Featured Journal Entry

Q2 EARNINGS: MUDDLING THROUGH

Second quarter earnings season gets rolling this week. Consensus estimates are calling for a modest year-over-year decline in S&P 500 Index earnings amid the downshift in U.S. and international economic growth, tariffs, and ongoing trade tensions. Quarterly earnings almost always beat quarter-end consensus estimates — this quarter...
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Journal Entries

THREE REASONS WE LIKE SMALL CAPS
  Markets have come a long way since the March lows, but we believe there may be more room for stocks to run. Given the impressive economic recovery to date and improving underlying technical and fundamental conditions, we think small cap stocks...
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EARNINGS GROWTH IS APPROACHING
This earnings season, corporate America will get closer to the return of earnings growth—which is likely in the first quarter of 2021. We probably will have another decline in profits for third quarter 2020, thoughpotentially only about half as big...
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MARKET RESPONSES TO ELECTION UNCERTAINTY
Speculation has been increasing that the November election results may be delayed or disputed, or both. Acontested election might affect financial markets in several ways. Also, the news that President Donald Trump has tested positive for COVID-19...
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WHAT TECHNOLOGY’S CORRECTION MEANS
The recent correction in the S&P 500 Index’s technology sector presents a unique challenge to markets following a historic stretch of outperformance as technology’s share of the market has ballooned in size. Despite September weakness in this...
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CENTRAL BANK SEASON
When seasons change, the major central banks meet. The Federal Reserve, European Central Bank, and Bank of Japan all met in September to discuss their outlooks on the economy and monetary policy going forward. Key observations from the central bank...
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THE BULL CASE FOR STOCKS
Markets have been on a wild ride in September so far, with a strong first two days of the month followed by one of the sharpest 10% corrections ever for the NASDAQ. The case can be made that stocks may move higher over the rest of 2020 despite a...
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