Inside The Stock Market ...trends, cross-currents, and outlook
Fearless Forecasts....1990
Each year, along about this time, this publication (with help from our readers) makes a series of "Fearless Forecasts".
View From The North Country
In December 1989, a survey of program trading opinions was taken among the members of the National Organization of Investment Professionals.
It Finally Paid To Hold IBM
What a nasty way to kick off the new decade.
Bullish On Bonds And Bearish On Stocks?
Last month we adopted a tactically bullish position towards high quality bonds while remaining very cautious towards equities.
"Playing The Bounce" Update
For a number of years, we have used Jim Floyd's computer screen to isolate stocks most likely to score the largest gains from early December through the end of January.
View From The North Country
This issue includes some New Year's traditions. First, our economic and market outlook for the New Year.
Defensive Posture Maintained
It continues to appear the stock market is forming a major cyclical bull market top. The Major Trend Index did improve some in December but remains convincingly negative with a reading of +1461 and -2000.
Dreams And Nightmares
For a number of years we conducted an annual exercise each January, examining the previous year's leading and lagging stock market groups.
Defensive Posture Maintained
It continues to appear that the stock market is forming a major cyclical bull market top. The Major Trend Index continued to deteriorate in November and indicates the market is in poor health and a cyclical bear market is likely.
Bullish on Bonds and Bearish on Stocks?
Remember the basics: A slowing economy should bring lower interest rates but it also typically brings declining earnings, not usually a good environment for stocks.
View from the North Country
Speaker Notes from Collins Associates Client Conference...The Passing of Two Good Friends, Jim Arnold and Sedge Coppock...Other Voices on Program Trading...What Is Going on In Gold
Understanding the Major Trend Index
The purpose of this issue’s “In Focus” is to provide readers with a better understanding of our Major Trend Index and answer some of the typical questions asked about this work.
View from the North Country
Perception of Stock Market Risk Has Increased Significantly...Notes from the Recent Contrarian Opinion Forum...Program Trading Controls
Stock Market: Major Trend Index Now Negative
With the October 30th calculation, The Leuthold Group’s Major Trend Index has shifted into negative territory. Thus, our disciplined weight of the evidence approach dictates a very cautious policy.
The Secular Bull Market Lives (I Think)
Using history as a guide, the current secular bull market may run another 5 years or more. By historical standards, it is well past middle age, but is not yet ready to keel over.
View from the North Country
Welcome Scott Archer.... More Bank Troubles and Write-Offs.... U.S. Banks Played Key Role in Oil Bath, Real Estate Debacle, Third World Loans and Busted LBO’s.... America As The “Center” Of the World Economic Universe.... Australia/New Zealand Update
Watch Out for Those Cannonballs
The 1987-89 bull market game is not over according to our work, but indications are that it’s in the 8th or 9th inning. In the coming months, as “soft landing” and “fly by” thinking shifts to “recession thinking”, the stock market could get pretty nasty.
Avoiding the P/E Trap
Making relative value judgements for cyclicals on a P/E basis can be tricky. These stocks often look the cheapest when they should be sold and look the most expensive when they should be bought.
The Rinfret Market?
In August, as the “fly by” thesis went to the top of Wall Street’s popularity charts, the big cyclicals gained a new lease on life.
Current Outlook
The 1987-89 bull market game is not over according to our work but indications are it’s in the 8th or 9th inning. In the coming months, as “soft landing” and “fly by” thinking shifts to “recession thinking”, the stock market could get pretty nasty.