Budget Battle is a Win – Win

Budget Battle is a Win – Win

The S&P 500 is down less than 1% on uncertainty related to a possible federal government shutdown.  The VIX is up roughly 11% to about 17.  A less than 1% stock move and 11% VIX increase is a subdued response to a potential shutdown.  Either investors believe the...
Valuation Check

Valuation Check

Stock multiples are within the normal range and far from stretched.   The S&P 500 is down roughly 2% from the FOMC high last week.  Leadership continues to be from the cyclical sectors and risk-on factors.  We are a few weeks away from the official beginning...
Buying Patience

Buying Patience

Yesterday, the major indexes closed lower.  Yet, there were 77 new highs in the NYSE versus 33 new lows.  NASDAQ had 132 new highs versus 27 new lows.  Eleven companies are scheduled to price their initial public offerings (IPOs) this week.  100% of the companies...