetings in Texas.

If January’s net outflow is a precursor of what we might see during the balance of 2003, Main Street investors will miss a golden opportunity to invest during an early recovery phase of one of the greatest bear markets in history.

AOL write down of goodwill will create the widest difference between reported and operating earnings ever.

We would view a new buy signal as a bullish confirmation of the previous buy signal (registered October 30th).