Green Book April 2005
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Featured Articles
Adding Small Dose Of Generic Pharmaceuticals To Portfolio
Injecting small starter position of Generic Pharmaceuticals into the Select Industries Portfolio, bringing exposure to Health Care sector to a modest overweight position.
Analyzing Large Cap, Mid Cap & Small Cap 2004 Composite Income Statements
2004 earnings very strong but further earnings improvements in 2005 will be largely a function of stronger sales, not any more margin expansions.
Economic Outlook
The U.S. deficit was not a bond market negative in 2004, but continuing long term deficits will become a negative.
Energy Prices In Perspective
With oil and gas prices continuing to make new highs, we thought it would be helpful to put some perspective on rising energy prices.
Industrial Metals Stocks: Metals Equities Give Back Some of February’s Big Gains
Profit taking certainly played a large part in the past month’s sell-off. Another key factor was that rising U.S. interest rates in March prompted a rebound in the U.S. dollar against major currencies.
Inflation Watch: 2005 Outlook
For now the economic expansion remains healthy, but could fade some in the second half of the year.
March Market Action
Market is very oversold after the March decline, and a near term rally is expected soon.
Mutual Fund Flows
Weekly flow has been relatively subdued for much of the first quarter.
Narrowing Of Breadth Among Small Caps
Leuthold Group specialized Advance/Decline Lines indicate fading breadth among Small Caps.
Performance Expectations For Third Year Of Recovery
Based on study of bear market recoveries dating back to 1900, the third year of the recovery is typically not strong. However, this current recovery has lagged the normal recoveries in terms of performance.
Recent S&P Sector Weight Trends Within The Current Bull Market
The S&P 500’s largest and most rapidly increasing sectors.
View From The North Country
Steve presents some his very long term worries. These include debilitating and dangerous inflation, run away government spending, and an impending crush of personal debt.
Table of Contents
Stock Market
- View From The North Country
- March Market Action
- Performance Expectations For Third Year Of Recovery
- Analyzing Large Cap, Mid Cap & Small Cap 2004 Composite Income Statements
- Energy Prices In Perspective
- Mutual Fund Flows
- Recent S&P Sector Weight Trends Within The Current Bull Market
Of Special Interest
Macro Monitor
Equity Strategies
- Industrial Metals Stocks: Metals Equities Give Back Some of February’s Big Gains
- Adding Small Dose Of Generic Pharmaceuticals To Portfolio
Inflation Watch
At Random
Adding Small Dose Of Generic Pharmaceuticals To Portfolio
Injecting small starter position of Generic Pharmaceuticals into the Select Industries Portfolio, bringing exposure to Health Care sector to a modest overweight position.
Analyzing Large Cap, Mid Cap & Small Cap 2004 Composite Income Statements
2004 earnings very strong but further earnings improvements in 2005 will be largely a function of stronger sales, not any more margin expansions.
Economic Outlook
The U.S. deficit was not a bond market negative in 2004, but continuing long term deficits will become a negative.
Energy Prices In Perspective
With oil and gas prices continuing to make new highs, we thought it would be helpful to put some perspective on rising energy prices.
Industrial Metals Stocks: Metals Equities Give Back Some of February’s Big Gains
Profit taking certainly played a large part in the past month’s sell-off. Another key factor was that rising U.S. interest rates in March prompted a rebound in the U.S. dollar against major currencies.
Inflation Watch: 2005 Outlook
For now the economic expansion remains healthy, but could fade some in the second half of the year.
March Market Action
Market is very oversold after the March decline, and a near term rally is expected soon.
Mutual Fund Flows
Weekly flow has been relatively subdued for much of the first quarter.
Narrowing Of Breadth Among Small Caps
Leuthold Group specialized Advance/Decline Lines indicate fading breadth among Small Caps.
Performance Expectations For Third Year Of Recovery
Based on study of bear market recoveries dating back to 1900, the third year of the recovery is typically not strong. However, this current recovery has lagged the normal recoveries in terms of performance.
Recent S&P Sector Weight Trends Within The Current Bull Market
The S&P 500’s largest and most rapidly increasing sectors.
View From The North Country
Steve presents some his very long term worries. These include debilitating and dangerous inflation, run away government spending, and an impending crush of personal debt.
Stock Market
- View From The North Country
- March Market Action
- Performance Expectations For Third Year Of Recovery
- Analyzing Large Cap, Mid Cap & Small Cap 2004 Composite Income Statements
- Energy Prices In Perspective
- Mutual Fund Flows
- Recent S&P Sector Weight Trends Within The Current Bull Market
Of Special Interest
Macro Monitor
Equity Strategies
- Industrial Metals Stocks: Metals Equities Give Back Some of February’s Big Gains
- Adding Small Dose Of Generic Pharmaceuticals To Portfolio
Inflation Watch
At Random
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