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Stock Options Traders are Back at the Speculation October 16, 2020

By Bryce Coward, CFA in Uncategorized

In the last few weeks stock market sentiment as expressed in options has come full circle. Back in August we were noting a rather amazing level of outright speculation in stock options, mostly by small traders that were buying short-dated out of the money calls…

A Broader Market, but Not a “Value” Rotation October 09, 2020

By Bryce Coward, CFA in Markets, Portfolio Management

In recent weeks the market has been notably broader in terms of the upside participation from stocks other than FAANMGs. Typically, this type of action in the early stages of a business cycle would be strongly associated with the “value” style working, since “value” companies…

Spotlight Garmin: Driving GPS Innovation Since 1989 September 24, 2020

By Knowledge Leaders Team in Knowledge Leaders

Garmin’s is one of those stories we used to see a lot: private companies made in the USA and spawned from the fruits of federal government innovation, in this case GPS. “In the early 1970s, the DoD (Department of Defense) began creating the Global Positioning…

Correction Update: Correction Continues September 18, 2020

By Bryce Coward, CFA in Uncategorized

We’ve been writing for the last month about the risks, and then the corrective activity in the stock market. Even as the market didn’t peak until the first few days of September, it “feels” like this pause has lasted longer than that. And yet, we…

Correction Update: Improved Conditions, but Likely Still More Work to Do September 11, 2020

By Bryce Coward, CFA in Uncategorized

Two weeks ago, I wrote about the rising likelihood of corrective action in the equity markets, which was a follow up to our mid-quarter update. In both pieces we detailed some disturbing indications that suggested US stocks, especially large US stocks, had gotten quite a…

Spotlight Franco-Nevada: Innovating Gold Production September 02, 2020

By Knowledge Leaders Team in Knowledge Leaders

Franco-Nevada is the world’s largest gold royalty and streaming company. This means the firm invests in gold and mines, but indirectly, the idea being to provide investors with exposure to gold prices and gold exploration while limiting the risks of investing directly in mining companies….

Correction Watch: Divergences are Developing Between Large US Stocks and Everything Else August 27, 2020

By Bryce Coward, CFA in Economy, Markets, Portfolio Management

Last week we put out a succinct mid-quarter update in which we highlighted 9 negative inputs into a tactical equity framework. This post builds upon that by calling out 7 rather conspicuous divergences that are developing in the financial markets. The VIX index is rising…

Financials Can’t Catch a Break, and What it Means for the Market August 21, 2020

By Bryce Coward, CFA in Economy, Markets, Portfolio Management

The bank stocks are at it again as they make another new 52-week relative performance low compared to the broad market. It’s a perennial issue. Over the last year the KBW Bank Index, an index of 24 of the largest US banks, has underperformed the…

Mid-Quarter Update: Nine+ Negative Inputs for the Equity Market August 18, 2020

By Steven Vannelli, CFA in Markets, Portfolio Management

We believe the risks of an intermediate decline are higher than average and would advocate a more cautious stance toward equities right now. The S&P 500 just turned positive for the year after a wild ride that saw the index plunge 34.07% in 23 trading…

Value over Growth or More of the Same? August 14, 2020

By Bryce Coward, CFA in Economy, Markets, Portfolio Management

Over the last few weeks there has been quite a bit of chatter among strategists about whether the market is undergoing a sustainable rotation into “value” stocks from “growth” stocks. It’s a bit surprising to us to see the outpouring of commentary on the issue,…

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Blog

Stock Options Traders are Back at the Speculation October 16, 2020

A Broader Market, but Not a “Value” Rotation October 09, 2020

Spotlight Garmin: Driving GPS Innovation Since 1989 September 24, 2020

Correction Update: Correction Continues September 18, 2020

Correction Update: Improved Conditions, but Likely Still More Work to Do September 11, 2020

Spotlight Franco-Nevada: Innovating Gold Production September 02, 2020

Correction Watch: Divergences are Developing Between Large US Stocks and Everything Else August 27, 2020

Financials Can’t Catch a Break, and What it Means for the Market August 21, 2020

Mid-Quarter Update: Nine+ Negative Inputs for the Equity Market August 18, 2020

Value over Growth or More of the Same? August 14, 2020

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