Green Book October 1988
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Featured Articles
Bond Market Summary
The Gods of the bond market were kind in September, with the bond market performing exactly as we thought it would.
Bullish Conviction Increases
From mid-July through mid-September, the status of our Major Trend Index has been cause for some concern. However, during the last two weeks this work has improved significantly.
Comparing Common Stock Cash Flow Yields to Bond Yields
We thought last month might be the end of this bond/stock comparative series. However, a recent note from a client has prompted us to undertake an additional study comparing common stock cash flow yields with bond yields.
Investor Psychology Measured by P/E Momentum
In 1988, corporate profits have been surging ahead, but the stock market has paid little heed. Investor psychology is still negative. Good earnings reports are greeted with a sell off more often than a rally.
Joke of the Month
Good old Roger Young of Criterion Investment Management in Houston came through this month.
Scanning the Markets
For the month of September, the S&P 500 gained 4.0%, with the Value Line Composite up 2.9% and the DJIA up 4.0%. Consumer related, growth, and blue chip groups dominated the leaders list last month.
View from the North Country
New Dow Jones Industry Groups Unveiled...Another View of Gold, In Dollars and In Francs
“VLT Momentum”: A Low Risk Buy Signal
This technique has an almost perfect record in identifying low risk long term buying points. It doesn’t provide signals very often (only 12 since 1949), but when it does, it pays to pay attention.
Table of Contents
Stock Market
- View from the North Country
- Bullish Conviction Increases
- Investor Psychology Measured by P/E Momentum
- Comparing Common Stock Cash Flow Yields to Bond Yields
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
The Gods of the bond market were kind in September, with the bond market performing exactly as we thought it would.
Bullish Conviction Increases
From mid-July through mid-September, the status of our Major Trend Index has been cause for some concern. However, during the last two weeks this work has improved significantly.
Comparing Common Stock Cash Flow Yields to Bond Yields
We thought last month might be the end of this bond/stock comparative series. However, a recent note from a client has prompted us to undertake an additional study comparing common stock cash flow yields with bond yields.
Investor Psychology Measured by P/E Momentum
In 1988, corporate profits have been surging ahead, but the stock market has paid little heed. Investor psychology is still negative. Good earnings reports are greeted with a sell off more often than a rally.
Joke of the Month
Good old Roger Young of Criterion Investment Management in Houston came through this month.
Scanning the Markets
For the month of September, the S&P 500 gained 4.0%, with the Value Line Composite up 2.9% and the DJIA up 4.0%. Consumer related, growth, and blue chip groups dominated the leaders list last month.
View from the North Country
New Dow Jones Industry Groups Unveiled...Another View of Gold, In Dollars and In Francs
“VLT Momentum”: A Low Risk Buy Signal
This technique has an almost perfect record in identifying low risk long term buying points. It doesn’t provide signals very often (only 12 since 1949), but when it does, it pays to pay attention.
Stock Market
- View from the North Country
- Bullish Conviction Increases
- Investor Psychology Measured by P/E Momentum
- Comparing Common Stock Cash Flow Yields to Bond Yields
Of Special Interest
Macro Monitor
Equity Strategies
At Random
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