Market Volatility and Program Trading

Yesterday’s market action demonstrates the reason why the market is so volatile.  We see a clear cause and effect between market volatility and program trading. Technical traders move markets. Technical traders manage billions of dollars in investments with complex computer models and algorithms.  For these investors, one important indicator of … Read more »

January 2018 Market Commentary and Outlook

Worldwide equity markets have continued their march upward during the beginning of 2018.  Following is a look back at the last year and a look forward into the future and we think circumstances support a continuing move upward, although valuations are high and rising.  For last year’s fourth quarter, U.S. … Read more »

Fall 2017 Market Commentary and Outlook

The third quarter continued the torrid pace of the global stock market rally that began last fall.  So far this year, the S&P 500 has gained an impressive 14.2%.  International stocks have also enjoyed a significant rise with the MSCI EAFE gaining 20.0% and the MSCI Emerging Markets Index rising … Read more »

Summer 2017 Market Commentary and Outlook

The second quarter continued the stock market rally that began last fall.  Over the past year, the S&P 500 has gained an impressive 17.9%.  International stocks have also enjoyed a significant rise with the MSCI EAFE gaining 20.3% and the MSCI Emerging Markets Index rising 23.8%.  Much of the rally … Read more »

Spring 2017 Market Commentary and Outlook

The first quarter continued the stock market rally that began following the Presidential election. For the quarter, U.S. stocks advanced, with the S&P 500 returning 6.1%.  International stocks fared better, with the MSCI EAFE rising 7.3%.  Bonds also gained, with the Barclays Aggregate Bond Index returning 0.8%. Since the election, … Read more »

Winter 2016 Market Commentary and Outlook

Despite a positive finish in the fourth quarter, the major market averages ended the year close to where they began. For the year, the S&P 500 rose a mere 1.4% while international stocks as measured by the MSCI EAFE lost –0.8%. Bond returns were nearly unchanged as well, as the Barclays Aggregate gained … Read more »

Fall 2015 Market Commentary and Outlook

Following years of relative calm, volatility in the stock market returned with a vengeance during the third quarter.  Sudden losses wiped away all of the modest gains the market had managed in the first half of the year.  The S&P 500 declined -6.4% representing the worst quarterly showing for the … Read more »