Green Book September 2006
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Featured Articles
Attractive Groups Based On Insider Scores
We have been taking the opportunity each month to highlight a portion of our groups’ insider buying and selling scores. This month, we are presenting the groups with the best insider scores.
August Market Action
S&P 500 is now within striking distance of hitting new cyclical highs.
Bond Market Overextended...Correction Ahead?
Bond market seems to be anticipating three key developments: Fed’s stance could switch from tightening to easing, the economy is slowing significantly, and inflation is licked.
Breadth Is Lagging…..But It Can Lag For a Long Time Before The Market Rolls Over
Market breadth improving, but still relatively weak. Narrowing breadth can, however, persist for a long time. There was a two year period of diverging breadth in 1998 to 1999, prior to the last bear market.
Buying Deep Value Theme in Select Industries Portfolio
Proceeds from the sales of the Rails were used to establish a new 8.1% position in “Deep Value” stocks.
Inflation Watch
CPI on a twelve month basis is expected to decelerate further over the next two months. The final 3 months of the year, however, could be another story.
Mutual Fund Flow…..Fourth Consecutive Month Of Outflow From U.S. Equity Funds
While the figures do not suggest much growth in demand for domestic equity funds since last year, they do indicate that ETFs are gaining market share.
The Demise Of The Consumer
“Of Special Interest” section examines the likely demise of consumer spending power. Taking a lead from the GS Scores and other economic data, we believe that a significant underweight in areas that are particularly sensitive to consumer spending is a prudent strategy for now.
Transportation Stocks As Economic Warning Signal
Six of eight recessions since 1957 saw signals registered by the Transportation Divergence monitor. Recent divergence may be warning of an impending economic contraction.
View From The North Country
Even before Major Trend Index improved to Neutral, Leuthold was getting more bullish. Also, Is the Sun Rising or is it Setting on Japan?
Why We Still Like Airline Stocks: Broad-Based Strength & Improving Fundamentals
So why do we still hold a position in Airlines? Short answer is: “Opinions are for show,but the numbers are for dough.” GS Score still rates group high in Attractive zone.
Table of Contents
Stock Market
- View From The North Country
- August Market Action
- Transportation Stocks As Economic Warning Signal
- Breadth Is Lagging…..But It Can Lag For a Long Time Before The Market Rolls Over
- Attractive Groups Based On Insider Scores
- Mutual Fund Flow…..Fourth Consecutive Month Of Outflow From U.S. Equity Funds
Of Special Interest
Macro Monitor
Equity Strategies
- Why We Still Like Airline Stocks: Broad-Based Strength & Improving Fundamentals
- Buying Deep Value Theme in Select Industries Portfolio
Inflation Watch
Attractive Groups Based On Insider Scores
We have been taking the opportunity each month to highlight a portion of our groups’ insider buying and selling scores. This month, we are presenting the groups with the best insider scores.
August Market Action
S&P 500 is now within striking distance of hitting new cyclical highs.
Bond Market Overextended...Correction Ahead?
Bond market seems to be anticipating three key developments: Fed’s stance could switch from tightening to easing, the economy is slowing significantly, and inflation is licked.
Breadth Is Lagging…..But It Can Lag For a Long Time Before The Market Rolls Over
Market breadth improving, but still relatively weak. Narrowing breadth can, however, persist for a long time. There was a two year period of diverging breadth in 1998 to 1999, prior to the last bear market.
Buying Deep Value Theme in Select Industries Portfolio
Proceeds from the sales of the Rails were used to establish a new 8.1% position in “Deep Value” stocks.
Inflation Watch
CPI on a twelve month basis is expected to decelerate further over the next two months. The final 3 months of the year, however, could be another story.
Mutual Fund Flow…..Fourth Consecutive Month Of Outflow From U.S. Equity Funds
While the figures do not suggest much growth in demand for domestic equity funds since last year, they do indicate that ETFs are gaining market share.
The Demise Of The Consumer
“Of Special Interest” section examines the likely demise of consumer spending power. Taking a lead from the GS Scores and other economic data, we believe that a significant underweight in areas that are particularly sensitive to consumer spending is a prudent strategy for now.
Transportation Stocks As Economic Warning Signal
Six of eight recessions since 1957 saw signals registered by the Transportation Divergence monitor. Recent divergence may be warning of an impending economic contraction.
View From The North Country
Even before Major Trend Index improved to Neutral, Leuthold was getting more bullish. Also, Is the Sun Rising or is it Setting on Japan?
Why We Still Like Airline Stocks: Broad-Based Strength & Improving Fundamentals
So why do we still hold a position in Airlines? Short answer is: “Opinions are for show,but the numbers are for dough.” GS Score still rates group high in Attractive zone.
Stock Market
- View From The North Country
- August Market Action
- Transportation Stocks As Economic Warning Signal
- Breadth Is Lagging…..But It Can Lag For a Long Time Before The Market Rolls Over
- Attractive Groups Based On Insider Scores
- Mutual Fund Flow…..Fourth Consecutive Month Of Outflow From U.S. Equity Funds
Of Special Interest
Macro Monitor
Equity Strategies
- Why We Still Like Airline Stocks: Broad-Based Strength & Improving Fundamentals
- Buying Deep Value Theme in Select Industries Portfolio
Inflation Watch
Perception for the Professional
March 2026 Issue
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Sector Navigator
March 2026 Issue
