I’ve updated my investment ideas page. (members click here). As always, this week’s write-up includes specific equity, ETN, and ETF analysis. Updates of note this week include thoughts on some of the drawdown we saw in equities last week.
Here’s a sample from this week’s update:
I think the tip off to the recent market pullback really began early on in this past earnings season. It started with the banks when after some reported better than expected earnings, the reaction in their respective stocks was met with selling. That was then followed by a slew of selloffs in companies that either met or beat estimates. If you were unfortunately not able to meet expectations, your stock got hammered. This of course means that a lot of perceived good news had already been priced in.
I’ve said this before but will again. The earnings recovery seen in Q1 and Q2 (which about half resulted from a rebound in energy earnings) was priced in last year when the S&P 500 rallied 10% in a year that saw ZERO earnings growth.
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