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Week Ahead Magazine: The ECB Pump

Posted by David Templeton on Monday, November 24, 2014 in Wealth Management | Comments (0)
Last week was a mostly positive one for equity markets around the globe. The reason for all the optimism was unleashed on Friday when Mario Draghi indicated he was ready and willing to provide QE in an effort to stimulate growth in the euro zone. And not to be outdone, the People's Bank of China announced a reduction in its one year lending rate. These announcements moved equity prices higher on Friday and resulted in strong weekly gains for equities. For example, on the week, France's CAC Index...  Read more...

Hedge Fund Activity In Third Quarter

Posted by David Templeton on Sunday, November 23, 2014 in Wealth Management | Comments (0)
Investment advisors having discretionary investment authority over $100 million or more in assets are required to report holding detail to the SEC in a 13F filing on exchange listed securities. In the third quarter of this year the filing deadline was November 14, 2014. S&P Capital IQ recently provided a summary of the changes made by ten large hedge funds in their third quarter filing versus the second quarter filing. A report summary can be found at the below link.From The Blog of HORAN Capita...  Read more...

Lower Gas Prices Alone Do Not Equate To Higher Retail Spending

Posted by David Templeton on Saturday, November 22, 2014 in Wealth Management | Comments (0)
The pump price of a gallon of gasoline continues to drop in the U.S. This decline in gas prices is believed to result in a pickup in consumer spending since the consumer will be spending less on gasoline. Specifically, the spending increase is expected to flow through to an increase in retail sales. Guggenheim Partners wrote a comment, Falling Gas Prices Fuel Holiday Cheer, that noted an increase in discretionary spending as one's gasoline consumption as a percentage of disposable income decline...  Read more...

A Strong Dollar Favors U.S. Large Cap Equities

Posted by David Templeton on Friday, November 21, 2014 in Wealth Management | Comments (0)
Today China announced a rate cut, the first in two years, and Mario Draghi announced the ECB would expand its stimulus program if inflation did not return to the ECB's target level. These two announcements have resulted in global equity markets spiking higher. The two actions are likely to result in further strength in the US Dollar. With this in mind, investors should remain cognizant of market performance when the dollar strengthens. As the below chart shows, emerging markets historically unde...  Read more...

One Chart The Bears Hate

Posted by David Templeton on Wednesday, November 19, 2014 in Wealth Management | Comments (0)
In September I posted a similar chart as the one below; however, data in the earlier post represented returns and duration for the S&P 500 Index. The article was republished on Seeking Alpha and most of the comments to the SA article took exception to how the chart was constructed. One commented noted "More upside? Unlikely..." Absent the market's October swoon, the U.S. equity markets continue to close at record highs. The below chart of the Dow Jones Industrial Average is from Chart of the Day...  Read more...

Week Ahead Magazine: Contrarian Investment Opportunities

Posted by David Templeton on Monday, November 17, 2014 in Wealth Management | Comments (0)
Over the weekend Andrew Nyquist published an article on See It Market's website titled, Is The Nasdaq 100 Overheating? The article noted the sharp advance of the Nasdaq 100 Index in 2014 versus other U.S. focused indices as noted in the below chart from the article. The strong index performance can be partly attributed to the strength in Apple's stock as it comprises nearly 15% of the Nasdaq 100 Index. From The Blog of HORAN Capital AdvisorsMarket commentary over the past week seems to be cente...  Read more...

Global Companies Report Lower Revenue And Earnings Growth In Q3

Posted by David Templeton on Monday, November 17, 2014 in Wealth Management | Comments (0)
One factor evident this earnings season is the stronger US Dollar is likely having a negative impact on companies more exposed to global business. Certainly, the economic slowdown in Europe is having an impact as well; however, the recent strength in the US Dollar has been a headwind for multinational companies as well.From The Blog of HORAN Capital AdvisorsFactset recently summarized company revenue and earnings growth for S&P 500 companies that have reported third quarter earnings. As the belo...  Read more...

REITs Will Be Separate GICSĀ® Sector

Posted by David Templeton on Saturday, November 15, 2014 in Wealth Management | Comments (0)
Earlier this week S&P Dow Jones Indices, along with MSCI, announced real estate investment trusts (REITs) will be separated into their own sector under the Global Industry Classification Standard (GICSĀ®). The current REITs contained within the S&P 500 Index are noted in the below spreadsheet.Full ViewThis change will increase the number of GICS sectors to eleven from the current ten. In a post on S&P's website they note,"Real Estate, previously part of the GICS financial sector, will be the 11th...  Read more...

Individual Investors Becoming Too Bullish?

Posted by David Templeton on Friday, November 14, 2014 in Wealth Management | Comments (0)
Yesterday the American Association of Individual Investors released their weekly sentiment survey. As the below chart clearly indicates, individual investors have certainly become more bullish. Some highlights from this week's survey report.Bullish sentiment of 57.91% is a high for this year.The bull/bear spread of 38.6% is at a high for the year and above the average plus one standard deviation totaling 26.8%.Since mid October when the bullish sentiment fell to 35.42%, the S&P 500 Index is up o...  Read more...

Silver And The U.S. Dollar

Posted by David Templeton on Wednesday, November 12, 2014 in Wealth Management | Comments (0)
Given the decline in silver prices, it is not surprising we are beginning to field questions from investors about the potential opportunity in silver and commodities in general. One of the easiest ways investors are able to invest in silver is via the exchange traded fund, iShares Silver Trust (SLV). As the below chart shows, this index has been on a fairly steady decline since peaking in early 2011.From The Blog of HORAN Capital AdvisorsAs timing would have it, today's Wall Street Journal conta...  Read more...
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