Green Book June 2015
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Featured Articles
Cash Left The Sidelines Long Ago
The “cash on the sidelines” is a Supply/Demand argument that we’ve struggled with even in the most bullish of times; every purchase of a security is matched with a sale. But even taking the argument at face value, current holdings of retail investors and mutual fund managers suggest that the cash left the sidelines long ago.
The Double Death Cross!
The Dow Transports and Dow Utilities both triggered major sell signals in May when their 50-day moving averages fell below their 200-day moving averages… known by some as a “Death Cross.”
Searching For Growth In Emerging Markets
Even though the ten EM sectors are growing at a much stronger pace than corresponding U.S. sectors on the Top-Line, only a small margin exceed the U.S. in terms of EPS growth.
Steeper Yield Curve: All About Inflation
The steepening move in the yield curve is prevalent across many countries and is primarily driven by higher inflation expectations.
HR & Employment Services: Intriguing Candidate
Until now, this group has been out of favor per our quantitative disciplines for the entirety of the bull market, making its newfound attractiveness particularly interesting. Even an 80% return in 2013 hasn’t brought relative performance back to levels achieved during the previous bull market.
Housing: Curb Your Enthusiasm
Despite record low mortgage rates and pressure to re-loosen down payment and lending requirements, single family housing starts have yet to recover to levels consistent with even the average recession trough.
Table of Contents
Stock Market
- Don’t Fight The Fed?
- Another Retrospective On The Bull…
- Transports Still Troubling
- The Double Death Cross!
- Two Takes On Market Breadth
- Stock Market Valuation Check
- Yet Another All-Time High...
- What’s In Store For The Secular Bull?
- It’s Getting Late For the Early Cyclicals
- Housing: Curb Your Enthusiasm
- Penny Wise, Pound Foolish?
- Searching For Growth In Emerging Markets
Of Special Interest
Macro Monitor
Equity Strategies
- Health Care & Consumer Sector Strength Explored
- HR & Employment Services: Intriguing Candidate
- Highlighted Attractive Groups and GS Score Sector Rankings
Market Internals
- Earnings Momentum
- Small Cap/Mid Cap/Large Cap
- Growth, Value, Cyclicals
- Additional Factors
- Momentum and Sentiment bounced back in May
Major Trend
At Random
Cash Left The Sidelines Long Ago
The “cash on the sidelines” is a Supply/Demand argument that we’ve struggled with even in the most bullish of times; every purchase of a security is matched with a sale. But even taking the argument at face value, current holdings of retail investors and mutual fund managers suggest that the cash left the sidelines long ago.
The Double Death Cross!
The Dow Transports and Dow Utilities both triggered major sell signals in May when their 50-day moving averages fell below their 200-day moving averages… known by some as a “Death Cross.”
Searching For Growth In Emerging Markets
Even though the ten EM sectors are growing at a much stronger pace than corresponding U.S. sectors on the Top-Line, only a small margin exceed the U.S. in terms of EPS growth.
Steeper Yield Curve: All About Inflation
The steepening move in the yield curve is prevalent across many countries and is primarily driven by higher inflation expectations.
HR & Employment Services: Intriguing Candidate
Until now, this group has been out of favor per our quantitative disciplines for the entirety of the bull market, making its newfound attractiveness particularly interesting. Even an 80% return in 2013 hasn’t brought relative performance back to levels achieved during the previous bull market.
Housing: Curb Your Enthusiasm
Despite record low mortgage rates and pressure to re-loosen down payment and lending requirements, single family housing starts have yet to recover to levels consistent with even the average recession trough.
Stock Market
- Don’t Fight The Fed?
- Another Retrospective On The Bull…
- Transports Still Troubling
- The Double Death Cross!
- Two Takes On Market Breadth
- Stock Market Valuation Check
- Yet Another All-Time High...
- What’s In Store For The Secular Bull?
- It’s Getting Late For the Early Cyclicals
- Housing: Curb Your Enthusiasm
- Penny Wise, Pound Foolish?
- Searching For Growth In Emerging Markets
Of Special Interest
Macro Monitor
Equity Strategies
- Health Care & Consumer Sector Strength Explored
- HR & Employment Services: Intriguing Candidate
- Highlighted Attractive Groups and GS Score Sector Rankings
Market Internals
- Earnings Momentum
- Small Cap/Mid Cap/Large Cap
- Growth, Value, Cyclicals
- Additional Factors
- Momentum and Sentiment bounced back in May
Major Trend
At Random
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