Green Book June 1992
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Featured Articles
A Long Term Message Courtesy of Ned Davis
Ned Davis gave me this chart at the May Market Technicians Conclave in Naples Florida. It is a great chart, clearly making the point that today's stock market is overextended in terms of its historical performance history, not just in terms of valuation history.
Bond Market Summary
The bond market, helped out by some good CPI and PPI numbers, scored typical net gains of 2+ points in May. Long bond yields, corporates, treasury zeros and treasury coupon bond yields fell 20 basis points....all in all, a pretty good month.
Calling On the “Phones”
We are activating “The Phones” this month and plan a 5% position for this concept within our Model Equity Portfolio. Our goal is to provide a very defensive concept with reasonable P/E ratios and relatively high dividend yields in big liquid phone companies.
Coming: The Golden Years for Stock Market Timing
On the evening of May 14th, Steve Leuthold was the keynote speaker at the 17th annual Market Technicians Association Seminar in Naples, Florida. What follows is a slightly edited version of his speech and the charts and tables used in a workshop on the following day.
Does It Make Sense to Defense?
I know it may be difficult for readers to envision much of a market decline in the current environment. However, keep in mind that all bear markets are not “cyclical”. That is, some past bear markets were not related to the business cycle.
Joke of the Month
The winner comes from The Leuthold Group’s Mike Hamilton. However, since Mike heard it from his sister Maryjean, she will be considered the winner.
Major Trend Index Remains “Negative”
The Major Trend Index reading continued to deteriorate in May. Following the dictates of our disciplined weight of the evidence approach, we remain very cautious toward the U.S. equity market.
Polling the Pros: Strange Divergences
In May, polls were taken among our clients in New York and at the Market Technicians Association’s Annual Seminar in Naples, Florida. The results were quite different.
Scanning the Markets
A performance rundown for Leuthold equity market sectors (and other measures) ranked by May performance.
View from the North Country
The Ross Perot Factor... Coming Off the Drug Related Highs (The Drug Stocks)...Is The U.S. The Land of Cheap Labor and Long Hours?
Table of Contents
Stock Market
- Major Trend Index Remains “Negative”
- Does It Make Sense to Defense?
- A Long Term Message Courtesy of Ned Davis
- View from the North Country
- Coming: The Golden Years for Stock Market Timing
Of Special Interest
Macro Monitor
Equity Strategies
At Random
A Long Term Message Courtesy of Ned Davis
Ned Davis gave me this chart at the May Market Technicians Conclave in Naples Florida. It is a great chart, clearly making the point that today's stock market is overextended in terms of its historical performance history, not just in terms of valuation history.
Bond Market Summary
The bond market, helped out by some good CPI and PPI numbers, scored typical net gains of 2+ points in May. Long bond yields, corporates, treasury zeros and treasury coupon bond yields fell 20 basis points....all in all, a pretty good month.
Calling On the “Phones”
We are activating “The Phones” this month and plan a 5% position for this concept within our Model Equity Portfolio. Our goal is to provide a very defensive concept with reasonable P/E ratios and relatively high dividend yields in big liquid phone companies.
Coming: The Golden Years for Stock Market Timing
On the evening of May 14th, Steve Leuthold was the keynote speaker at the 17th annual Market Technicians Association Seminar in Naples, Florida. What follows is a slightly edited version of his speech and the charts and tables used in a workshop on the following day.
Does It Make Sense to Defense?
I know it may be difficult for readers to envision much of a market decline in the current environment. However, keep in mind that all bear markets are not “cyclical”. That is, some past bear markets were not related to the business cycle.
Joke of the Month
The winner comes from The Leuthold Group’s Mike Hamilton. However, since Mike heard it from his sister Maryjean, she will be considered the winner.
Major Trend Index Remains “Negative”
The Major Trend Index reading continued to deteriorate in May. Following the dictates of our disciplined weight of the evidence approach, we remain very cautious toward the U.S. equity market.
Polling the Pros: Strange Divergences
In May, polls were taken among our clients in New York and at the Market Technicians Association’s Annual Seminar in Naples, Florida. The results were quite different.
Scanning the Markets
A performance rundown for Leuthold equity market sectors (and other measures) ranked by May performance.
View from the North Country
The Ross Perot Factor... Coming Off the Drug Related Highs (The Drug Stocks)...Is The U.S. The Land of Cheap Labor and Long Hours?
Stock Market
- Major Trend Index Remains “Negative”
- Does It Make Sense to Defense?
- A Long Term Message Courtesy of Ned Davis
- View from the North Country
- Coming: The Golden Years for Stock Market Timing
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
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March 2026 Issue
