Here are a few of our favorite market internal indicators that are confirming the all-time highs in stocks. The first one, the cumulative advance/decline line (breadth), is rising along with stock prices, a healthy sign. Second, high-yield bond spreads (the spread in...
More and more investors think we are in an epic stock market bubble. They may be right, but we won’t know until after the fact. There are a few important differences between now and the dot.com bubble of 20 years ago. First, 2000’s high valuations were based on...
With heartfelt appreciation for our relationships with clients and friends, we wish you and your loved ones a very Merry Christmas and Happy Hanukkah. Last week saw two IPOs deliver dramatic pops. Food deliverer DoorDash gained 86% on day one and Airbnb surged 113%...
Why has the stock market been so strong since Election Day? In our view, the prospect of a Biden victory and a GOP Senate was not expected which is partially why we are seeing equity prices soar. Add the good news that Pfizer and Moderna both announced very good...
Investors are entering third-quarter earnings season with bright expectations that this could propel the next leg of the stock market’s rally. After all, analysts have been lifting estimates for the quarter – a move that goes against the norm. Typically, earnings...
The Yale School of Management runs a “crash confidence” sentiment reading (we’ve never seen this index before). The index measures how worried investors are about a stock market crash in the next six months. The Yale Crash Confidence reading suggests that individual...
