Our measures of
market action are still broadly
unfavorable, and allowing even the mildest adjustment for profit margins and the position of earnings in the
economic cycle, valuations remain rich.
As of last week, the
Market Climate for stocks was mixed - valuations remain
unfavorable, technical action was mixed but tenuous, with various indices flirting with widely observed levels of support and resistance (e.g. the 1100 level on the S&P 500), while leading measures of
economic activity remain decidedly
unfavorable.
As of last week, the
Market Climate in stocks was characterized by a combination of rich valuations, unfavorable market action, continued negative economic pressures on forward - looking indicators, and additional indicators (sentiment, credit spreads, etc) associated with a poor average return / risk profile in s
Market Climate in stocks was characterized by a combination of rich valuations,
unfavorable market action, continued negative economic pressures on forward - looking indicators, and additional indicators (sentiment, credit spreads, etc) associated with a poor average return / risk profile in s
market action, continued negative
economic pressures on forward - looking indicators, and additional indicators (sentiment, credit spreads, etc) associated with a poor average return / risk profile in stocks.