Earnings and Trade

David B. Armstrong, CFA Weekly Market Commentary

Companies report their quarterly earnings all through the year on their own schedule.  Because of that, the press, research folks, and portfolio managers generally consider “earnings season” to be between the reporting of Alcoa to kick things off and Walmart to finish.  With that complete, (yes, I know I’m a few weeks late), here are some thoughts. The earnings beat …

Which Is Worse

Which is Worse?

David B. Armstrong, CFA Weekly Market Commentary

All weekend long I saw a lot of news that basically boiled down to one question – which is worse, a yield curve that is flattening or bond yields that are going up? When the Fed raises interest rates (by raising the federal funds rate), they are signaling that they have faith in the economy. They are also giving themselves …

Stealth Bomber

Stealth Bomber

David B. Armstrong, CFA Weekly Market Commentary

It has been almost two years since the last time we had a 10%+ stock market correction.  The latest S&P 500 correction of 10.2% was spread over about 9 days…let’s call it from the late-January high to the early-February low.  People may get all twisted up over “intra-day” basis index level, but let’s just go with my days and amounts …

Earnings Season Begins

Earnings Season Begins

David B. Armstrong, CFA Weekly Market Commentary

Earnings season begins heating up this week as some major companies start to report first quarter (Q1) numbers. While the start to earnings season is usually associated with Alcoa’s announcement, which will be on April 18th, there are some big names reporting before that – Financials such as Blackrock (BLK) will be Thursday after the close, then we see Citigroup …

Selloffs – These Things Happen and It’s Okay

David B. Armstrong, CFA Weekly Market Commentary

I know that it’s never comfortable seeing account values decline. No one likes to lose money and no one likes the way it feels when everyone is talking about the recent volatility. The most important thing that any investor can take away from last week is the need to reflect on your core beliefs, goals and the current fundamentals of …

I Love This Post on Earnings

Earnings – You’ll Love this Post

David B. Armstrong, CFA Weekly Market Commentary

The market highs have been front and center in the news and the President’s twitter feed, with the S&P 500 Index racking up eleven closing records in the month of October. The index has finished higher for eight straight weeks. That’s pretty impressive. It was also notable to see the Nasdaq 100 (QQQ) lead the way higher this week versus …

It's not a bubble

Why This Market is Not a Bubble

David B. Armstrong, CFA Weekly Market Commentary

Last week’s trading was pretty volatile. One needs to look no further than Thursday’s broad sell-off followed by Friday’s rebound which left the major domestic indexes slightly higher for the week. On the economic front, the ISM Manufacturing and Services data came in very strong last month (more later). The June jobs report indicated economic strength with nonfarm payrolls climbing …