Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The monthly monitor has moved toward risk. Risk aversion has declined in the fixed income and equity markets. However, valuation remains unattractive, and the stock market rally is unconvincingly narrow.
Investors have become emboldened by the Trump trade. The debt and equity markets have rallied. Credit spreads have declined. The VIX and ARKK have rallied.
Unfortunately, the ratio of 52-week highs to lows has weakened. The stock market rally rests on an eroding base of winners. The weakness has taken the form of both a lower number of stocks making new highs and a higher number of equities declining to new lows. This narrowing in the rally has become a growing threat to future stock market performance.
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